A recent report by ABI Research has revealed mobile commerce known as m-commerce will reach $119 Billion worldwide in 2015. There is no doubt mobile commerce is set to explode well into the future alongside the dramatic growth in smartphone usage. Australia now rank a staggering second in the world for smartphone ownership, 1 in 2 Singaporeans own a smartphone and the Malaysian Government are offering up a cash rebate of up to $165 to encourage young people to purchase 3G enabled smart phones. The growth, according to ABI Research has been fuelled primarily by the move from standalone apps and storefronts to the current situation where m-commerce platforms, apps, and services are now being enhanced, optimized and integrated.
So what does this mean for businesses? Mobile strategy has moved from an afterthought to one of the most important channels to market. It has transitioned from a retail experiment to a viable component of a full-scale multi-channel offering. Nowadays users want meaningful experiences that service their uttermost needs and desires in a simple and intuitive fashion. Customers have no patience for offerings that complicate their lives and waste time, they are more aware of quality than ever. If it’s not easy-to use then it may end up joining the 40,000 iphone apps that have never been downloaded off the iTunes store. Google has even revealed that 40 per cent of shopping-related Google searches now come from mobile devices and the number of queries coming from smart phones and tablets has doubled in the past 12 months.
It’s time to think seriously about your mobile offering, there are a multitude of developers out there and if the costs seem daunting, opt for a crowd sourcing website like designcrowd.com or 99designs.com whom provide highly competitive prices to build, design and get your app off the ground.
Beacon New Ventures is an exciting new private equity business investing in the Asia-Pacific region. We’re a successful team of marketers and branding specialists with real-world experience in growing companies. We want to bring this expertise and our investment to small-medium tech companies.