The rise of e-commerce changed the way global consumers purchased retail, making it possible for them to shop from their homes and offices and for retailers to drive profitability online. Now, the global m-commerce market is experiencing a similar boom. In fact, recent research from TechNavio indicates that the m-commerce market will grow at an astounding 32.2% CAGR (compound annual growth rate) between now and 2019. Of course, robust mobile adoption alone will play a significant role in pushing this market forward; the more consumers own mobile devices, the more retailers can potentially enter the m-commerce market. But some emerging, exciting use cases will also drive the market forward, including:
Mobile banking: Many mobile users already conduct some portion of their banking via mobile devices, but that number is likely to expand over the next several years as the technology penetrates new markets. In Sub-Saharan Africa, for example, the mobile banking industry could be worth as much as $1.3 billion by 2019, up from $655.8 million last year according to research from Frost & Sullivan.
Mobile lottery games: It seems incredible in this day and age that lottery players still line up 10 deep in convenience stores to buy lottery tickets. That practice may be on its way out, however, as more lottery apps hit the market and the games become increasingly accessible on mobile devices.
Integrated coupons, loyalty programs and special offers: One of the last barriers to widespread m-commerce adoption is the fact that, in many cases, it is a hassle for users to redeem coupons or take advantage of special offers when they try to make a purchase with an m-commerce app. Retailers are working to integrate these offerings with their applications, and as m-commerce shopping becomes a more seamless experience it is sure to grow more popular.
As e-commerce businesses look to capitalize on the m-commerce market, they will need robust and scalable cloud databases that can scale to handle traffic spikes, rapid growth, still provide the flexible, responsive, and seamless shopping experience customers demand. Read this blog post for more information about how a powerful cloud database can help businesses keep up with mobile adoption rates and the expanding m-commerce market.