The Future of Mobile Commerce: Key factors about the worlds fastest growing industry

The Future of Mobile Commerce: Key factors about the worlds fastest growing industry

The Future of Mobile Commerce: Key factors about the worlds fastest growing industry

Mobile commerce is a term that you will need to get used to hearing. Just as e-commerce became a term that is now in modern day parlance, mobile commerce is not far off being the same.

And the reason why is simple: mobile commerce is a transformative solution. It has changed the world, and it looks set to change the world of commerce even further still. Let’s take a look, then at some of the most engaging insights that have come from experts who have researched the industry.

The rise of connectivity

One of the most important things to note about the rise of the internet is that, for the most part, it has changed everything. E-commerce gave people the chance to run a business from home. Now, you could run it from bed through mobile commerce. We can do all of the same things that we can with a desktop with a tiny PC that we can hold in our arms.
More importantly, we are able to connect with more people than ever before. The internet was once seen as a tool for the few, not the many. Now, today, over 55% of the world has access to the internet. Around 3.2 billion people can get access to the internet in 2019 – and that is expected to keep on growing. Even more impressively, though, around 2 billion of those people are doing so from a mobile device.

And it makes sense why. The cost of a mobile device in comparison to a PC or a laptop is tiny. You can get a good smartphone for not very much: with a PC you need to pay for the power, the peripherals, a sound system, a monitor and also the PC itself. This means that many people who would like to sit at a PC quite simply cannot afford to do so.

You should keep that in mind, as it’s one of the main reasons why mobile commerce is expected to keep on growing. More people from impoverished and developing backgrounds can get access to the internet than ever before. Advancements in wireless internet, such as the introduction of 5G by networks like O2 have meant that more and more people can access reliable internet while they are on the go. This is also expected to grow from 2019-2023 at a rate of 25% per year. That is massive.

Indeed, it means that in the near future we’ll see less PCs and laptops, and more mobile internet users overall.

People love to spend time online with their smartphones

One of the other interesting insights that was found out was that people are spending close to 3x the time online with a smartphone as they do on a desktop. And it makes sense. For most of us, we’ll use our desktop PC for a very specific browsing purpose. For a smartphone, you could be solving an argument to checking out a quick sale on your favourite website(s) before you head into the city.

You have total control over how you are using your time, of course. With an average of 87 hours per month versus 34 hours per month, though, you can target more and more people using a mobile device. They are just more likely to be online when you want to try and target them. Crucially, they will stay online for a longer period of time, as well.

Mobile Social Networks 2019

Mobile commerce is taking up a chunk of ecommerce, too

Another interesting part of the mobile commerce and e-commerce dynamic is how shared they are. A brick and mortar store, naturally, fears the rise of the internet. And it’s easy to see why: it opens up competition that can price products at levels they could never afford. eCommerce and mCommerce, though, are more or less in league. Did you know, for example, that over one third – 34% - of all eCommerce comes through mobile commerce sales?

By 2021 at the earliest, this is expected to have increased by 20% to 54% - making it more than the majority. However, companies are not having to choose one or the other. The beauty and the rapid growth of mCommerce comes from it being so attached to the already massive and rapidly growing eCommerce industry: can you see the vast potential within here?

Mobile commerce helps us to make better decisions

Another interesting dynamic about mobile commerce, too, is that it shows massive influence in our lives. Apparently, a third of our decision alone will be made purely by what we see online with a mobile device. Let’s say that you come across one of those air fryers that everyone loves so much. You think you have found a good deal in the local supermarket. So, you get out your phone…

And the reviews online say it’s a fantastic deal. If you see a few people saying this, you are very much likely to believe them. If someone goes to the effort of posting a review online, we are often more inclined to believe them. You know yourself how easy it is to pan other products. Now, though, you’ll find your decisions either informed or influenced by what others say through your mobile device.

Mobile commerce shows no signs of changing, either. With around 62% of users making a purchase on their mobile device within the last six months, everyone is trying out. Seniors who used to worry about the perils of eBay and Amazon now make many a purchase from the comfort of their beds!

Even when we go shopping, we use mobile commerce to aid us in our decision making. You’ll often take the time to look at your mobile device when in-store, often searching and querying about the item that you want to buy. Is it as good as it sounds? Can you get it for a better price online or down the street?

It’s these little things that makes it hard to believe that mobile commerce is going to stop growing anytime soon. It’s easily among the most powerful tools in the world today. And it’s only going to keep growing, helping us to be smarter, safer and more ambitious shoppers for years to come.

Future of M-Commerce Infographic

Posted by Anna Steve

Anna Steve

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