M-commerce: Risk vs. Reward

M-commerce is the buying and selling of goods and services via mobile / wireless technologies and devices. Customers now love shopping online from their mobile phones more than ever, primarily because they can do it whether they’re at home on the couch, on the train on the way to work, or while standing on a long line at the grocery store (Komarek, 2015).

In 2016, it’s kind of astounding that m-commerce isn’t more prevalent than it is. Why is this? What are the risks of m-commerce? What are the rewards?

Consumers are becoming increasingly receptive to new, ever more convenient ways of shopping, banking, stock trading, and so on. But right alongside all the new conveniences will be many new opportunities for cyber crime. Some of the risks that come with mobile commerce and payments are phone-based fraudulent communications such as text message scams, security/accessibility issues, with human nature playing a cameo role within these various scenes (Pravda, 2013). Being proactive, vigilant and employing some common sense in how personal information is used can go a long way in keeping the consumer safe. Think about whom you are willingly giving personal identifiable information (PII) to and make sure they are a reputable brand or company. This will go a long way in keeping one safe from hackers and scams.

There are also great rewards that come with m-commerce, most notably, the convenience it provides. As previously mentioned, you can basically shop from anywhere. And while shopping in an actual brick and mortar store, it can reduce a transaction to the swipe of your phone saving you valuable time. Additionally, a lot of stores and brands are offering loyalty programs with mobile wallets. This can provide additional monetary savings!

The graphic below certainly shows that more and more consumers are adopting m-commerce. Are you utilizing the benefits of m-commerce or do you fear the risks?

mobile-commerce-growing-market-png
Image retrieved from http://www.business2community.com/mobile-apps/5-key-advantages-mobile-commerce-01414032#38996Ws6rDE3DSeg.97

 

 

Sources:
Komarek, J. (2015, December). 5 Key Advantages of Mobile Commerce. Retrieved September 26, 2016, from http://www.business2community.com/mobile-apps/5-key-advantages-mobile-commerce-01414032#38996Ws6rDE3DSeg.97

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