Ecommerce has been on the rise massively in recent years, which makes us ask ourselves the questions “How were Mobile Commerce Sales in 2022?” and “What’s the horizon for mobile commerce sales in 2023?”.
M-commerce has the potential to become a major channel for shopping and to change consumer shopping habits. Consumers are reliant on digital devices now more than ever, and Insider Intelligence predicts that mobile will inch closer to becoming consumers’ preferred channel for online shopping within the next five years.
Social media sites such as Facebook, Twitter, and Pinterest have all introduced “buy buttons” that let shoppers make purchases without having to leave the platform. And many retailers have introduced one-click checkout to their sites. This method requires shoppers to enter their payment information once, and then they can use the one-click option to make purchases without having to re-enter it.
But what is M-commerce?
According to Shopify, mobile commerce, also known as mobile ecommerce or M-commerce, is the process of completing a transaction online via a mobile device. M-commerce is a facet of ecommerce and should be a priority to ensure you’re not falling behind your competition.
Any type of online transaction done via a smartphone or tablet is considered a form of mobile commerce. The most popular type is making a purchase on a mobile device, but the term expands beyond that as well.
Here are seven examples of mobile commerce that exist today:
- Making a purchase
- Social commerce
- Mobile banking
- Mobile payments/transactions
- Mobile ticketing
- In-app purchasing
- Marketplace apps
Key mobile commerce statistics
Shopify mentions some key statistics to help you understand just how important M-commerce is in 2022 and will continue to be in the future.
- 77% of US adults own a smartphone and 53% own a tablet, showcasing the number of potential M-commerce customers.
- Nearly one-third of US internet users used their mobile device to make a purchase each week in 2021.
- Mobile devices made up 58.99% of web traffic in Q2 of 2022.
- 51% of Americans downloaded at least one shopping app to their smartphone at the peak of the COVID-19 pandemic.
- 21% of device users access retail shopping apps multiple times a day, and 35% access them multiple times a week.
- 49% of Americans have used a shopping app to compare prices.
Why is it growing so strong?
Oberloo mentions that mobile commerce growth can be attributed to the convenience of mobile shopping. The increase in mobile payment options is proving to be a huge boost for customers’ mobile experience. In fact, three out of four consumers say they carry out purchases on their mobile devices because it saves time.
However, there’s always room for improvement. As many as 90 percent of shoppers say that their experiences with mobile commerce could be better. The two most common concerns hindering mobile shopping are pages and links that are too small to click on and security issues. At least half of shoppers also indicate that they would like online retailers to provide more product reviews and information.
Oberloo also says that mobile commerce sales really boomed during 2020, growing by 18% from the previous year, which can be attributed to the COVID-19 and more people shopping online. However, the effects of the pandemic influenced long-term trends for mobile, as the mobile retail ecommerce sales already exceeded $360 billion in 2021. It looks like the constant M-commerce growth is certain. According to the estimates, this number will grow almost twice, amounting to approximately $710 billion by 2025.
Mobile Commerce Trends for 2023 you should have in mind
Smartphones are the preferred shopping and communication method for younger generations.
The Growth of Mobile and Conversational Commerce report mentions that millennials and Gen Z are the most likely to shop and make purchases through their mobile devices. These younger generations are also the most interested in communicating directly with businesses through their smartphones — 41% of millennials and 40% of Gen Z consumers prefer texting with a business, compared to just 34% of Gen X and 24% of boomers.
Consumers are connecting with businesses on mobile devices for a variety of needs
SquareUp found that the demand for mobile commerce goes beyond just shopping. Consumers reported that they use mobile commerce to connect with businesses in many ways, including receiving appointment notifications (66%), order notifications (65%), text or email marketing messages (57%), text or email loyalty messages (56%), scanning QR codes (46%), texting with a business (37%), and receiving invoices (28%).
As customer demand for mobile commerce increases, businesses have taken notice. Sixty percent of business owners reported that they use mobile commerce to connect with and sell to customers, and another 20% reported that they’re interested in using mobile commerce in the future.
Social commerce and the empowered shoppers
Cordena affirms that with the rise of social networks, mobile commerce platforms such as Instagram shops, Pinterest shopping features and more, businesses are capitalizing on the social commerce trend by displaying their products and services on these channels. By creating engaging content and using influencers marketing to reach a wider audience, social commerce is here to stay.
Its popularity is due, in part, to the fact that it allows businesses and consumers to connect with each other in a more informal setting. Social media has also given rise to a new breed of customer: the empowered shopper. These shoppers are highly informed and use platforms like Twitter, Facebook, and Yelp to research brands and products before making a purchase. As a result, businesses must adapt their strategies if they want to stay ahead of the curve in this rapidly changing landscape.
Voice assistants like Siri and Alexa have been growing in popularity over the years, says BuildFire. Furthermore, the way voice search is being used has shifted as well. At first, people used voice search for things like weather-related questions. Or maybe telling their smart speaker to play music.
Voice search has officially penetrated the ecommerce market. Voice shopping is expected to reach $40 billion in 2023. That’s up from a modest $2 billion in 2018, which is a 1,900% increase in just four years. This will have a significant impact on mobile commerce, since 40% of adults use voice search at least once per day. 20% of all searches on mobile devices are voice-based.
Embrace for a 2024 full of M-commerce shopping
Tidio affirms that by 2024, there will most likely be over 187 million active mobile shoppers in the US alone. In 2020, smartphone users spent 24 additional minutes daily on their mobile phones, compared to 2019. It’s a lot of time. And it’s safe to say that some of it will be used for making online purchases on mobile, as around 187.5 million users are forecasted to be active mobile shoppers, as compared to 167 million users in 2020.
This means that people who will have made at least one purchase on their mobile device will account for a whopping 66% of the US population.
Mobile commerce isn’t a passing trend—it’s a key part of ecommerce that’s only going to grow. As smartphones become more central to how we communicate, gather information and now shop online, mobile commerce will likely become less of an option and more of a necessity for ecommerce retailers.
Here at Skillaemia you can find the right material to delve yourself into the world of M-commerce. So, dare to start a new adventure and develop all your knowledge with a single membership.