The extensive sweep of M-commerce Industry has covered wide-ranging fields as compared to the limited range of E-Commerce. The researcher has considered the variables such as growth in mobile consumers, travel bookings and purchases on mobile websites, internet accessibility through mobile phones & expected M-commerce turnover and has proved that M-Commerce industry is at a constant spurt and the expected yield of M-Commerce Industry is liable to increase even many folds in the times to come.
Introduction Mobile Commerce Industry is one of the most blooming industries in the world today. Its day to day expansion principally owes to the variety of fields it renders its services into. 40% of the population of the world is mobile consumer which is even higher than the percentage of credit card holders and hence the extensive impact of Mobile Commerce Industry is knitting the world into its own M- Commerce web. The major players in this close knitted web are sellers, buyers, cellphone network operators and providers of logistics.
M-Commerce industry has encapsulated all the major services ranging from Mobile-Money Transfer, Mobile banking, Mobile ATM, Mobile Ticketing, Mobile vouchers, coupons and oyalty cards, Mobile browsing & purchasing, Mobile marketing & advertising and Location-based services to name a few. It has made the consumer and the seller to come in close proximity with eachother crossing the major barriers of time and space. The outburst of M-Commerce industry is not only limited to the developed countries around the world.
It is surprising to note that the developing nations are also trying to compete with the rest of the world in embedding their businesses with the M-Commerce technology. As it is clearly stated in the report with regards to the growing use of mobile phones; Developing countries like the Developed ones have also had their fair share in the explosion of mobile phone usage in recent years. Background of the Study The motivation behind the study is to investigate how M-commerce has outdone E-commerce with respect to its benefit and outreach.
M-commerce which is an offshoot of E-commerce has encircled the entire world with its advanced technological leap since cell phones are no more dependent upon internet owing to the presence of WAP in the cell phones now, which works via satellites. Research Question How M-commerce industry has surpassed E-commerce in various domains of ife? Review of the Related Literature The M-commerce industry has given birth to a ‘New economy. The consumers are simply unable to resist the global appeal made by this flourishing industry in the field of marketing-buying and selling and servicing different products.
Locking the product at the discounted rate via promotional text messages had never been a click away. The store location and in-store navigation has made the world a global village in the real sense. Having forgotten ones wallet at home no longer puts one in a crisis; “electronic wallets” are there to hold all transactions for you. The mesmerizing advancement of Mobile Commerce Industry has made the world stand in awe as a recent report suggests: By the end of 2013, mobile devices on the planet will be more in number than the people residing here (Murphy, S. 2013).
An IMRG report in United Kingdom has stated that M- commerce has made growth exponentially in the current year 2013. (Torney, J. 2013) This is mainly because of the increase in number of mobile consumers and the variety in services offered by M-commerce Industry. The website traffic market is also a witness to the fact that M-commerce has shown increasing penetration over the years. Statistics tell that 58% of the UK population own smartphone by now and 19% of the populace have tablet according to PRWeb UK. (2013). 69% of these tablet owners make purchase from their mobiles on a monthly basis. 3% of the American consumers are using smartphones to access internet and various search engines atleast once a day (SIP Trunk. 2013). Abi research sees M-commerce market growing in progression on the grounds that its key trends have caused a considerable impact globally such as Mobile Advertising and Marketing, Location-based Services (LBS), Mobile coupons and barcodes and Virtual wallets. Abi research states that till 2015 the turnover in m- commerce industry will reach upto 1 19 billion dollars which is about 8% of the e- Commerce market.
Forrester’s forecast states that in 2016 m-commerce turnover will increase from 6 billion to $31 billion equaling to 7% of the e-commerce in United States. (Linsker, A. K. 201 3) According to the survey conducted by Google’s global manager, advertising, marketing and media research on June 28th 2011, 80% of consumers had accessed internet overall within previous seven days; out of which 60% had accessed using their mobile phones. (SIP Trunk. 2013). M-commerce facilities are outstretched to a number of fields to the extent that now Mobile devices are considered to be no less than a constant travel companion.
According to the research by Head of Industry travel India, in 2012 in US, 22% of the total travel bookings/purchases were from mobile websites, 12% were from native apps and the rest were from non-mobile sources. While in 2011 , the stats were 20% and 9% respectively. According to statistics on Google it is fairly predicted that by 2014 in US, Travel bookings via mobiles will reach $25 Billion. (EuropeanTradeCommission, 2013) Data Collected & Variables The data gathered is of the secondary type as it is collected from articles and other sources reviewed online.
The variables gathered and searched for, after reviewing the research articles are as follows, upon which the research question is analyzed: Growth in mobile consumers Mobile purchases made Travel bookings and purchases on mobile websites Internet accessibility through mobile phones Expected or forecasted M-commerce turnover Analysis & Data Interpretation The growth of the overall mobile consumers not just the mobile users has been tremendous, representing the high potential m-commerce during the course f time.
These consumers have made a very high number of purchases using mobile phones and mobile applications supporting M-commerce. At the same time, the growth in the highly competitive market of various m-commerce softwares and applications, represent the level of interest the industrialists and manufacturers have been taking in this industry. These softwares are developed for their user friendliness, ease of accessibility and navigation, online security etc.
The continuously hiking current and forecasted turn over shows how lucrative and profitable this market is proving at an enormous speed especially when ompared with E-commerce which is not proving to be that much efficient in keep up pace with it. Conclusion M-Commerce Industry is driving a wave of enormous growth making it as one of the fastest growing businesses worldwide. It has surpassed E-commerce because of its exceeding penetration, easy accessibility, advanced applications and potential to offer assistance in almost all fields of life.
Assistance in marketing, purchase of right entity, acting as a 24/7 travel assistant, opening the avenues for more businesses, handling transactions through mobile banking, offering arcodes scanning accessibility and coupons provision are the most significant features which are making M-commerce capture an astounding number of consumers in the entire world. The idea of ‘shopping wall’ and ‘virtual markets’ have gone out of our imaginary slots to substantiate themselves in reality.
This advancement in technology is the fruit of M-Commerce who has certainly outdone E-Commerce with its exceptional pace. Here I would like to offer a few recommendations. The M-Commerce industry has to put further effort to lower down the prices of the products and services offered such as application etc. o that the developing countries would also be able to take optimum benefit from this new emerging technology. It would bring the developed and the developing nation on the same page as per the technology usage.