Global Analysis, Trends and Prediction of Mobile Commerce Market (2020-2025)
According to a recent survey, mobile phone users have overtaken the global population – approximately 1 billion more mobile phones than people of this planet. In this case, the increased possibilities for mobile commerce are only to be expected. Let’s take a close look at some essential analysis, trends, and predictions for the mobile commerce market over the next five years.
Statistics Showing the Current State of mCommerce Market
49% of consumers use smartphones for shopping globally.
61% of American consumers rely on their smartphones in stores to compare prices.
63% US consumers turn towards their devices to access discounts/coupons for in-store purchases.
10% of global web visitors added items on their carts on mobile, while 11.63% on desktop and 11.25% on tablets this year.
2% of conversions were generated via mobile devices, while 3.49% from tablets globally.
41% of conversion In retail is observed because of the use of mobile devices.
2% of conversions are made by IOS, followed by 1.81% by Android.
$2.3T of mCommerce transactions are made in 2019.
1B mobile users used coupons worldwide in 2019.
Facts and Figures Indicating the Scope of Mobile Commerce Market in 2020-2025
- Mobile Commerce Industry is expected to generate revenue of $3.56 Trillion by the year 2021.
- Asia-Pacific and Middle East countries will experience augmented market traction between 2020 and 2024
- North-America and European nations are anticipated to be the biggest markets for revenue generation during the period 2020-2024.
- By 2021, the mCommerce share in e~commerce retail sales in the US will be 53.996.
- The mobile wallet market size was $1.65 Tyilllon in 2013 and is envisioned to reach $5.3 TyilUon by 2020, expanding at a CAGR of 127.5% in this time period.
- The number of proximity mobile payment transaction users will rise from 721.2 million to 1 billion between 2017 and 2020.
- The mobile coupons industry Is anticipated to flourish by 56.5% by 2025 globally.
- mCommerce market is dominated by 10 top players. But, many others will enter the competition in the coming years.
Mobile Commerce Market Trends That Will Dominate in 2020-2025
- Personalisation – With 61% of mobile users preferring platforms delivering services customized as per their location and choices, Personalization will remain popular in mCommerce domain.
- Crypto Payments – Mobile shoppers and retailers will embrace the idea of using cryptocurrencies like Bitcoins for a faster and secure transaction experience.
- Voice Search – By the end of 2020, 50% of searches will be done by Voice search and 46% of users would prefer hearing businesses prices over voice search in 2020.
- Omnichannel Experience – With 51% of businesses relying upon about 8 channels for delivering customer experience, the concept of Omnichannel strategy will gain momentum in 2020-2025.
- Social Media – Since stores with a social media presence gains 32% more sales than those without one, more companies will rely upon these platforms to increase sales.
- Augmented Reality – By enabling customers to virtually try out and interact with products, Augmented Reality will bring around $120 billion of sales by the end of 2020.
- Autonomous Vehicles – Autonomous vehicles will give a new meaning to the mobile commerce domain, reducing the time and cost of delivery and brand promotion.
- Proximity Marketing – Beacons and other such BLE– and WiFi-powered technologies will be used to target users within a radius of the physical store and Increase sales.
- Automated Customer Support – By the end of 2020, around 85% of customer interactions will be handled without human interventions – majorly by chatbots.
- Supercharged and Optimized Page Load Speed – Provided 40% of mobile consumers abandon a page that takes more than 3 seconds, companies will focus on Improving the app page loading speed in 2020-2025.