Mobile commerce sales are projected to reach $2.91 trillion in 2020 – 25.4 percent more than the $2.32 trillion it registered in 2019. Mobile commerce growth has seen an average year-on-year increase of 33.8 percent since 2016. Already, revenue from mobile commerce sales in 2019 is more than two times that of 2016.
The growth of mobile commerce is expected to continue until at least 2021, with mobile sales expected to increase by 22.3 percent to $3.56 trillion in 2021. With the number of mobile users currently at 5.1 billion and growing, as far as trends go, there’s nothing to indicate that mobile commerce growth will stop anytime soon.
Not only are mobile users increasing, but the total time spent on mobile devices has also been on the rise. In 2014, the market share of internet usage via mobile devices stood at 26 percent. Since then, that figure has doubled to 48 percent in 2019.
Incidentally, mobile commerce share figures have also been on an upward trend. The share of mobile ecommerce sales in total ecommerce sales has increased 28.2 percent from its 52.4 percent market share in 2016 to the current 67.2 percent.
In other words, two out of every three dollars spent on online purchases today is done so through a mobile device. This mobile commerce growth is forecast to continue and reach 72.9 percent by 2021 – making up nearly three quarters of overall ecommerce sales.
Mobile commerce growth can be attributed to the convenience of mobile shopping. The increase in mobile payment options is proving to be a huge boost for customers’ mobile experience. In fact, three out of four consumers say they carry out purchases on their mobile devices because it saves time.
However, there’s always room for improvement. As many as 90 percent of shoppers say that their experiences with mobile commerce could be better. The two most common concerns hindering mobile shopping are pages and links that are too small to click on and security issues. At least half of shoppers also indicate that they would like online retailers to provide more product reviews and information.