After the Mobilegeddon update from Google, there has been a constant push businesses to adopt mobile friendly websites. Though a little evasive and time consuming procedure for companies to put themselves in the updated market, this is great news for consumers who use their phones and tablets to shop items.
Shopping on Mobile Devices
Mobile purchases make up 34% of all ecommerce purchases. This number is increasing every year and is forecasted to reach 40% by the end of this year. In U.S alone 53% of sales take place on a Smartphone. A casual glance around will reveal the current scenario of the market. Most shoppers using mobiles for purchase are mostly young buyers. Research data shows around 40% buyers from mobile shopping belong to the age group of 16-24. Each month these online shoppers take their Smartphones or tablets and use them to make purchases of various kinds and products. Other age groups especially, 25-34 are also not far behind. Though not frequent shoppers, they too are resorting to mobile devices for their online purchase.
Where Do We Stand
In 2011 and 2012, we saw several companies like Venture Capitalist invest a huge sum of money into mobile commerce endeavors. In 2013, that investment amount rose to several more millions, but still it was not enough with the growth and progress that mobile commerce was experiencing. Every year has seen more investments made to mobile commerce. Several companies small and big benefited from these investments. Most of the money was handed to huge names like Pinterest who with their new buyable pins attracted a lot of attention and business traffic. With increase in startups and medium-sized businesses will continue to rise in their mobile commerce efforts. In fact, mobile commerce is growing at such a rapid pace that some people have started believing that it will account for half of all ecommerce by 2018.
The Way We Use Mobiles
This is the Now generation. We can’t wait and we want things now. Mobile gives us the ability to get what we want and when we want it. With so many service providers out there, on demand services have grown exponentially. This on-demand trend has led to in-app purchases, which is where a large chunk of mobile commerce money is spent. We have got used to the convenience offered to us by these several on-demand service providers.
As mobile helps us to check our emails and social media accounts day and night, we can get regular updates and notifications of latest offers, promotions, etc. The fear of missing out is a huge motivator, buying on phones and tablets alleviate that fear, thus pushing shopper like us to make more and more purchases regularly. This fear also works in another way, it forces users to check and compare prices of an item of brick and mortar store with online stores. Who can resist a deal that gives you extra 5% discount than the prices a brick and mortar store offers.
Ecommerce sites that do not have a mobile app or a responsive site will face huge problems in their sales within a short time span. However, there is still time. It is necessary for such companies to plan ahead and implement measures to make their ecommerce site reach audience. As mobile commerce is the future, it is the best to create the best m-commerce app for your site today!