Though many consumers now buy a large amount of items online every month, it seems that doing so using their mobile phones is still a concept with which they’re not quite comfortable yet.
While a number of major businesses are increasing their efforts to market mobile shopping as a way of potentially encouraging more spending during the current harsh economic climate, people largely aren’t biting, according to a report from the Associated Press. However, while adoption isn’t yet widespread, mobile purchases are expanding more quickly than other online sales, increasing about 10 percent per year.
Forrester Research recently found that currently, mobile shopping is expected to add up to $6 billion in sales, about 2 percent of all online commerce, the report said. However, estimates show that figure could grow to as much as $31 billion over the next five years.
Consumers seem to generally be wary of using their mobile devices for any financial dealings, with many citing concerns about the security of their credit card information during these transactions as a reason for not adopting mobile banking, payments and shopping.