M-commerce, or mobile commerce, refers to the purchase and/or sale of goods and services via mobile platforms such as smartphones and tablets. The increasing adoption of mobile commerce across the globe, especially in the West, has turned out to be immensely helpful towards strengthening the market. Developed countries such as those in North America have been significantly proactive in making m-commerce a vital part of day-to-day commercial transactions.
Mobile commerce is the next stage in the natural evolution of e-commerce technology. Along with the advantages offered by e-commerce over conventional methods of holding financial transactions such as eliminating the need to physically visit a location to make a payment, m-commerce adds a whole new raft of dynamic aspects to e-commerce, which makes it the best tool to reach out to and communicate with customers. The technological development of the mobile commerce market is still nascent, which leaves massive scope for its expansion.
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The expansion of the global mobile commerce market is expected to be aided by the huge growth trajectory of the consumer electronics markets all over the world. The growing spread of increasingly technologically potent devices in developing regions such as Asia Pacific, the Middle East, and Latin America will open up new avenues for the expansion of the global mobile commerce market.
The need for the ability to make spontaneous decisions about financial matters is the fundamental driving factor for the mobile commerce market. This is aided by the proliferation of electronic devices that can access the Internet, which puts more power into the hands of the common man. Consumer electronics constitute one of the fastest growing markets in the world, with developing economies in various regions massively benefitting their respective national consumer electronics markets by making the average consumer more financially capable.Recognizing the potential of this method to increase contact with consumers, most if not all major enterprises in the world have established a strong presence on the Internet.
The consistently rising ability of more people to access more information more easily is the main driver of the global mobile commerce market.
The relative lack of mobile literacy in developing countries is at present a restraining factor for the mobile commerce market. However, increasing sales of smartphones in the near future is expected to gradually banish this restraint.
North America and Europe are the leading segments within the mobile commerce market, thanks to the established network of virtual commerce chains, such as links between vendors and banks. The advanced technological landscape of these regions also lends itself to large-scale incorporation of mobile commerce, since it is easier to access mobile commerce avenues on more advanced devices.
Asia Pacific is expected to take a leading role in the growth of the global mobile commerce market owing to rapid development and increasing spending power in consumers from economies such as China, India, and South Korea.
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