Mobile commerce has been around long enough that all business owners have heard of it and know that the properly used, mobile commerce can be used to increase sales and brand awareness. However, despite that, there are a many business owners who have some reservations about using mobile commerce solutions for their business. For entrepreneurs still on the fence, the time for mobile commerce is now and the data shows it. Here are five stats that will make you rethink mobile commerce.
54m percent of global consumers have no reservations about using credit or debit cards to shop online on mobile devices as long as their personal information is protected (Nielsen)
Some older business older business owners have been reluctant to start mobile payments out of concern that it scares people. This stat is a direct challenge to the old thinking that everyone is too afraid to use ecommerce and mobile commerce payment solutions. This stats means that the majority of people will have no problem using mcommerce so long as they know that basic protections are being taken to safeguard their information. This is why business owners should post the security credentials of their payment system in a copious play. It’s also important to note that even though 54 percent said they had no reservation, only 27 percent said they would never use mobile payments. In other words, nearly three out of four US consumers would consider mobile payments without serious concerns about security.
Mobile devices will account for 30 percent of global retail ecommerce spending by 2018, up from 15 percent in 2013 (Juniper Research)
As has been mentioned in this blog before, mobile commerce is becoming an important part of the marketing strategy for many businesses. For a long time, having a mobile commerce option was simply a plus, but this stat shows that within five years, mobile commerce will be so important that business owners who forsake it are crippling their own businesses. The value of ecommerce sales has grown significantly over the past few years and will continue to do so. If mobile retail is going to make up a third of ecommerce spending by 2018, any business not ready to serve customers on their platform of choice are going to be serious disadvantaged.
91% of consumers say it is easier to complete a purchase in-store than online or by mobile device (Accenture)
This is a wake up call for web developers about the need to streamline their ecommerce portals. The need for security in online transactions makes it hard for web designers to create a system that works quickly and easily. However, there are steps that can be taken to make the process better for consumers. For example, removing duplicate requests for information, letting people sign in with Facebook, accept payments through PayPal, Google Wallet and other time-saving but secure payment methods. It’s unlikely that there is a way to make everyone prefer buying online to buying in person, but we only one in 10 people say it’s easier to use the website, there is clearly room for improvement.
79% of US cell phone owners in households with annual incomes over $75,000 use their phones to go online (Pew Research Center)
This simple statistics is a reminder to business owners that just because people use their cell phones to go online doesn’t mean they don’t have money. There has been a lot of talk about how the mobile internet has made it easier for low-income individuals to get online, but as this stat shows, they aren’t the only ones. For most businesses, households with incomes over $75,000 are worth the effort of using mobile commerce solutions.
52% of mobile ad spending, or $10.8B, will be associated with location-targeted campaigns by 2017, up from 37%, or $1.4B, in 2012 (BIA/KELSEY)
One of the greatest benefits of mobile marketing is that it’s easier to target ads based on a person’s location. For a while, this feature was treated as a novelty, but this stat shows that business owners are becoming much more adept at using location-based ads to their advantage. The fact that in just a few years, location-targeted ads will account for more than half of mobile ad spending means that business owners and marketers need to modify their marketing strategy to take advantage of this feature. If half of the marketers in an industry are using targeted ads to reach their ideal customer, while the other marketers continue to use a shotgun approach, the marketers using the older technique will find themselves paying more for fewer quality leads.
Mobile commerce is important for business owners and marketers because of the growing importance of these media devices. Right now, there is a disparity to the value of mobile devices and the amount that marketers are spending. BIA/Kelsey Vice President of Content Michael Boland described the situation by saying, “Mobile holds a 12% share of consumers’ current media consumption, but has a disproportionately low–3%–share of US ad dollars.” Business owners who take advantage of this mismatch to reach new customers will better position themselves as consumers continue to move to mobile.