The internet has revolutionized commerce and that same shift is happening now with mobile devices. Every single day, more and more people are making purchases with their mobile phones and with that comes a huge opportunity.
People use their phones for a number of things and one of the big things is to make purchases. They want to make purchases through their phone instead of their computer. It’s no wonder mobile phones outsell PCs these days.
Mobile commerce (M-commerce) opportunity
The mobile commerce opportunity is massive. With over 500 million Android phones and over 300 million iPhones that have been activated plus other mobile devices and tablets.
It’s projected that m-commerce will surge to $670 billion in 2015. Apps are now a $10 billion market, growing at 100% per year. By 2013, the mobile app industry is expected to be a $30 billion market.
Major statistics show that customers prefer apps over websites. Apps provide the best mobile experience possible, more engaging and more immersive, contain robust functionality, downloaded onto a customers phone, buzz worthy, are always on and available, and delivers information within seconds.
Why mobile commerce and mobile apps?
- Consumers are 51% more likely to purchase from retailers that have a mobile experience
- 35% of people said they have or would order online from their favorite restaurant if they offered this service
- 67% of cosumers plan to make purchases via mobile during holiday seasons
- 43% of iPhone users want to make mobile transactions from their phones
- Not only will consumers use mobile to research products but over 21 million (36%) plan to make purchases
directly from their mobile devices
Some more recent data from the American mobile market:
Nearly 2 of 3 shoppers use at least one device to research and purchase while shopping, and 28% use two devices at a time. More than 1 in 3 shoppers made at least 1 purchase with their mobile devices during the past six months, and tablet shoppers have an even higher propensity to make a purchase on the device, with 1 in 4 having purchased six times or more in the past six months (Source: Local and the e-tailing group, 2012)
47% of consumers confirm they use their smartphone to search for local information, such as information about a local store they want to visit. 46% of consumers look up prices on a store’s mobile site, and 42% check inventory prior to shopping in the store (Source: Local and the e-tailing group, 2012)
62% of shoppers search for deals digitally for at least half of their shopping trips (Source:GMA/Booz & Company Shopper Survey)
The number of US mobile phone owners who have used 2D barcodes in the past 3 months increased from 1% in 2010 to 5% in 2011 and reached 15% among smartphone users (Source: Forrester, 2011)
55 percent of consumers express an interest in mobile coupons but only 10 percent have actually received one from a merchant (Source:Mercator Advisory Group, 2012)
50% of U.S. cellphone users have smartphones (Source: Nielsen, 2012)
66% of Americans ages 24-35 own a smartphone (Source: Nielsen, 2012)
18 percent of consumers have redeemed a mobile coupon in the past 90 days (Source: Mobile Audience Insights Report from JiWire, Feb 2012)
21 percent of consumers search for a coupon on their mobile device while in a store (Source:Mobile Audience Insights Report from JiWire, 2012)
80 percent of mobile users prefer locally relevant advertising and 75 percent are more likely to take an action after seeing a location-specific message (Source: Mobile Audience Insights Report from JiWire, 2012)
52% of adult cell phone owners use their devices while in a store to get help with purchasing decisions (Source: Pew American & Internet Life Project, 2012)
This oppuortunity is no doubt extremely massive. Consumers are more than willing to make purchases through their mobile device. From these studies and statistics, it shows people are actually planning on doing it and like doing it. They use their phones because it’s so convenient and easy as it is always with them.
The m-commerce opportunity is just starting. This growth potential is one of the largest industry opportunities that we’ve seen in recent time. We are just at the beginning; the mobile commerce opportunity is extremely open for the taking at this moment in time.
