As one of the most rapidly developed technologies in human history, mobile technology is an ever-changing game. It’s one of the most impressive developments we’ve ever made as a species, making it possible for people to connect with one another no matter where they are in the world. If you can get a connection, then you can communicate with someone else. However, the other aspect of the mobile hardware revolution is that of mobile commerce.
The future of mobile commerce is very exciting indeed and shows a hugely profitable and powerful industry in rapid development. Not sure what the future of mobile commerce might be? Then take a look at this powerful new infographic which spells it out in very impressive detail indeed.
A market of many methods
Part of what makes mobile commerce so big and so impressive to so many is the fact that it coves so much. As the infographic shows, we have three unique kinds of mobile commerce: mobile shopping, mobile banking, and mobile payments. We all use each of these today, whether that’s paying with products with a swipe of the smartphone to managing all of our standing order sitting on the train.
However, this is part of why the mobile commerce market is so immensely powerful and large. All three of these industries – payments, banking, and shopping – are among the largest industries in the world. The fact that mobile commerce is so big that it pairs three massive industries like this under the one roof is proof of the sheer scale and size of mobile commerce.
The fact that so many powerful markets all combine into the one industry is one of the most impressive functions of modern mobile commerce. It’s easily the most combined all three markets have been in any form.
A growing change
One of the other changes about this market is the fact that more than half the global populace will have access to the internet come to the end of 2018. Interestingly, out of the 3.2 billion people expected to have web access, 2 billion of them will come from being mobile users.
Given the relative cost and affordability of a smartphone and an internet data plan, many people choose to invest in mobile internet connectivity versus buying a PC or a laptop. Indeed, as time goes on, this is expected to increase – on average – by 25% per year. So, we can expect even more people to join the mobile commerce revolution as we move into the next decade.
There is no reason why this should slow down or stop, either. As mobile devices and internet contracts becoming increasingly popular and more affordable, more people lower down the economic ladder will join in. While having broadband internet access with a working desktop PC was once quite a challenging thing to afford for a working family, today it’s easy to see how even people from lower down financial backgrounds can get access to the internet via mobile.
Given that people spend more than double the time per month on a mobile device vs on a desktop device (87 hours/month against 34 hours/month), it’s easy to see why mobile commerce is growing all the time. We can view our phones when on the train, at work, in the toilet or anywhere that we wish. With a PC, we are stuck to that one particular location.
So, people can do more shopping, browsing, chatting and learning with people all across the world. For that reason, it’s extremely easy to see why the future of mobile commerce is so impressive.
Mobile Winning the Race
Another significant change has come from the development of a mobile eCommerce platform that will soon take over the use of desktop eCommerce sales. At the moment, eCommerce sales make up just over one-third of the total sales for commerce – 34%. However, by 2021, it’s expected that this will change and make up as much as 54% of the industry sales.
It’s thanks to this that we can see the future of mobile commerce is only going to grow and expand as time goes on. Once seen as a market that had little chance to grow bigger than normal online commerce, the sheer ease of which we can make deliveries and purchases online make it very easy indeed to see why eCommerce is going to one day be outgrown by its mobile equivalent.
Indeed, the fact that so many are now turning to the mobile commerce industry – despite e-commerce growing all the time – shows us that the future of mobile commerce is likely to be the very pinnacle of the industry. The ease of which it offers a simple way to make and handle purchases ensures that it was always going to be extremely popular.
Making Decision Maker Easier
Just as the internet going mobile made it easy for us to solve problems on the go, mobile commerce is made easier thanks to being so informative. Out and about and looking to make a purchase? It’s likely that you join the rest of us in making a whole third of your decisions based on what you can find out on your mobile device.
See a coat that you love? You can check it out online. See what others are saying. Is the fabric as strong as it looks? Is there actually a weakness in the quality of the fabric? Does it not hold up well in the rain?
We all love to know what we are buying, and the future of mobile commerce as both the platform to make the purchase and a platform to learn more about the product that we intend to buy is becoming commonplace.
For that reason, many people can see that the future of e-commerce via mobile is one that is only going to keep expanding. Decisions are made easier, purchases are made simpler and the opportunities are more expansive than ever before.
What could possibly stop an interest in all of this potential for being a success?
Signal Boosters have provided the infographic below titled “The Future of Mobile Commerce” which outlines just how rapidly this medium is growing.