November 27, 2015
The m-commerce market is being boosted by the buying power at consumer fingertips and the ability to shop in any environment. The high adoption of this platform has enabled various retail stores to go online and adopt more effective marketing strategies. In a US m-commerce forecast, it is projected that by the end of 2018, m-commerce will comprise of nearly half the e-commerce market. Buyers are eager to adopt new technologies and intuitive features, and merchants need to keep pace. Through collaboration with trusted payments partners, merchants can convert customers, boost sales and distinguish themselves from competitors.
Because of the rapid increase in smartphone and tablet penetration, the growth in mobile commerce is going through the roof. With phone screens becoming bigger (yes, even iPhones), people are buying things while they are on the move and even buying on mobiles at home. According to data from Monitise, m-commerce is growing at about three times the rate of e-commerce; mobile accounts for 20% of the online purchase volume worldwide. Further insights reveal that 64% of mobile shoppers rely on apps instead of mobile browsers. Mobile commerce also allows brick-and-mortar retailers to engage the customers when they are near the store or in-store using proximity marketing technologies. Location-based notification is another thing that comes into play when you are shopping online.
Many of the small retailers and e-commerce vendors are opting to use the mobile platform to sell their goods and services. In addition, the increased adoption of smartphones and tablets has popularized the concept of mobile payments. The category of products most shopped online using a mobile device is "apps and games." Americans also use their phone to buy event tickets, jewelry and watches or home and garden products.
Key insights in the m-commerce sector snapshot:
- Consumers provide detailed personal profiles in order to have a more personalized shopping experience using mobile devices.
- Apps are required for complex integrations, and most retailers are focused on developing apps and enhancing the buying experience.
- Retailers are investing in data analytics to capture optimal, real-time user data and employ advanced personalization platforms, concepts and strategies to provide deeply organized digital experiences.
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