Mobile Commerce (aka m-commerce or mCommerce) has been around for quite a while, as Amazon and eBay will tell you by their increasing bank balance. However, its popularity is on the rise right now, as customers become more comfortable using their smartphones for shopping, price checking, banking, product reviews and comparison, etc.
Just take a look at the following stats I've stumbled upon while doing my research for this blog post:
1. Last year, the global eCommerce sales reached $638 billion, and mobile sales made $204 billion. In just four years, mCommerce sales are expected to rocket to $626 billion.
2. In 2014, 535 million consumers worldwide are expected to make at least one purchase via their mobile or tablet device.
3. In the United Kingdom, 38% of all smartphone users engage in mobile commerce. In the United States, this number reaches 46%. Yet, China is breaking the record with 73% of smartphone users shopping regularly via their mobile devices.
4. Apparel and accessories are by far the most purchased products within the mobile commerce. Surprisingly, shoppers prefer purchasing these products using their tablets, not smartphones: 54% of the US and EU shoppers buy with tablets versus 39% of those who shop via smartphones.
This rising trend means that businesses have to find a better way to enhance the consumer experiences with mobile shopping and marketing.
Read more about mobile app development.
Let's see what mobile commerce trends will most likely influence the global mobile agenda this year.
Mobile Commerce Trends to Watch in 2014
Devices such as Wocket are designed to replace every card in your wallet—with the exception of your driver's license.
NEXT-GEN IDENTITY AUTHENTICATION
Identity authentication solutions such as MobileBio™ biocloud™ use cloud systems to establish a biometric database and significantly enhance security of your mobile payments and online banking by adding facial and voice authentication capabilities, and secure encryption.
SOCIAL COMMERCE AS A DRIVER OF MOBILE eCOMMERCE
"Conversion is 29% higher when customers look at a product review, with an average order value increasing by 13%,” says Joey Rahimi, Co-Founder and CIO of Branding Brand, Pittsburgh, PA.
However, there're some challenges mobile commerce is going to face during 2014.
According to Sarah Hodkinson, Head of Sales Strategy at PayPal Media Network, “a large challenge in mobile commerce is the consumer having to enter a plethora of fields with accuracy on a small screen".
This, however, will change as mobile screens become larger with iPhone 5 having a resolution of 1136 by 640 pixels at 326 pixel per inch (ppi), and Samsung Galaxy S3 having a resolution of 1,280 by 720 pixels at 306 ppi.
Another ongoing challenge is getting your mobile eCommerce app to stand out from the crowd, as more and more mobile applications are added to the marketplace every day.
In my next blog post I'll share our mCommerce Usability Checklist, please sign up below to get a notification once it's been released. Or follow us in Twitter @Intersog #Intersog
Source for mCommerce stats: PFSWeb, 2014