The trend of shopping on the go is on the constant rise because it is convenient for both shoppers and retailers. As a shopper, all you have to do is visit a mobile shopping platform, pick a product, and proceed to the checkout page. This is a process that should ideally last less than a minute. On the other hand, m-commerce statistics reveal that businesses are taking advantage of mobile technology big time. Creating a mobile version of an online shop is neither complicated nor expensive, and potential clients base is enormous. Nowadays, it is a lot easier to reach out to people through mobile devices than traditional desktop computers.
According to the latest reports, 1.6 billion people use their mobile devices to shop online. Generally speaking, this has greatly contributed to mobile e-commerce growth.
What’s more, numerous stats and reports indicate that this trend will only continue to grow in the future. Considering the promising future of the mobile industry, this fact is hardly surprising.
But let’s take it one step at a time and focus on the present. Keep reading to find out some amazing statistics and trends for this year’s mobile commerce industry.
Key Mobile Commerce Statistics
- 67% of the global population owns a mobile phone in 2019.
- 79% of smartphone users have made a purchase online in the last six months.
- 61% of mobile consumers prefer to buy from mobile sites that customize information according to their location and preferences.
- More than 1 billion worldwide mobile phone users use their phones for banking.
- 70% of mobile searches lead to a buying decision within an hour.
- Global m-commerce spending is expected to reach $2.3 trillion in 2019.
- Over 1 billion smartphone owners use mobile banking.
- Mobile shopping makes up for 58.9% of worldwide e-commerce.
- More than 60% of mobile marketers are not ready to prevent fraud.
- By 2021, the world’s e-commerce sales will make up for 53.9% of all e-commerce sales.
M-commerce Stats and Facts
1. Mobile e-commerce statistics report that over 62% of people have a smartphone.
Thanks to the plethora of functionalities and features they provide, smartphones have become one of the things we cannot imagine our lives without. To be more precise, approximately 62.9% of the world’s population owned a mobile phone in 2016, and, as we have already mentioned, 67% of the population owns a mobile phone in 2019.
2. 79% of smartphone users made a purchase online in the last six months.
Mobile shopping statistics show that 79% of smartphone users made a purchase online in the last six months, including first-time users. That is almost a billion people worldwide. That said, the growing role of smartphones in commerce is hardly surprising.
3. 61% of mobile consumers are likely to contact a local business if they have a mobile site.
There’s an abundance of tools for business owners to provide their customers with the personalized shopping experience. In fact, 61% of mobile consumers are more likely to contact a local business with mobile site that customized information according to their location and preferences.
4. 70% of millennials use their phones for mobile banking.
Mobile phone statistics also show that more than 1 billion worldwide mobile phone users rely on their phones for banking. Close to 70% of millennials used their phones for mobile banking in 2018.
5. Close to 70% of mobile searches lead to a purchase action within an hour.
This shows that m-commerce brings higher conversion rates. On the other hand, desktop users need a month to reach a buying decision. The conclusion here is simple — amaze your online visitors with content and offers, and you will likely make a profit.
6. The global m-commerce industry is expected to reach $2.3 trillion in 2019.
This means that mobile commerce is expected to grow more than 250% since 2016. Meanwhile, the mobile commerce sales forecast states that by 2021, mobile e-commerce will reach $3.56 trillion.
7. 53% of users shop through company-specific apps.
Nowadays, people spend more time than ever on their mobile phones. The highest number of users reach for their mobile devices first thing in the morning and during breakfast. During this period, an astounding 53% of users shop on company-specific apps.
8. It is predicted that China will become the first country with over $1 trillion in online spending.
The number of people who use their phones for shopping rose by 29.1% between 2017 and 2018. Worldwide m-commerce revenue increased from $184 billion in 2013 to $669 billion in 2018, and statistics predict that China will become the first country with over $1 trillion in online spending.
13. 35% of the worldwide mobile wallet users are millennials.
Essentially, this is a digital wallet installed on a device. A user can add her bank details to her mobile wallet app and use it instead of debit or credit card. Users can also add tickets, boarding passes, loyalty cards, and so on.
It’s probably not hard to guess that millennials make 35% of the worldwide mobile wallet users, according to smartphones statistics. A great variety of companies offer mobile payment apps, and the most popular ones are Apple Pay, Google Pay, and Samsung Pay.
14. Carrier payments are considered to be the original form of mobile payments.
This is an option for users to pay their mobile carriers without using credit or debit card. All the user needs to do is enter her phone number in the app, and the payment will be deducted from her phone bill or prepaid card.
15. Contactless paying is a big part of m-commerce trends.
Contactless payments or NFC occur between a payments processor and a mobile device. To use contactless paying, users need to have a mobile wallet.
16. Mobile-to-mobile money transfers are on the rise.
Obviously, a mobile money transfer is a payment to another individual through a mobile device. The most popular form is e-transfer through banks. Nowadays, people are not carrying cash with them as often as they used to, and mobile money transfers are becoming more popular, according to m-commerce statistics.
17. Closed-loop mobile payments make up for millions of mobile transactions.
Closed-loop payments enable consumers to transfer their money into a spending account that is linked to a certain company’s gift card. The users can check their balances, manage their profile, and pay using this method.
18. 29% of millennials have cancelled their payment because the business didn’t support the payment of their choice.
Besides contactless paying, mobile wallets, and other mobile payment methods, businesses should consider using point-of-sale mobile payments. This is an almost instantaneous, direct transfer of money through an NFC device. This kind of mobile payment is cheap and can settle to a bank account in a very short period of time.
What Are the Advantages of M-commerce?
19. M-commerce is a convenient platform for processing large orders.
All of the types of mobile commerce allow businesses to process multiple large orders at once. There are no long checkout lines, and customers can buy what they want whenever they want.
