Mobile eCommerce is growing in popularity and challenging brick and mortar businesses with its explosive growth. Interested in entering this lucrative market? This information will give you food for thought on how and why to get started asap!
The proliferation of mobile devices and consumers’ affinity to the benefits of mobility have developed an entirely new ecosystem. These have somehow made mobile eCommerce (or e-commerce) trendy, and it could only get trendier in 2017, as the info-graphic below shows.
The increase in use of mobile devices to make payments clearly indicates that market trends are in favor of mobile ecommerce. Users spent around US$12 billion in 2012 and more than US$90 billion at the beginning of 2017. That’s a sharp increase of 48 percent in the mobile payment trends.
The number of smartphone users in 2014 was 1.5 billion, but it is forecast to grow to 2.32 billion in 2017 and onwards.
eCommerce on smartphones
With the increase in smartphone usage, eCommerce activities should also show a proportional increase if trends are for mobile commerce. Fortunately, against US$123 billion in 2012, the projection for 2017 is US$151 billion.
B2B mobile ecommerce
The B2C market was initially expected to leverage m-commerce technologies. But it seems that the B2B market is the one doing so, as recent trends show. Seventy percent of millennials are using m-commerce channels to buy products through the B2B marketing network.
Mobile app market
Mobile apps generate more revenue as compared to desktops and mobile browsers.
The recent and upcoming tech advancements are favoring mobile commerce’s growth.
- MIR technology: MIR or mobile image recognition is capable of boosting mobile shopping experience as it allows consumers to shop a product based on the advertised image.
- Video content: Videos are a more effective and powerful way to deliver marketing messages. More people are accessing YouTube now with their mobile devices, the numbers show.
- Augmented reality in mobile apps: AR is one of the most innovative and promising technologies in mobile commerce as it allows consumers to test products virtually before buying them.
- NFC-enabled payments: Among the various payment methods, NFC is an obvious winner and a favorite of m-commerce users as it allows secure and rapid payment processes.