By Michael Hylton on Aug 28, 2013
Mobile phones have become almost ubiquitous in our daily lives. More and more people are relying on their smartphones to stay connected with their family, friends, co-workers, and the world around them. Armed with smartphones and tablets, consumers have access to much more product information and can compare, recommend, and share information from anywhere, at any time.
According to Internet Retailer, in the second quarter of 2013 U.S. mobile commerce grew faster than U.S. e-commerce sales via desktop/laptop computers. M-commerce represented 9% of all online commerce in the quarter, comScore says, with mobile shoppers buying more than $700 million worth of apparel and accessories in Q2.
A new report from Juniper Research expects mobile commerce transactions conducted through handsets and tablets will exceed US$3.2trn by 2017, rising from US$1.5trn this year. Research firm eMarketer reports that this year, 62.5 percent of all mobile commerce will come from tablets, despite the fact that they have a lower penetration rate than smartphones. However, lack of mobile site optimization remains a concern. Overseas in Europe, according to the latest statistics that have been released on the IMRG Capgemini e-Retail Sales Index, last month, the sales over mobile commerce in the United Kingdom managed to grow by a phenomenal 129 percent when compared to the figures from the same time in 2012.
Smartphones enable customers anywhere to quickly research and evaluate products prior to purchase. 4G connectivity enables consumers to have faster access to mobile Web sites and apps. Tablets provide more real estate for customers and business buyers to view product information in order to make their buying selection. In June 2013, 91% of tablet users and 90% of smartphones users accessed a mobile e-commerce Web properties, according to comScore.
So companies need technology tools to help them understand the mobile universe and its impact on their businesses. Mobile commerce started in the retail industry and is permeating into other industries as consumer get more comfortable purchasing via their smartphone and consumers migrate from pure research to buying products and services on their phones.
An Oracle study found that only 37% of respondents indicating that their company has mobile commerce in place. You need to continually think about how your customers are engaging with you and your brand via smartphones and tablets, and build mobile into your company’s overall commerce strategy. Click here to learn more about Oracle Commerce.