The evolution of mobile commerce (m-commerce) has dramatically transformed the retail landscape, making it essential for businesses to understand and leverage this growing trend.
After pandemic, every brick and mortar store businesses suffered via lockdown, strict SOPs etc. on the other hand E-commerce businesses are struggling to fulfill the sales order, resultantly, Global e-commerce sales are expected to $6.4 trillion in 2024. mobile ecommerce sales are expected to account for 54% of total ecommerce sales in 2021.
M-commerce has the potential to become a major shopping channel and to change consumer shopping behaviour. Customers especially online shoppers are dependent on digital devices; smartphone, tablet smart tv and smartwatches. 77% of Americans own a smartphone, Over 230 million U.S. consumers own smartphones and around 100 million U.S. consumers own tablets.
The Rise of M-Commerce: M-commerce involves shopping through a mobile device, typically a smartphone or tablet. This segment of e-commerce has seen explosive growth due to the global increase in smartphone penetration and improved mobile internet accessibility. In 2024, m-commerce is not just an alternative but a primary channel for shopping for many consumers around the world.
Infographics By Go-Globe
Studies predicts m-commerce volume to rise at a 25.5% compound annual growth rate (CAGR) from 2019 to hit $488.0 billion, or 44% of e-commerce, in 2024. And there are two key devices driving the m-commerce revolution: smartphones and tablets. By 2024 over 120,000 stores will be using Augmented Reality (AR) technologies, offering a much richer buying experience .
Numerous easy to use payment options in mobiles devices are also encouraging the customers to buy goods online from their devices. attractive user experience also contributing towards increasing trend in mobile commerce, consumers’ familiarity with how smartphones and other mobile devices work. with smooth navigations in commerce apps Most people know how to navigate to the desired product in just a few clicks. 69% of customers prefer to review a product on their phone than speak with an in-store sales rep.
Key Statistics:
- Global Reach: As of 2024, over 70% of internet users worldwide use mobile devices to shop online.
- Revenue Generation: M-commerce is projected to account for more than 60% of total e-commerce sales by 2025, translating to approximately $3.56 trillion.
- Consumer Behavior: Around 85% of consumers prefer apps over mobile websites due to better user experience and speed.
- High Engagement: Mobile shoppers have a 10% higher engagement rate compared to desktop users.
Trends Shaping M-Commerce:
- Personalization: Advanced data analytics allow for more personalized shopping experiences on mobile, significantly boosting conversion rates.
- Augmented Reality (AR): Retailers are integrating AR into their mobile apps to enable consumers to visualize products in real-life settings before purchasing, enhancing confidence in their buying decisions.
- Voice Shopping: The integration of voice recognition technology is simplifying shopping on mobile devices, with voice-based commerce expected to grow by 30% in the next two years.
- Mobile Payments: The adoption of mobile wallets and contactless payments is on the rise, providing a quicker and more secure checkout process.
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Challenges and Considerations:
- Security Concerns: Despite the convenience, security remains a significant concern for mobile shoppers. Ensuring robust security measures is crucial for maintaining consumer trust.
- User Experience (UX): A seamless and intuitive mobile shopping experience is vital. Retailers must focus on optimizing their mobile interfaces to reduce cart abandonment rates.
- Connectivity Issues: In regions with inconsistent internet access, m-commerce growth is hindered. Addressing these connectivity challenges is essential for tapping into emerging markets.
Conclusion: M-commerce is more than just a trend; it's a fundamental shift in how consumers interact with brands and make purchases. Businesses that adapt to this change by enhancing mobile shopping experiences and integrating the latest technologies will be better positioned to thrive in the digital economy.
