As little as two years ago, the concept of mobile commerce or mCommerce, was foreign to major companies. While large enterprises have been aware of it for close to a decade, it was a pipe dream for many organizations. However, as the smartphone and tablet device and application markets have boomed, so too, have the mCommerce possibilities.
According to a recent study by Ericsson mCommerce, by 2016, mobile commerce will process more than $800 billion globally. With this much money being handled on a yearly basis, the marketplace will need to evolve considerably over the next four years and new devices could emerge that change what mCommerce is all about.
In a recent Mobile Commerce News article, Stephen Vagus spoke about how the marketplace has changed already. Specifically he touched on how the definition of what actually constitutes mCommerce.
"On the surface, mobile commerce is easily definable," wrote Vagus. "The growing interest behind the concept, however, makes any definition somewhat inadequate. This is because more people, businesses, and organizations are becoming involved in the emerging world of mobile commerce."
He added that as more businesses start to flock to the solutions, the more the marketplace is going to change. This is not a bad thing, however, as that could include becoming more efficient, secure and convenient. Increased demand leads to increased innovation among solution providers as they compete for the companies that are getting into mCommerce for the first time.
As more consumers start using and getting comfortable with mobile commerce options, companies will need to make sure they have something to offer them in that realm. Those that do not could find themselves being passed over for a competitor that does.