No one can deny the rapid rate in which Mobile Commerce is growing.
A recent report from comScore revealed that online retail spending increased by 14% last year, while overall consumer retail spending rose by only single digits. Currently, most online shopping is still done on desktop and laptop computers, but recent data from the U.S. Census and other sources suggests that this is likely to change soon.
Mobile Online Spending is the Way of the Future.
People may still be using their computers to shop online, but this won’t last much longer. As reported by Digiday, the commerce sector will be significantly impacted by the rise of mobile platforms. A forecast from Goldman Sachs predicts that global e-commerce will reach $638 billion by 2018. Goldman also claims that tablets, not smartphones, will be the main device for online purchases.
Currently, 32% of all online purchases are made with a mobile device.
With something like 86% of mobile time being spent on apps, it only makes sense that many of these purchases are being done through apps. More and more companies are utilizing apps and mobile-optimized websites to allow their customer to pay for goods and services.
Should You Join the Trend?
Yes, you should. Allowing your customers to purchase via an app, rather than in-person, over the phone or even from a computer, will allow them ease of access, be more convenient to their schedule, and fast and efficient. In-app purchasing can be customized to your business, through promotions and incentives, rewards programs, geo-fencing (to recruit and reward customers through their location), and more.
U.S. Residents are currently spending on average around 2 hours and 42 minutes a day on their devices.
It stands to reason that these people are doing some shopping. Why not offer them an app that can help them do it easier? It could really benefit the growth of your business.