The Economics of Mobile Data
Advancements in technology have defined the history and the playing field of the economy. The use of Smart Phones, Tablets, and other types of mobile devices is swiftly growing and becoming common around the world. This has not only revolutionized the way people are doing business but also the way people communicate. This advancement in technology will create more revenue streams, change business models, enhance the consumer experience, improve transparency in business, and advance the lives of consumers (Dawson and Fisher 661).
Ways in Which Mobile Devices Are Pushing the World Economy Forward
The popularity of mobile devices has led to a significant rise in mobile advertising. Mobile adverting appears in forms of advertisements presented in the form of mobile games, banners, or posters on the screen of the device, audio messages, and videos. The rise of mobile advertising spending has had a significant rise in the mobile advertising industry in many countries around the world (Caruso et al. 221). The sudden rise in mobile advertising is attributed to the fact that mobile devices are getting business attention compared to PC-based online advertising and mobile ads are cheaper. The list of companies advertising with the help of mobile channels is growing every day and as a result, there is an increase in sales (Matani par. 5).
Mobile devices have played huge roles in achieving electronic payments. In some cases, contrary to the normal way of paying for services using cash and cards, mobile electronic payment has been utilized.
The use of mobile devices for online banking is on the rise as customers can have full access to their accounts from anywhere with the help of mobile banking applications. Various banks are providing their customers with mobile applications at no cost to better the customer’s services and cope with the rising competition from other banks in doing the same.
The increase in online shopping is attributed to the rise in the use of mobile devices. Mobile devices have changed the normal ways of doing business in that customers are now able to research products, view them, and order them wherever and whenever they want (Ratten 203). Potential customers are increasingly using the help of mobile devices such as Tablets and Smart Phones to shop online hence resulting in the growth of the mobile commerce industry (“Marketing Plan” par. 3).
The use of mobile devices has immensely contributed to the development of the economy by allowing people to access the previous inaccessible geographical areas and then communicate with other people across the world from there. The availability of mobile communications in these remote areas will improve agricultural development.
The use of mobile devices will force businesses to adapt and change their interaction with customers. Many consumers are nowadays using mobile devices and therefore it is up to businesses to come up with new and inventive ways of reaching their customers. The use of mobile devices creates transparency in business, which is the center stage of a sustainable business. Transparency reduces cases of risks, empowers individuals, unlocking creativity as well as spurring the growth of the business (Yan, Li, and Kantola 828). Mobile devices will increase business competition because businesses will be competing with each other in utilizing and implementing the use of mobile technology in their business approach.
In conclusion, mobile devices are revolutionizing and changing the dynamics of the economy in giving customers the immediate right to access information, improve their lives, and transforming the business operations and interaction of customers and business people.
“Marketing Plan.” Dictionary of Marketing Communications (2000): n. pag. Web.
Caruso, Fabrizio, Giovanni Giuffrida, Diego Reforgiato, and Calogero Zarba. “Recommendation Systems for Mobile Devices.” Mobile Services Industries, Technologies, and Applications in the Global Economy (n.d.): 221-42. Web.
Dawson, Linda, and Julie Fisher. “Considerations in Systems Development of Applications for Mobile Devices.” Constructing the Infrastructure for the Knowledge Economy (2004): 661-73. Web.
Matani, Ag. “Impact of the Development on the Economics of Developing Countries. Information Technology towards Improving Supply Chain Management in Indian Economy.” IET Conference on Wireless, Mobile and Multimedia Networks (2008): n. pag. Web.
Ratten, Vanessa. “Adoption of Mobile Reading Devices in the Book Industry.” Strategy, Adoption, and Competitive Advantage of Mobile Services in the Global Economy (n.d.): 203-16. Web.
Yan, Zheng, Xueyun Li, and Raimo Kantola. “Controlling Cloud Data Access Based on Reputation.” Mobile Networks and Applications Mobile Netw Appl 20.6 (2015): 828-39. Web.