Mobile Commerce Sales Expected to Double To $700+ Billion By 2025
FinancialNewsMedia.com News Commentary
PALM BEACH, Fla., Jan. 13, 2022 /PRNewswire/ -- Mobile commerce, or m-commerce, is a subset of e-commerce that refers to the use of wireless handheld devices for conducting commercial transactions online. It comprises mobile banking, in-app purchases & virtual marketplace apps. It utilizes wireless devices, like cellphones, smartphones, smartwatches, and tablets, to authorize, initiate, and confirm the exchange of money. This is facilitated by the availability of point-of-sale (POS) terminals that process transactions using nearfield communications or the internet. The increasing usage of wireless handheld devices that offer enhanced security, convenience and easy access to the internet has encouraged tech-savvy consumers to make mobile-based payments through digital wallets and online payment gateways. These methods enable buyers to make contactless payments, thereby eliminating card swiping and manual entry, which helps in reducing human error and facilitating a smoother checkout experience. This trend has further been facilitated by the introduction of multiple safety features in mobile and wearable devices, including biometrics authentication such as fingerprint and facial recognition, which have made mobile payments more secure. Moreover, many service providers are collaborating with mobile operators to offer advanced payment solutions. Along with this, governments of various countries are undertaking initiatives to promote digital payment methods, which is providing a positive impact on market growth. Furthermore, the rising trend of bring-your-own-device (BYOD) and growing broadband connectivity are among the other factors stimulating the growth of the industry. Active Companies in the markets today include OOOOO Entertainment Commerce Limited (OTCQB: OOOOF) (TSX-V: OOOO), Jowell Global Ltd. (NASDAQ: JWEL), Alibaba Group Holding Limited (NYSE: BABA), eBay Inc. (NASDAQ: EBAY), ContextLogic Inc. (NASDAQ: WISH).
A report from eMarketer in Morning Brew projected that Mobile commerce sales will double to $700+ billion by 2025, while another report from Mordor Intelligence said that the mobile commerce market is expected to register a CAGR of 27% by 2021-2026. Mordor continued: "The factors that are driving the M-Commerce market are increasing adoption of smart devices, better broadband connectivity, cheaper services, socially adoption of M-Commerce services, etc. However, there are certain challenges in terms of dependency on internet networks, monetization of the user base, and fierce competition. The growing internet penetration among many developing countries is also one of the prime factors for the growth of the market. Many developing nations have now adopted the use of m-payments services online wallets etc. services, such as m-wallets have been popularized by many governmental programs, such as demonetization as an example. This has increased the revenue traffic in the market for e-commerce."
OOOOO Entertainment Commerce Limited (TSX-V: OOOO) BREAKING NEWS: QVC ITALIA SRL LAUNCHES "likeQ," AN INTERACTIVE LIVESTREAM SHOPPING APP POWERED by OOOOO - OOOOO Entertainment Commerce Limited (OTCQB:OOOOF) (OOOO:TSXV), a mobile commerce platform, is pleased to announce the launch of QVC Italia SRL's ("QVC Italia") "likeQ." As previously announced, QVC Italia and OOOOO have joined forces to launch an interactive livestream shopping app in Italy powered by the Company's proprietary technology and platform for mobile commerce.
On likeQ, QVC customers can join some of Italy's leading shopping experts, for exciting, live discussions on the latest trends and hottest products in fashion, beauty, home décor, and more – all while liking, hearting, sharing and buying, in real time. The livestreams are designed and formatted for smartphone users on the go and feature a mix of premium brands and new products, along with limited time offers, viewer contests and other fun extras. The presenters share stories about each product and respond live to viewer questions and comments. Customers can research the products and complete purchases without leaving the livestream experience and can follow their favorite shows and search past shows by ctegory in the video-on-demand library. The app can also be downloaded onto tablets.