20. 86% of mobile usage activity comes from various apps.
By creating a mobile phone app, businesses are able to gain user data. Statistics about mobile commerce show that 86% of mobile usage activity comes from the apps. This makes it easier for businesses to market their goods to potential users.
21. M-commerce allows lower inventory levels.
Another good side of m-commerce is that a business can keep its inventory levels low and track specific items when they are ordered. This reduces the need to store specific items for too long and prevents backorder situations since business owners will always know what is available in their stock.
22. App commerce eliminates the need to go to the store and stand in a queue.
It also eliminates the rural market’s need to travel to a certain location in order to buy something. Customers can buy whatever they need in a few clicks and have it delivered to their homes. This creates great opportunities for businesses because the overall expenses of running a business are significantly reduced.
23. Mobile commerce encourages impulse purchases.
The best definition of what is mobile commerce and what does it provide to the customers is the much better shopping experience than what physical stores offer. Customers can easily browse through items, look at the pictures, read information, etc. All of this creates an impulse to buy the item as soon as possible. To add to this impulse, platforms can show a limited quantity or have a countdown for an item to enhance the sale.
Mobile Commerce Disadvantages
24. Consumers will stop using a service if it needs more than three seconds to load.
According to m-commerce statistics, mobile and desktop websites have the maximum of three seconds to load before a customer stops using their services. This is why every business must have a well-designed website, especially for mobile commerce.
25. Customers must find your business among the enormous number of other businesses who claim to provide the same services as you.
Since mobile commerce creates a worldwide marketplace, the competition out there is quite fierce. It doesn’t matter if a particular business is the only provider within a community; making sales from m-commerce could take some time.
This is why you have to be unique and stand out from the crowd.
26. More than 60% of mobile marketers are not ready to prevent fraud.
The risk of fraud when using mobile commerce is relatively high. Mobile commerce statistics for 2018 show that over 60% of mobile marketers are not capable of preventing fraud from happening in their marketplace.
27. Businesses are responsible for protecting the privacy of their consumers.
Businesses have access to their users’ private data, but also have a responsibility to protect it. They should ensure that every partner they work with has clear user terms so that users can be informed clearly how their data is handled.
What is the Difference Between E-commerce And M-commerce?
28. M-commerce enables transactions on the go.
E-commerce stands for electronic commerce, which means that transactions are carried through electronic devices in general, while m-commerce is bound strictly to transactions carried through mobile devices such as smartphones or tablets.
That said, customers usually prefer m-commerce because it’s a lot easier to pay with mobile on the go than using desktop computers
29. 63% of users prefer m-commerce over e-commerce.
Because people prefer using mobile devices over desktop computers for accessing the internet, businesses can reach their customers anywhere and anytime. This makes mobile commerce reach far more widespread than e-commerce.
30. The average shopping cart abandonment rate is higher with desktop users.
M-commerce allows users to make transactions anytime and anywhere provided they have internet access. On the other hand, in some cases, e-commerce requires a desktop computer. According to mobile website stats, the latter could be devastating for any business because the average shopping cart abandonment rate is the highest with desktop users.
31. Mobile commerce is more secure than e-commerce.
The most common form of payment for e-commerce purchases is credit and debit cards. However, many users are not eager to type in their credit card details on a website, and rightly so.
On the other hand, the security of mobile commerce transactions is at a much higher level. Users can have a multi-level authentication, such as two-factor authentication, biometric authentication, fingerprint and retina scans, or face identification.
M-commerce vs E-commerce
32. M-commerce is expected to earn $3.5 trillion by 2021.
M-commerce is gaining more popularity every day. For businesses, it is one of the most effective ways to improve sales and revenue. Considering that the number of smartphone users is steadily increasing, we can only expect to see m-commerce growing further.
33. E-commerce reached $2.3 trillion in 2017.
As a consequence, the e-commerce market, in general, is expected to increase as well. Since m-commerce is one of its major contributors, e-commerce growth will likely rely even more on mobile transactions in the near future than it does nowadays. The above discussed mobile phone sales statistics can only confirm this trend.
To sum up, businesses can no longer ignore m-commerce and its growth. If they choose to do so, they will lose a huge customer base. In today’s crowded online world, not a single company could afford this.
To highlight how important this fact is, how fast it is growing, and why businesses should start using it immediately, consider the following stats.
The Biggest Trends And M-commerce Statistics for 2019
34. M-commerce has increased the mobile conversion by 10%.
M-commerce eliminates the need to go to a physical store and stand in a queue, which is why one-page checkouts and mobile wallets are seeing a great increase in use. The latest statistics report that online checkouts and digital wallets have increased mobile conversion by 10%.
35. Over 61 million people in the US will use mobile payments in 2019.
Just two years ago, that number was 48.1 million. According to mobile e-commerce stats, 2019 is the year of mobile commerce.
36. Smartphones will account for 34% of all m-commerce sales in 2019.
By 2020, the m-commerce sales from smartphones will see a growth of 31.5% and generate nearly $270 billion.
37. By 2021, world’s m-commerce sales will make up for 53.9% of all e-commerce sales.
It is also expected that mobile phones will be the main contributor to mobile commerce growth.
E-commerce retailers cannot turn a blind eye toward m-commerce. By following m-commerce statistics and optimizing their websites for mobile devices, businesses can offer a better m-commerce experience to their current and potential customers. In this way, they can grow their m-commerce business much faster. In any case, based on what we have outlined above, we believe that it is safe to say that m-commerce is here to stay.
- Brandon Gaille
- Report Linker
- Square Up
- Mobile Transaction
- Clear Bridge
- Mobile Transaction
- Ruby Garage
- Bright Tech
- Social Media Today
- Payments Cards & Mobile
This article was originally published at Subscriptionly.net. Used with permission.
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