Nearly every industry has been affected by the increased functionality of mobile devices over the last few years. On top of that, there have been numerous reports during that same time frame that have proclaimed smartphones and tablets as "the next big thing" in a given market.
One of these industries has been the mobile payment market and the concept of mCommerce. Despite the numerous proclamations, a new report shows that consumers worldwide are more confident in this form of payment than ever before. Released by mobile advertising company BuzzCity, the study shows that even with the security issues, customers what to go mobile.
According to the report, last year, 27 percent of respondents admitted to having fears over payment security. This year those concerns fell to only 3 percent. Dr. KF Lai, the CEO of Buzz City, said in the report that consumers as a whole are becoming more popular and it starts with the ease and security involved in the first purchase almost every mobile user makes with a smartphone and tablet - applications.
“This comes as a result of continuous education by the mobile industry to overcome concerns such as trust and security, combined with falling data costs and increased capabilities of smartphones and tablets,” Lai said.
The report also shows that many shoppers are using the devices to "browse and buy." With social media sites, SMS capabilities and the internet all on one device, it is much easier for consumers to gather information about items they want to purchase.
The B2B sphere is experiencing this as well. As procurement specialists become more comfortable using the ease of a mobile application to make a purchase in their personal lives, why would they not want to do the same in their professional ones? Companies need to take advantage of these trends to stay ahead of the competition.