Mobile commerce is expected to reach $31 billion by the end of 2016 and grow at a rate of 40 percent each year for the next five years, according to a report published by Forrester Research.
Although still in the very early stages of development, mobile commerce is quickly becoming a reality. Following are some examples of how brands are integrating mobile commerce into the consumer experience:
SMS-enabled payment systems
SMS-enabled payment systems are being tested by major consumer brands. Coca-Cola, for example, is currently testing the use of vending machines that accept payments via mobile device, eliminating the need to carry coins to make a purchase.
With these machines, consumers can simply walk up and text in to buy a beverage. Consumers do not have to register or download an application to use this form of payment, and the cost of the beverage is charged to the consumer’s mobile phone bill.
The brand also benefits by using the SMS data to send special post-purchase offers to consumers, and therefore drive additional purchases.
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