Mobile commerce is growing, in a big way, so if you think your business isn't ready to take the plunge, think again.
E-commerce has been a hot topic for quite a few years now, but with more and more consumers ditching their desktops for their smartphones, mobile commerce—also known as "m-commerce"—is picking up steam, with little indication of slowing down any time soon.
Here are several amazing facts about m-commerce every retailer should know:
Fact #1: 2.32 billion people in the world owned a smartphone in 2017.
According to market research portal Statista.com, that number will rise 9% by the end of 2018—with 2.53 billion people worldwide expected to possess smartphones. The numbers don't stop there, however. Statista predicts that smartphone users will reach 2.87 billion by 2020, a 24% increase from 2017.
Fact #2: M-commerce is expected to comprise nearly half of the U.S. ecommerce market by 2020.
This is according to BI Intelligence, Business Insider's industry research service. It forecasts m-commerce will top $284 billion, or 45%, of the entire e-commerce market, by 2020.
Fact #3: Mobile app revenues are expected to gross more than $180 billion by 2020.
According to another report by Statista, mobile apps alone—not including all m-commerce—are expected to earn $188.9 in revenues by 2020. That's a 171% increase from 2015! Wow.
Fact #4: 60% of online shoppers use a smartphone to find a product.
This means that if you've already got potential customers on their devices looking up your products, you might as well make the experience as seamless as possible for them to complete the purchase.
Fact #5: Asia is one of the fastest-growing markets in the world regarding m-commerce.
As a matter of fact, it experienced an astounding 250% increase in m-commerce throughout the past 24 months alone. This means that if you're in this market but not developing for m-commerce yet, you're already behind.
What does this all mean for you?
The m-commerce experience isn't going anywhere. In fact, it's only expected to grow as technology continues to evolve. With mobile traffic now accounting for more than half of all internet traffic globally, it might just be time for your business to invest in the mobile retail experience.