M-commerce transactions to hit $275 billion by 2019
09 May 2014 - 10:43 by Paul Tissington
The latest figures from MarketsandMarkets suggests that by the year 2019, the global value of the m-commerce industry will reach roughly $275 billion. This is a significant rise from the current $68 billion valuation and yet another indicator that people will be shopping online from their smartphones and tablets in ever growing numbers over the next half decade.
Consumers in developed nations will be making the biggest contribution to the rise of m-commerce, although analysts expect that regions like Africa and the Middle East will also be providing extra momentum to the market, as portable devices with internet connectivity proliferate.
While there is a big opportunity for retailers to take advantage of m-commerce growth, analysts also warned that things like security and networking will be significant challenges which need to be overcome.
Ensuring that people can enjoy safe shopping online while they are on the move requires that mobile sites and m-commerce apps are adapted to offer suitable levels of protection.
With more people browsing, shopping and communicating through mobile platforms, it is also important for network providers to keep up with demand for bandwidth and prevent digital congestion from souring the experience for people in the UK and elsewhere.
When it comes to the reasons behind m-commerce adoption amongst consumers, low prices seem to be a compelling factor for most people, according to the report. This is coupled with the fact that smartphone costs are continuing to plummet as the availability of powerful, flexible devices increases.
The UK will no doubt be leading the charge towards an m-commerce lead future, as retailers are already having to deal with the new habits that shoppers are adopting, in the wake of standard e-commerce becoming a common practice on our shores.