Mobile commerce sales to double to 700 billion dollars by 2025
If there is any doubt consumers are doing most of their shopping on smartphones, new research from eMarketer projects sales will double to 700 billion dollars by 2025. Another report from Mordor Intelligence states that the mobile commerce market is expected to register an annual growth rate of 27 percent between 2021-2026.
High tech and convenient
The increasing usage of smart phones offers enhanced security, convenience and easy access to the internet. Tech-savvy consumers are encouraged to make mobile-based payments through digital wallets and online payment gateways, enabling them to make contactless payments and eliminating card swiping and manual entry.
This trend has further facilitated the introduction of multiple safety features in mobile and wearable devices, including biometrics authentication such as fingerprint and facial recognition, which have made mobile payments more secure. Moreover, many service providers are collaborating with mobile operators to offer advanced payment solutions.
More than half (55 percent) of mobile shoppers downloaded at least one new shopping app before the holiday season, according to a report from Digital Turbine. Among the top shopping apps downloaded were Amazon, Walmart and Target. But the report also identified other apps, including Nike, Etsy, Poshmark and Fetch Rewards, as “climbers,” indicating consumers had above average install intent for these apps.
Retail Dive, a US-based company that reports on the most impactful news and trends shaping retail, said “as shoppers rely more on mobile apps during the coronavirus pandemic, retailers have been adding new features to streamline the mobile shopping experience. In early October, Macy’s updated its app design and navigation and introduced livestream shopping. Later that same month, Target added a “Forgot something?” button in its app along with new features to support its same-day delivery services.”
Article source FinancialSourceMedia.com