Retail mCommerce: A driving force in eCommerce sales.
Mobile commerce or mCommerce is the buying and selling of products through wireless handheld devices. It also includes:
- – online banking
- – bill payment
- – information delivery
Furthermore, mCommerce has become popular on social media. Major social media sites, like Facebook, created “buy” bottoms on their mobile platforms in 2015. The following will explore retail mCommerce and why it is so successful.
mCommerce Growth Rates
According to eMarketer, US retail mcommerce sales will grow 43.2% to $115.92 billion before 2017. This is 29.1% of retail eCommerce sales and 2.4% of total retail sales for 2016. Additionally, retail mCommerce will make up half of all retail eCommerce sales in 2020.
The majority of retail mCommerce transactions happen on smart phones. Smartphone mCommerce sales will reach $67.23 billion for 2016. That is 58.0% of all retail mCommerce sales. Finally, more transactions are made on smartphones than any other mobile device. Tablets had the most transactions up until this past year.
Why mCommerce Is So Successful
mCommerce is becoming more successful in retail because of mobile designs and convenience. The following are some of the qualities that led to more sales on smartphones :
- – big screens
- – user-friendly mobile design
- – simple payment options
Apple and Android have also created convenient applications. For example, Apple Pay and Android Pay offer seamless shopping experiences at stores or in mCommerce applications.
How mCommerce Can Be Improved
While mCommerce is boosting retail sales, there is room for improvement. For example, slow web pages slow down sales. Consumers want instant purchases so pages that load quickly will result in higher sale conversions. Mobile checkouts must also allow customers to put in payment information easily. The best mobile checkouts allow consumers to use a mobile wallet. This wallet could also avoid manual entry, thus reducing potential mistakes. Overall, companies should create the easiest and most efficient checkout experience possible.