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With more than five years of leading market researchers predicting mobile’s supremacy in retail landscape, the paradigm shift of e-commerce to mobile commerce (also known as m-commerce) is finally a reality! Smartphones and tablets have become an extension of individuals’ daily habit.
How many times you let yourself step-out of home without a phone? In fact, it won’t be hype if I say that carrying Smartphone is as important as wearing shoes when walking out. Mobile devices have transformed the way we perform our day-to-day activities, and how we communicate to consumers and companies alike.
The global m-commerce economy has been anticipated to reach 100 billion USD by year 2017, where Asia seems to tap 40% of global market share. In addition to mobile commerce apps, there is a significant rise in the mobile payments since 2015.
The massive advancement and innovation in mobile technology provide consumers with seamless access to retailers, brands or businesses from all across the world. According to Nielsen’s International market survey, about 57% of online purchases made in the last six months timeframe are done from offshore retailers. It is easy to see how today’s smart consumers have another choice than visiting local brick-mortar stores or shopping from their country-specific online stores.
Mobile retail apps draw in a wide pool of opportunities to serve your target audience more effectively and boost customer acquisition worldwide. The millennial generation is more comfortable with digital technology, mainly Smartphones and tablets. The fast increasing adaption of mobile devices across the world is further increasing the number of mobile shoppers.
While most of us know that mobile commerce is increasing at a real fast pace, we have got some interesting statistics revealed by a recent study conducted, which shows how m-commerce industry ROI will soon outpace e-commerce ROI by the end of this year.
The study surveyed the mobile shopping behavior patterns of 17,600 consumers across 22 countries and claims that by end of 2016 m-commerce industry will witness growth rate of 42% compared to 13% of ecommerce sector. One of the leading company, PayPal has witnessed 4% surge in their annual growth rate.
We have reached the tip of mobile-first age. Global m-commerce sector is anticipated for dramatic surge. In fact, the industry is growing three times the pace of ecommerce. In the US alone, the mobile based ecommerce stats for Paypal is forecasted to reach the milestone of 96.3 million USD by 2016, compared to 54.6 million USD recorded in 2014.
In addition to USA, countries like India, China, Turkey and UAE are the biggest players of the global m-commerce landscape. Understanding how Smartphones are driving consumers’ behavior these days, the leading ecommerce businesses like Amazon, eBay, ASOS, Groupon, JD.com and Walmart have already landed into mobile-first strategy by launching their brilliant native apps for target audience.
One of India’s leading fashion retailers, Myntra also has opted for mobile-first business strategy; they have a wider response coming through their mobile app. The move totally makes sense as today there are more consumers who prefer shopping using a mobile phone instead of using desktops and laptops to access eCommerce websites.
The deeper penetration of Smartphones and tablets in developing and developed countries alike, surge in secure mobile payment platforms, and increased awareness of the internet of things will contribute to further boost the demand of m-commerce apps. Intuitive UI, personalized shopping experience, great loyalty program, one touch payment, and 24/7 fastest and easiest access are vital to any retail mobile app to lure customers and build customer acquisition.
Want to experience how having a mobile app for your retail business can open you to wider audience-base and give you more channels to increase customer conversion? Contact the mobile app development specialist today and get started with your custom application as per requirement.
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