Mobile Commerce Facts and Figures

Forrester estimates that 29% of all online retail sales in the US will be transacted on smartphones and tablets by the end of 2014. Media goods (e.g., video, music, books), clothing, and consumer electronics account for the majority of the approximately $86 billion in mobile phone and tablet eCommerce sales, and an additional $28 billion will be sold on these devices in other categories such as travel and food-services/restaurant ordering, which are not part of Forrester's definition of online retail.

By now it is also well known that mobile commerce capabilities are crucial to any business that sells online. In the U.S.  alone, mobile commerce market is poised to hit $114 billion in 2014, and projected to influence more than $600 billion in total retail sales by 2016, according to Forrester Research. eBusiness professionals are aware of the dire need to create an engaging mobile experience for shoppers and integrate this experience with an overarching omnichannel strategy.

A few points to consider:

Though responsive web design is a must and is intended to scale across multiple screen sizes and platforms, it is evidently simply not enough to offer eBusiness professionals and today's savvy consumer. There are key design shortfalls that if eCommerce retailers are relying on, they will surely fall short of expectations. Here are a few reasons:

  • Responsive websites do take full and complete advantage of all the fantastic features today's smartphone and tablet technologies can offer.
  • Built -in cameras, geo-location targeting and QR scanners offer multiple opportunities for a better eCommerce experience.
  • Slower load times are more likely on a responsive site as it takes longer to to load, the delay being between the device and server.

It is certainly obvious by now that mobile commerce amongst B2C companies is a hot topic, however what some may not be aware of is the importance mobile commerce in the B2B arena. However, it is quite evident that B2B eCommerce is growing quickly and is more than twice the size of B2C. 

  • Each day, 90% of B2B technology buyers use their smartphone to look up work related research.
  • 96% of them also use tablets and Forrester reports that 54% of B2B companies selling online report that their customers are using smartphones to research purchases, with 52% making purchases on mobile devices.
  • Buyers working with sales reps can make purchases in real time, reducing the length of sales cycles and increasing overall efficiency.

These are just a few points we came across while discussing the mobile commerce marketplace. We would be interested in finding out your opinions and would like to add to them to the discussion.