Mobile Commerce Market: Overview
The mobile commerce market may ring the bell of rapid growth across the forecast period of 2019-2028 due to the rise in the demand for mobile commerce platforms. The COVID-19 outbreak may change the way of commerce industry to a great extent. Many retailers are shifting to e-retail as the customers prefer online shopping instead of offline shopping to avoid the threat of COVID-19. Mobile devices add up as the most popular devices for online shopping.
Over 2.5 billion individuals across the world use smartphones and the user base expect to expand to 3.8 billion by 2021. This factor highlights the potential of the mobile commerce market to expand gradually across the forecast period. Even if there is a staggering relaxation of lockdown rules in some parts of the country, the user behavior trends show that mobile commerce is gaining considerable momentum and may continue its streak.
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Mobile Commerce Market: Key Trends
The mobile commerce market is seeing a tectonic shift in its usage with the advent of a number of trends. The trend of connecting social media with commerce has benefitted the mobile commerce market to a great extent. The global COVID-19 pandemic has increased the use of mobile payments greatly. This will continue across the forecast period. The addition of augmented reality technology to mobile commerce is projected to revolutionize the mobile commerce experience. Other enhancements such as voice search and control, chat bots, image recognition, etc can influence the mobile commerce market positively. The inculcation of cryptocurrency-enabled payment option for mobile commerce is also garnering steam across the mobile commerce market.
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Mobile Commerce Market: Competitive Analysis and Key Developments
The mobile commerce market is fragmented with a plethora of competitors trying to gain an upper edge among others with improved shopping experience by constant app-upgrades and technical enhancements. Many investors are pumping a good amount of investments in the mobile commerce market seeing the profit-making capacity.
- Button, a leading mobile commerce platform partnered with AppsFlyer to offer visibility of brands into quality app traffic optimized by Button in their AppsFlyer dashboards.
- Recently, Tapcart, a mobile commerce company received funding of $10M Series A Funding by SignalFire. This development sheds light on the growing interest of investors in the mobile commerce market.
- Facebook recently launched Facebook Shops, a free platform for small shops and businesses to bring their business online and connect with prospective customers. It has also connected Instagram to the platform for improving the customer base of various businesses.
- Samsung launched a new EAL 6+ certified chip and software for securing mobile devices and protecting confidential data such as information related to stock trading, mobile banking, and cryptocurrency transactions.
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