Your Definitive Guide to Mobile Commerce
Every segment in retail is seeing double digit year-over-year growth in sales from mobile. A strong mobile commerce strategy is no longer a nice to have - its the only option for staying competitive in today's market.
As the leading global provider of mobile engagement automation, MobileBridge has various resources to help you take advantage of the mobile commerce opportunity. Start by downloading our Mobile Commerce Solution Brief.
Top retailers now capture half their sales on mobile according to Criteo.
Retailers ranked highest by share of mobile transactions grew 30% year-over-year (YoY), crossing the 50% mark for mobile transactions. Across all retailers, mobile share of eCommerce transactions also increased by 17% YoY.
Mobile commerce continues to gain momentum as a mainstream way for consumers to shop online. In fact mobile commerce now accounts for nearly one-third of all U.S. e-commerce sales, according to an analysis of data from Internet Retailer’s newly published 2016 Mobile 500.
e-Commerce has been around since the 70s, and refers to the trading or purchasing of products or services using computer networks, like the Internet. In 1992, one of the first websites that allowed for the selling of books on line with credit card processing was launched. And e-commerce had a pretty big year in 1995 with the launching of Amazon.com and founding of eBay. At this point, most everybody has purchased a good or service online, and thereforce has been a part of the $341 billion (and growing) industry.
Mobile commerce (or m-commerce) is a subset of e-commerce and refers to the device on which one is doing the shopping. This doesn't just mean mobile phones, but any kind of smart device. The impact here is that the transaction is not restricted to desktop computers - typically at the home or workplace - but can happen anywhere some kind of internet access is available. So the reality now is we can all shop and purchase goods and services wherever and whenever we need.
There is a big difference in the experience between shopping on your desktop browser versus shopping on a mobile device. Besides the screen being smaller and of various sizes and resolutions, the experience needs to be simplified for the user. Complex shopping processes just won't translate well for an m-commerce transaction. It must be restricted to as few clicks as possible. People are now looking for products in 2-minute intervals in their "mobile moment" versus on a desktop.
Integrations between your mobile commerce solution with e-commerce systems such as Hybris or Demandware help not only the user experience (easy browsing, cart management, etc.) but also maintains data integrity for the retailer. Instead of having data in seperate systems for customers' transactions on their website, store, or mobile app, you get one single view of your customer purchases and preferences.
Consumers today expect better shopping experiences. They also want to feel connected and have a relationship with the brands and products they choose. Mobile phones are the most initmate channel a company has to engage with those consumers on a one-to-one basis. If customer retention, loyalty, and revenue are important to your company, you need to seriously consider your mobile commerce strategy.
Mobilel apps deliver up to 54% of all mobile transactions. But that's only if you invest in advance capabilities like push notifications, personalization, promotions, and acces to native functionality to create richer consumer experiences.
MobileBridge provides a total solution for your mobile commerce strategies and accelerates your success by integrating your e-commerce data with your customers' mobile acvitiy. This provides a comprehensive view of the customer to then create compelling engagement campaigns. Increased engagement results in better data, which in turn feeds better targeting and context. Your customers become loyal fans of your brand, and you see increased revenues.
Highlights of the solution include:
Mobile commerce (m-commerce) is on the brink of exploding. According to ComScore, time spent on mobile has exceeded desktop by miles away. However, money spent on mobile is excruciatingly low.
The market of m-commerce is still growing, nonetheless. Business Insider forecasts m-commerce will reach $284 billion, or 45% of the total U.S e-commerce market, by 2020. Compared to June 2015, mobile retail boosted 10 points this year. M-commerce accounts for 54% of total digital time relative to other mobile categories. So what drives m-commerce? Drum roll, please…
Looking back in 2015, according to Google, more than 75% of smartphone shoppers who generally shop in the same brand-name stores, are very open to new retailers and brands online. So good news for retails who want to reach new customers this holiday season online and in-store.
On the other hand, competition is fierce. Mobile is such an influential tool that, “76% of mobile shoppers have changed their mind about which brand to purchase.” On mobile, conversion rates jumped 30% on Black Friday and 50% on Cyber Monday compared to last year.
So how can you roll out a winning holiday mobile strategy and combat the competition?
The ability to get the right message to your customers at the right time is more important than ever. They are mobile and retailers have to keep up.
TRetailers are just starting to scratch the surface with the relation between in-store sales and location technology. Many retailers expect location-based technologies to reap fruitful profits by driving customer footfall traffic in-stores. But generally, it doesn’t live up to their expectations. So how can retailers drive footfall traffic back into stores and make loads of revenue with location technology?