Mobile commerce is going from strength to strength in the last few years, gaining more popularity and majorly changing the course of eCommerce. Shopping on a mobile device is more and more mainstream and the data emerging suggests an extremely high growth trajectory in the next few years.
We’re here to share the top 5 things you need to know about mCommerce for 2021 and beyond, why it’s more than just a trend and why your business needs to pay attention.
1. M-Commerce in a nutshell
Mcommerce, m-Commerce, mobile commerce is all the same and encompasses shopping, banking and making payments using a smartphone. For the purposes of this blog we’ll be focusing on the shopping aspect.
Conducting eCommerce via mobile is now possible in a number of ways, retailer websites (optimised for mobile). dedicated shopping apps, social media, even live streaming.
2. Advantages of M-Commerce Apps
Smartphone shoppings apps possess a number of advantages for eCommerce brands as well as for customer experience.
The most obvious benefit is the convenience and accessibility, the potential for shopping anytime, anywhere. Not only that but it gives the retailer direct access to your target customers for marketing and data collection, tailoring your offering to their preferences increases brand loyalty.
Dedicated apps can offer fast loading times, personalised content and recommendations therefore accelerating the journey to the buy button. Many retailers are complimenting this with augmented reality apps.
3. Rise of M-Commerce
Mobile commerce in Europe accounted for €123 billion in 2020. In the UK in 2020, the revenue from mCommerce was £61.14 billion. Over 50% of online sales were made on a mobile or tablet in 2020.
In previous years shoppers were largely using smartphones for product discovery and then completing the transactions elsewhere, either desktop or physically in-store. Increasingly online buyers behaviour is evolving to make purchases on their mobile devices.
4. EU Mobile Ecommerce Sales
The UK leads the five key European markets in mobile commerce. The UK accounts for 43% of smartphone and tablet sales in the five key European markets, (France, Germany, Italy, Spain, and the UK), followed by Germany.
The faster growth rate of smartphone buyers is one of the main drivers of mobile share growth in Europe online retail, which will be aided by the increase in categories purchased online due to COVID-19. The number of tablet buyers is expected to decline mostly due to the shift toward smartphone. (Internet Retailing)
In 2019 there were more than 125 million smartphone buyers and 59.4 million tablet buyers in France, Germany, Italy, Spain, and the UK combined. (Internet Retailing)
5. Growth trajectory forecast
More than just a trend, the statistics around m-commerce suggest that the growth potential is immense and mobile commerce is here to stay.
It is forecast that the revenue from m-commerce will go up to £105.28 billion in 2024. Retailers who invest in mobile shopping apps and experiences should anticipate increasing ROI and conversion rates over the coming year and beyond.
The benefits and opportunities of mCommerce are extensive and many retailers are already taking advantage. Online brands are set to continue to invest in innovative methods of mobile commerce, including livestreaming commerce and social commerce, voice search, image search, Virtual Reality, Augmented Reality.
For eCommerce merchants thinking of investing in mobile commerce technology to cater to this aspect of eCommerce, consider this; there are now 6.95 billion mobile users worldwide and mobile is a huge driver in the eCommerce boom.
Laura Roche Marketing Executive, Scurri
Laura Roche is a Marketing Executive at Scurri, managing social media and content marketing. Laura shares breaking news in the eCommerce space with our readers as well as sharing insights across the delivery and logistics landscape.