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.
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About the Author
Terese Cass
Terese Cass is a stay-at-home mom and blogger. She enjoys stacking coupons, sales, and store promotions and walking out of the store with sacks full of free groceries. Now, Terese blogs about topics like How to Get Coupons, How to Coupon for Beginners, How to Grocery Shop on a Budget, etc.