m-Commerce: The Future!
In 2014, global m-Commerce revenues were $184 billion which is poised to increase to $669 billion by 2018*.
These figures are a testimony to staggering growth of mobile retail commerce in recent times, primarily led by deeper smartphone penetration across the world. In terms of regions, Asia has witnessed the highest growth in mobile commerce, which is not surprising given the population of Asia as a continent and the pervasiveness of the smartphone across the continent.
In multiple surveys, shoppers across the world have agreed that modern mobile sites are safer and easier to use, than ever before. Clearly, there has been a sea change in UX (User Experience) of a mobile site or a mobile app, leading to greater affinity towards mobile shopping. However, the growth of mobile commerce is due to some key factors:
- Pervasiveness of Digital Wallets: Across the world, there has been a steady increase in the adoption of digital wallets, which has had its effect on mobile commerce numbers growing. In countries like India, clearly there has been a faster than usual growth in m-commerce, led by the government’s push towards non- cash transactions. The phenomenon of digital wallets has changed the mobile commerce industry worldwide and it is not just limited to developing countries.
- Increased Trust: Over time, consumers have increasingly felt more comfortable shopping on mobile. Trust has led greater adoption of m-Commerce across geographies. The trust has been built by the convenience offered by m-Commerce which has been lapped up by the consumers across the board.
- Checkouts in a Jiffy: One-page checkouts coupled with the adoption of digital wallets has made checkouts hassle free and has led to greater mobile conversion. If the consumer can quickly buy his or her product, he or she will surely visit the site again to make a purchase.
- Increased Awareness: In an interconnected world, a consumer anywhere can learn about m-Commerce and its growth. The stupendous growth has created an urge amongst shoppers to jump the m-Commerce bandwagon and experience shopping at his or her fingertips.
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*Data Source: Statista