The new app expands QVC's vCommerce offerings in Italy, which also include a broadcast channel, a website, a variety of social pages, and another mobile app. The broadcast reaches 25 million homes and features 17 hours of live content a day, while the website attracts 33 million digital sessions a year. Worldwide, QVC reaches more than 200 million homes via its 12 broadcast networks and reaches millions more via multiple streaming services, websites, mobile apps and social pages. QVC is part of Qurate Retail Group, the largest player in video commerce ("vCommerce"), which includes video-driven shopping across linear TV, ecommerce sites, digital streaming and social platforms.
"likeQ offers a unique livestream shopping experience for Italian shoppers that's available anytime, anywhere, with lively, entertaining content and fast, easy purchasing," said Giorgio De Gobbi, Digital Store & Content Strategy Director for QVC Italy. "This new app gives our current customers an exciting new way to experience QVC while inviting others who love livestream shopping into our shopping community."
"The new app fits perfectly into our multiplatform vCommerce network," De Gobbi added. "QVC has always been a trailblazer and leader in video commerce, with the expertise and relationships to open new horizons in this space." CONTINUED... For more information about OOOOO Entertainment Commerce please visit https://invest.ooooo.com/overview/default.aspx
Other recent developments in the markets include:
Jowell Global Ltd. (NASDAQ: JWEL), one of the leading cosmetics, health and nutritional supplements, and household products e-commerce platforms in China, recently announced it has established strategic partnership with China Ants Alliance in relation to self-owned brand products, to bring high quality, affordable and trustworthy retail brands to millions of families.
Mr. Zhiwei Xu, chief executive officer and chairman of Jowell Global, commented: "The retail industry in China is evolving rapidly as new business model, technology and applications emerge. To stand out among the vast product varieties, make meaningful impact and commercialize in the new ecosystem has become an unprecedented challenge to the retailers." Mr. Xu continued, "China Ants Alliance is dedicated to serve mid-and-small sized retailers to strengthen their competitiveness by collaborating self-owned brands, joint procurement, big data, and business school programs. By far, its network covers 95 members across 28 provinces and municipalities in China, reaching total RMB90 billion annual sales by its members. Going forward, Jowell Global and China Ants Alliance will leverage each other's distribution channels to enhance targeted sales and marketing. We will further integrate our online, offline, big data, logistics, services platform, to bring high quality international and domestic products to millions of families through self-owned, celebrities, and international brands."
Alibaba Group Holding Limited (NYSE: BABA) recently successfully concluded its 13th annual 11.11 Global Shopping Festival ("11.11"), which generated RMB540.3 billion (US$84.54 billion) in gross merchandise volume (GMV) during the 11-day campaign.
"This 11.11 Global Shopping Festival, we delivered steady and quality growth that is a reflection of the dynamic Chinese consumption economy. We also leveraged the power of 11.11 as a platform to fulfill our social responsibility. This year's festival was a meaningful milestone as part of our commitment towards building a sustainable future," said Yang Guang, Vice President at Alibaba Group.
eBay Inc. (NASDAQ: EBAY), a global commerce leader that connects millions of buyers and sellers around the world, recently announced it has changed its definition of Gross Merchandise Volume (GMV) to align with customer money flows on its platforms.
GMV provides a useful measure of the overall transaction volume on eBay's platforms and is correlated to net transaction revenue. The Company has updated its definition of GMV to include all paid transactions on its platforms inclusive of shipping fees and taxes. Previously, eBay reported GMV regardless of whether the buyer and seller actually consummated the transaction. This change has been enabled by the increased visibility derived from the Company's transition to managing payments globally.
ContextLogic Inc. (NASDAQ: WISH), one of the world's largest mobile ecommerce platforms, recently announced a collaboration with Nasdaq on the installation of a co-branded vending machine shopping experience at 4 Times Square (corner of Broadway & 43rd Street, NY 10036), which opened last December.
Packed with "22 popular products for 2022" that can be purchased on the Wish platform, the pop up is intended to give New York city residents and visitors an opportunity to shop for their last-minute holiday must-haves. The vending machine will include tech essentials such as motion sensor night lights, portable power banks and LED light up beanies.
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