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BizReport : Mobile Marketing : June 21, 2013

Value of mobile transactions to double by 2017

By 2017, the value of mobile commerce transactions will more than double, according to new figures released by Juniper Research.

by Helen Leggatt

In its latest report, 'Mobile Commerce Markets: Sector-by-Sector Trend Analysis and Forecasts 2013-2017', Juniper talks in big - no, make that huge - numbers. They see the value of mobile transactions more than doubling from this year's $1.5 trillion to a whopping $3.2 trillion by 2017.

While $3.2 trillion seems a lot, and it is for a relatively nascent technology, that figure still represents just a fraction of the $4,400 trillion in financial transactions in the U.S. alone during 2012.

Mobile banking will account for a significant share of those mobile transactions, says Juniper, as more and more mobile users adopt the channel for bill payments and use mobile wallets.

However, it's not all plain sailing. The report notes that, in order to reach its full potential, mobile commerce has some major obstacles to overcome.

"A significant minority of retailers have yet to optimize their sites for mobile," observes report author Dr Windsor Holden. "Unless retailers ensure a seamless, user-friendly mobile shopping experience, they will fall behind competitors who are already using mobile channels to enhance customer relationships."

A recent report from TransFirst, a leading provider of transaction processing services and payment enabling technologies, and ControlScan, a payment security and compliance solution provider, shows the extent of the problem among small businesses. It reveals that almost half (49%) of ecommerce merchants are aware that their websites are not optimized for mobile and 17% don't actually know if their websites are optimized or not.

To make matters worse, just 37% are either in the process of optimization (15%) or plan to optimize only in the next year (22%).

Image via Shutterstock

Tags: forecast, mobile banking, mobile marketing, mobile payments, mobile transactions, optimization

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