The Mobile Commerce Opportunity
Mobile commerce is growing fast — the team at the Morgan Stanley investment bank believe strongly enough to conduct high-level business that they built an exclusive iPad app (different from the free Morgan Stanley Research app, available to everyone), which allows fund managers to monitor stock and bond markets, making decisions that affect billions of dollars in pension funds.
In the figure, you see a graph, from research conducted by Morgan Stanley, indicating that mobile commerce will grow much faster than traditional online commerce.
The rapid growth of m-commerce is staggering:
Two-thirds of mobile phone owners use their devices while shopping; 62 percent to find deals, 32 percent to comparison shop, and 29 percent to take and send photos of products, according to a Yahoo! survey.
Forty-four percent of smartphone users have accessed their bank account from their devices, and banks are rolling out apps that allow users to deposit checks to their accounts by using their cellphone cameras to snap pictures of the check.
Thirty-five percent of smart phone users have redeemed a coupon they have received via text message, 41 percent have checked competitive prices on their smartphones while in a retail store by scanning the barcodes, 10 percent have bought movie tickets using their phones.
Seventy-eight percent of the major retailers report that within the next three years, they want to sell items to their customers, using mobile phones to transfer the funds, according to IHL’s Going Mobile study.