M-commerce simply involves shopping through wireless handheld devices, especially smartphones. On the other hand, e-commerce covers the aspects of shopping online via computer. Mobile commerce is not restricted to buying products online. It also engages consumers in availing digital content via OTT platforms, browsing products online via smartphones, mobile banking, mobile payments through apps, mobile person-to-person payments, and purchasing through apps. All these are examples of m-commerce. Right now, more than 50% of consumers use mobiles for eCommerce activities. The same number is expected to reach 72.9% by the end of 2021. Read the content and go through Mobile eCommerce statistics to understand the tremendous growth in the past several years. Also, read the immense benefits of having an eCommerce app for mobile devices.
M-Commerce trends and statistics (Market share and size)
M-commerce has wholly changed consumer shopping behavior. Thanks to modern digital devices, tech-savvy consumers, mobile apps, social media sites, eCommerce platforms, and retail activities give consumers an edge. Mobile app usage is a significant donor to sales growth. Have a look at some of the trends showing the current and future status of Mobile eCommerce.
According to reports from Business Insider Intelligence, smartphones and tablets are two key devices to drive the m-commerce revolution. The eCommerce market will grow to $488 billion at a CAGR of 44% in 2024 from 25.5% in 2019.
According to market and consumer data research company Statista, mobile devices are responsible for 58% of Google searches. Moreover, mobile devices ensure 65% of consumers click on paid Google search results. The portion of mCommerce is to rise to 72.9% by 2021 in all e-commerce. $3.56 trillion in 2021 will be generated via Mcommerce sales. Interestingly, 43% of smartphone owners prefer online shopping as their higher and desired activity.
About 50% of all smartphone users prioritize shopping through mCommerce apps or websites while using phones. Tablet owners are also quite active doing this, albeit in a smaller number. Only 18% of tablet owners rate online shopping as their preferred activity.
In the United States, about 60% of the total population (167.8 million mobile shoppers) went for mobile shopping activities. This number is assumed to reach 187 million by 2024. The shopping landscape in the UK is altering at a faster pace during pandemic times. Even 87% of British households confirmed online purchases in 2020. It was the highest percentage of online shopping in the last decade.
Mobile app for your eCommerce business
Mobile eCommerce businesses have molded online shopping behavior due to a dramatic increase in the internet audience. Nowadays, mobile eCommerce is surging ahead and offering consumers chances to shop for anything, anywhere. That is why a dedicated mobile application matters the most for eCommerce store owners. Check out the following reasons why mobile apps will change the landscape of your eCommerce business.
• Better and higher conversion rates
• Better efficiency and increased revenue
• Competitive advantage
• Contactless payment and detailed analytics
• Convenience for online shoppers
• Enhanced customer experience
• Loyal customers and brand recognition
• Higher retention rates
• Improved marketing communications
• Lower cart abandonment rates
• Personalized shopping experience
Mobile eCommerce has witnessed remarkable growth as the result of the COVID-19 pandemic and increased mobile users. Ecommerce owners need to understand the value of eCommerce apps running on the mobile app. It will help them reap mobile eCommerce benefits. Hence, they need to take mobile app development services from a recognized eCommerce mobile app development company in India.
With the right mobile eCommerce app, you can easily capture online consumers and retain them.