Increase Your Business Sales by Entering the mCommerce Market in 2024

– A staggering 76% of adults have purchased at least one item using their mobile phones^[i].
– The surge in mobile users is expected to reach 7.49 billion by 2025^[ii].

This substantial growth in mobile adoption makes it imperative for businesses to adopt mobile commerce.

mCommerce is the practice of buying and selling online via mobile devices like smartphones and tablets. It encompasses various activities, including online purchases, mobile ticketing, social commerce, mobile banking, and in-app transactions.

The benefits of mCommerce adoption are vast for businesses, including increased reach & accessibility, delivery of enhanced customer experience, improved operational efficiency, broadened payment options, and more.

Additionally, insider intelligence predicts that mCommerce sales are projected to hit $534.18 billion in 2025^[iii].

This spike in sales depicts that the future of mCommerce is marked by exponential growth, driven by

– Increased smartphone adoption
– Advancements in AI for personalized shopping experiences, and
– Integration of emerging technologies like AR and voice recognition

But is it essential for every business to enter the mCommerce market? What are the reasons behind this, and how can they effectively do so?

This blog post uncovers why businesses should invest in mCommerce by diving into its current statistics, and decodes the latest trends they should follow in 2024. It also comprehends how you can maximize the sales potential of your mCommerce efforts and examples of leading brands that have successfully put mobile commerce into practice.

Current State of the mCommerce Industry & Trends to Look for in 2024

Current State of Mobile Commerce

1. mCommerce is thriving primarily due to its convenience, evidenced by the fact that three out of four consumers prefer mobile purchases for time-saving benefits, as reported by Dynamic Yield.

2. About 74% of US shoppers, as per Statista, utilize their mobile devices for in-store product research, highlighting the integral role of mobile in the shopping process.

3. The rise of mCommerce is further propelled by the efficiency of digital and mobile wallet payments, which, according to Statista, now constitute 49% of online transactions globally.

4. The imperative nature of mobile commerce for retail businesses is underscored by the fact that over 61% of Google Search visits occur on mobile devices, as per Statista.

5. Furthermore, Pew Research highlights that 15% of US adults are exclusively mobile users for internet access. Therefore, retailers without an effective mobile strategy or with inadequate mobile offerings can risk missing out on substantial revenue.

6. Statistics show that average order values are 10% higher on mobile apps compared to other platforms, according to Phocus Wire.

7. Foresight Mobile notes that mobile apps have a significantly lower cart abandonment rate of 20%, in stark contrast to 68% for desktop and 97% for mobile web.

8. Criteo reports that users view more products per session on mobile apps than on websites. Additionally, Button highlighted that conversion rates on mobile apps are three times higher than on websites.

These statistics highlight a clear message that consumers expect high-quality, mobile-optimized platforms, whether websites or apps. Here are the latest trends that businesses can incorporate into their mCommerce strategy, improving engagement and revenue.

7 Mobile Commerce Trends to Look Out For in 2024

1. Voice Search and Voice Shopping: The rise of smart speakers has made voice shopping more popular. Consumers are increasingly using voice assistants for online searches and shopping, with 71% preferring voice searches over typing[vi]. This trend necessitates website and mobile app optimization for voice search to stay competitive.

2. Rise of Social Commerce: Selling directly on social media platforms, social commerce is projected to grow to a $2.9 trillion market by 2026^[v]. This differs from traditional social media marketing by enabling direct purchases on the platforms. Businesses can capitalize on this trend in mCommerce as smartphone users spend significant time on social media.

3. Mobile Payments: The shift toward mobile wallet payments is growing, with the global mobile wallet market experiencing a 28.3% annual growth^[vi]. Furthermore, the convenience of mobile payments, such as Apple Pay and Google Pay can enable quick, seamless, and secure transactions, urging businesses to integrate these options.

4. AI and ML: Artificial intelligence and machine learning solutions are transforming eCommerce by automating personalized shopping experiences. These technologies assist in providing tailored product recommendations, enhancing customer satisfaction, and boosting sales. Thus, businesses can incorporate these into their mCommerce strategy, staying relevant in the digital market.

5. Sustainability: Environmental concerns are influencing consumer choices, with over 81% expecting businesses to contribute to environmental improvements^[vii]. Therefore, businesses should now focus on sustainable practices like green web hosting, energy-efficient mobile applications, digital product catalogs/receipts, promotion of sustainable products, and more.

6. Augmented Reality/Virtual Reality (AR/VR): AR and VR technologies are being increasingly adopted in retail, enabling customers to virtually try products before buying. This reduces returns and increases customer satisfaction. Additionally, leading brands, like Ikea, Sephora, Nike, Gucci, and others have already implemented these technologies in their mobile apps.

7. QR Codes: QR codes are being used by businesses for a variety of purposes, including easy in-store navigation, quick checkout processes, and simplified repeat ordering systems. Furthermore, they complement mobile banking and digital wallets, providing a streamlined shopping experience. Thus, businesses should heavily incorporate this trend into their mCommerce strategy.

How to Maximize Sales on Your mCommerce Platform

Businesses can implement these strategies to increase sales on their mCommerce platform.

• Businesses can prioritize mobile optimization, ensuring their websites become user-friendly with quick loading times and responsive designs suitable for smaller screens.

• Next, they can simplify the checkout process, integrating one-click payment solutions like Shop Pay and digital wallets, enhancing convenience for the user.

• They can also develop mobile apps or Progressive Web Apps (PWAs) enabling a more immersive shopping experience. These apps can be built using technologies like HTML5 and JavaScript, providing a near-native app experience without the complexity and cost of full app development.

• Additionally, by embracing an omnichannel approach, businesses can maintain consistent messaging and branding across all channels, enhancing customer engagement. This also includes providing cross-platform coupons and syncing user accounts/ purchase history across mobile apps & desktop websites.

• Lastly, businesses can leverage social commerce, and implement chatbots on platforms like Instagram and Facebook to streamline customer interactions, making shopping more interactive and boosting sales.

Next, let’s explore the examples of a few leading businesses that have aced mCommerce.

Successful Examples of mCommerce

Wrapping Up

By adapting to the emerging mCommerce trends and implementing sales improvement strategies, businesses can provide more engaging, personalized, and convenient shopping experiences.

However, the next big step for businesses is to stay informed about technological advancements, analyze consumer behavior patterns, and be ready to pivot mCommerce strategies as needed. They can also integrate data analytics to gain insights and implement them in refining the customer journey.

Additionally, by focusing on sustainable practices and ethical considerations, businesses can become environmentally and socially conscious. Ultimately, these approaches will support businesses to not only excel in the current mCommerce environment but also future-proof their digital strategies for staying competitive, relevant, and performing.

Want to Elevate Your mCommerce Strategy With a Blend of Convenience, Personalization, and Technology? Talk to Our Experts!

References:

^[i] Consumer Affairs
^[ii] Statista
^[iii] Redline Digital
^[iv] PWC
^[v] Business Wire
^[vi] Global Data
^[vii] NIC