According to Statista.com, the number of smartphone users is expected to grow from 1.5 billion in 2014 to 2.5 billion in 2019. Currently, 33% of smartphone owners use their phones to access the internet, in addition to millions of tablet owners who use their devices for the same purpose. 30% of all e-commerce users use mobile commerce platforms to purchase the goods and services they desire. In view of these statistics, any business, no matter how big or small, has the opportunity to access a greater number of customers and grow their revenue by implementing a solid mobile commerce strategy.
1. Huge growth potential
According to their new infographic on the growth of mobile commerce, Coupofy, a company that specializes in vouchers and online coupons released a revised version of their infographic on mobile commerce that was published the first time in September 2015 (you can view the full infographic here) . In the study, they found that mobile commerce made up 34% of global e-commerce transactions and is expected to grow by 31% in 2017 compared to 15% for e-commerce. This represents a growth that is 200% greater than e-commerce leading to speculation that it will soon take over all online business in a few years.
The fastest growing m-commerce markets globally are Japan, the UK, South Korea, Australia and the Netherlands. The average customer spends $85 on each order if they order by mobile phone and $100 if they are making a purchasing via a tablet. Women typically spend $96 on m-commerce transactions vs. $120 for men using the same platform.
Mobile commerce revenue is expected to reach $142 billion in 2016 with exponential growth over next decade, which means there has never been a better time for small businesses to expand their reach and gain their share of this lucrative industry.
2. Easy payment
Payment platforms like PayPal, Square, Venmo and Google wallet are making it easier for both businesses and customers to process payments without having to switch devices. The fact that a customer can browse through a business’s website to find the product he is looking for, select the product he wants and pay for the goods from his mobile phone/device are one of the strongest selling points for m-commerce and has led to great growth over the years.
3. Convenient shopping
In an era of increased cocooning (more and more people choosing to stay indoors), people are looking for solutions that allow them to get their needs met without having to leave the comfort of their homes. Mobile commerce is ideal for these types of people as well as people who cannot access goods they want in their locality and those strapped for time. Not only can customers browse through the options they want but many companies deliver straight to the customer’s door resulting in even greater time and cost savings, and happier customers who will most likely buy from you again.
4. Effective retargeting
Just like with laptop and pc advertising, mobile retargeting allows you to discreetly insert your adverts in your customers social media feed and other pages they visit in order to influence them to buy more from you. The advantage of mobile retargeting is that the market has not been saturated with ads; therefore, your customers are more likely to click on the ones you have put up and click through to your webpage to purchase a product or service.
M-commerce is expected to become a $31 billion industry by 2017, and has numerous opportunities to offer small businesses including greater reach, lower costs, customer loyalty, effective re-targeting and many more. Savvy businesses would do well to find ways to take advantage of the opportunities in this industry, where even a tiny piece of the pie may translate into millions of dollars in revenues.
Made by: Coupofy