The introduction and adoption of online services have added a large chunk of consumer to the online shopping platform where they can enjoy a variety of services at their convenience.
According to a research by Millennial Media titled ‘Scorecard for Mobile Advertising Reach and Targeting’, finance emerged to be the fourth largest category on the online platform which has been seen garnering the interest of online consumer.
Globally, preceding finance, retail and entertainment continue to rule the roost being the two largest verticals on the online service platform. However, entertainment is ahead of retail when it comes to mobile usage with entertainment gathering 48 per cent share against 42 per cent by retail. In entertainment, tablets and PC garner 13 per cent and 39 per cent, respectively, while retail sees 18 per cent and 40 per cent traffic through tablets and PC, respectively.
The Indian ecommerce industry reflects trends in sync with the global trend on Millennial Media’s platform as retail and entertainment continue to be the top picks by the e-consumers. Even though, they are relatively new entrants in the market , the growth which they have seen in the last few years is phenomenal.
In the recently concluded Google’s Great Online Shopping Festival 2014, 35.49 per cent consumer bought consumer electronics during the shopping festival while 26.40 per cent consumer picked apparels and fashion accessories online. Meanwhile, the entertainment category which largely comprised of mobile and DTH recharges garnered only 5.54 per cent traffic during GOSF 2014.
Retail platform such as Amazon, Snapdeal and Myntra secured the top three positions with increase in transaction by 820 per cent, 553 per cent and 459 per cent respectively.
Further, uptick in the transaction value to USD 3.50 million in 2014 from USD 1.59 million is credited to growing favour for finance oriented services on the online platform, according to a research by Millennial Media.
With advancements in technology, consumers enjoy a variety of payment options but one of the fastest emerging trends in mobile payments in proximity mobile payments. It is a method where mobile payments are made by scanning a bar code from a mobile device where payment information is already stored.
According to data from eMarketer, there are currently 16 million mobile consumers using proximity payments and about 10 per cent of all are smartphone users, accounting for USD 3.5 billion in terms on transaction value.