In a world increasingly dominated by mobile devices, the ascent of mobile commerce (m-commerce) has become nothing short of revolutionary. Fueled by a global shift towards smartphone and tablet usage, m-commerce has transcended convenience to become an absolute necessity. The digital marketplace has evolved dramatically, and for businesses to thrive, having a robust mobile commerce app is not merely a choice—it’s a strategic imperative.
Understanding the Power of Mobile Commerce
Mobile commerce, or m-commerce, revolves around harnessing the potential of wireless portable devices such as smartphones and tablets to facilitate a myriad of online transactions. This encompassing concept includes everything from buying and selling products to conducting online banking and seamless bill payments.
According to an Insider Intelligence report, the m-commerce retail share is set to continue its ascent in 2023, projected to reach nearly 9% by 2026. By 2024, the US is poised to boast over 187 million active mobile shoppers, showcasing the inexorable shift towards mobile purchasing. Further emphasizing the significance of this transformation, Data AI reports that in 2021, time spent in shopping apps globally exceeded an astounding 100 billion hours—an unmistakable testament to the mobile commerce revolution.
Why Choose Mobile Commerce?
Elevated User Experience:
Mobile commerce apps offer a superior, user-centric shopping journey compared to their mobile website counterparts. With the integration of native features and components, businesses can provide customers with a seamless and convenient shopping experience. Mobile commerce is not merely a tool for growth; it’s essential for retaining today’s discerning customers.
Expansive Marketing Opportunities:
Mobile apps serve as potent instruments for driving customer engagement. Through the strategic use of push notifications, businesses can effortlessly alert their customer base about new products, enticing offers, and exclusive deals, resulting in a significant boost in sales.
Diverse Payment Solutions:
Mobile commerce broadens the horizons of payment methods beyond conventional options. From Visa checkout to Android Pay, Amazon Pay, Apple Pay, UPI and more, businesses can cater to diverse customer preferences.
Emerging Trends in Mobile Commerce
Voice Shopping / Search
The advent of digital assistants like Siri, Alexa, and Google Assistant has streamlined information retrieval, task completion, and purchasing through voice search. Projections indicate that by 2024, the global voice recognition market is set to reach a remarkable value of $26.8 billion, featuring a proliferation of 8 billion voice-enabled digital assistants.
Studies show the efficiency of voice search, revealing that these assistants successfully respond to an average of 93.7% of search queries. A survey affirms the ease and popularity of voice search, with 90% of respondents considering it simpler than traditional online search. A significant 70% of users opt for voice search due to its speed and convenience. Furthermore, an overwhelming 89% find voice search to be a more convenient alternative.
In 2023, online data from Statista projects that global sales through social media platforms will reach an estimated $1.298 billion. This figure is a testament to the sustained and burgeoning popularity of social commerce, with forecasts predicting a staggering leap to almost $3 trillion by 2026. Despite this upward trajectory, social commerce in the United States presently represents a relatively small fraction of online retail sales, constituting 4.4% as of 2022.
Within the American online consumer demographic, approximately 32% are identified as social buyers. Anticipations indicate a prospective increase, with an estimated 5% of total eCommerce retail sales occurring via social channels by the year 2025.
Virtual Reality and Augmented Reality
Augmented Reality (AR) and Virtual Reality (VR) have ushered in a new era of immersive shopping experiences. Shoppers are increasingly favoring AR and VR shopping due to their ability to provide a richer and more interactive engagement. The AR and VR industry is poised to reach a staggering $35 billion by 2025.
AR-based image search technology has gained immense popularity among shoppers. Consumers can now use images to effortlessly locate and purchase the products they desire, exemplifying the power of visual search.
According to Invesp, a notable 34% of individuals express a preference for chatbots within the realm of eCommerce, favoring them over similar AI-powered services in various sectors such as banking. Intriguingly, Juniper Research’s calculations shed light on the potential of chatbots in the eCommerce sector. They projected that leveraging chatbots for multiple facets and timely notifications could drive the eCommerce market to soar to an astounding $112 in sales.
Also a survey conducted by Kindly, it was observed that order tracking witnessed a substantial 30% surge. The integration of chatbots in eCommerce stores played a pivotal role in delivering a seamless user experience during the product purchase process. Interestingly, Kahoot!, a widely popular online game, recorded an impressive engagement of over 2 billion players who utilized chatbots to seek information and assistance during gameplay, enjoying swift and direct responses without any lag.
The Bottom Line
Mobile commerce trends are exerting a transformative influence on the e-commerce landscape, and this influence is poised to continue in the future. Businesses in the e-commerce sphere need to embrace the mobile commerce revolution and closely monitor emerging trends to scale their operations effectively. The modern-day shopper prefers the convenience and accessibility of mobile shopping, making it imperative for businesses to integrate mobile commerce solutions sooner rather than later.
With the compelling statistics and trends highlighted above, it is abundantly clear that mobile commerce is not just a fleeting trend but an enduring force that is here to stay and grow. For all your m-commerce needs, including enterprise mobility solutions, don’t hesitate to reach out to our team of Mobility experts. Contacts Us!