According to a report from ABI Research, this m-commerce (mobile e-commerce) market “grew spectacularly” in 2011, when it doubled in size to $65.6 billion (£42 billion), and it is likely to continue to grow from strength to strength.
The study found that the surge in internet shopping via these types of devices is being fuelled by the rapid adoption of smartphones in both established and emerging markets.
In addition, bricks-and-mortar retailers are increasingly implementing multi-channel strategies in order to keep up with the competition of online retailers.
For example, some of these physical stores have created well-optimised mobile websites and apps to allow consumers to buy goods from them even while on the go.
Although m-commerce transactions currently make up a relatively small percentage of the overall e-commerce market, it appears to be growing at a much faster rate as “platforms, apps and services are now being enhanced, optimised and integrated”.
As practice director John Devlin noted, this mobile e-commerce might not be a mass market just yet, but it is resiliently delivering “remarkable growth” in the face of tough economic conditions.
“There remain questions, as how to best realise the value and ROI of m-commerce but innovative retailers with the resources to invest in the development of their mobile portfolio have clearly identified this as the way forward,” he said.
He attributed the growing success of e-commerce partly to the increase of consumer awareness as the result of the “Groupon effect” which has left many purchases on the hunt for a bargain.
“This is further exacerbated by the need in the retail sector to a) differentiate from the competition, b) be seen to be offering value, and c) an enhanced need to increase consumer engagement and interaction.
“Mobile helps to fulfil all of these criteria,” Mr Devlin concluded.
Earlier this month a report from comScore found that the mobile retail audience in the five leading European markets – the UK, France, Germany, Italy and Spain – had nearly doubled over the past year.
This post was originally appeared on ‘Hostway’
- Retailer Spending Infographic
- Boost Cart by Adding Smart Add-to-Cart Button in 2014
- The Rise of BitPay
- The Face of Mobile Web in 2014
- How Fans Watch SuperBowl (Infographic)
- Holiday Ecommerce Trends
- 11 Most Successful E-Commerce Sectors for SMB’s
- Color Predictions of 2014
- The Ultimate Guide to Ecommerce Infographic
- 4 Tips to Prepare for What’s next in Tech