As e-commerce sales continue their meteoric growth, mobile is grabbing a larger market share, with smartphone-enabled purchases set to grow from $122 billion in 2015 to nearly $319 billion by 2020, according to a new report from Javelin.
A greater number of overall e-commerce purchases will come from smartphones, per Javelin’s estimate that m-commerce purchases will make up 49 percent of total online retail commerce in 2020, a significant increase from 29 percent in 2015.
The enlarging spotlight placed on mobile is partly due to retailers’ ongoing efforts to provide smartphone-friendly offerings and checkout solutions to customers, according to Javelin’s 2016 Online Retail Payments Forecast.
The significant growth in the mobile commerce sector can be attributed to the rise of several new market trends, such as in-store mobile checkout capabilities within retailers’ applications, mobile wallet proliferation and buy online, pick up in store options.
“Retailers need to focus on their mobile apps, mobile marketing and facilitating the omnichannel buying experience.” – Michael Moeser, director of payments, Javelin
The largest share of mobile commerce will come from millennial shoppers, as the top users of m-commerce shopping are individuals aged 25 to 34.
Additionally, shoppers in this age group were nearly twice as likely as individuals aged 35 and up to have leveraged a mobile browser and app to make a digital purchase in the last year.
To capitalize on the growing m-commerce sector, retailers should develop comprehensive mobile wallet tactics that include building their own platform, or teaming up with a third-party service and integrating it into their own shopping apps.
(Source: Luxury Daily)