Anyone in business today has heard of e-commerce, but if you haven’t been following the space closely, there may be some new insider information that can help you grow your company. The obvious go-to device for online purchasing today is a smartphone. But did you know Internet purchasing on cellphones is called mCommerce (m for mobile)?
If you are looking for new avenues of revenue, here are some statistics and trends to keep an eye on.
- Over 50% of traffic on the web is over phones of some kind. Laptop web usage clocks in at 42%. This is according to Merchant Savvy.
- Pew Research says that over 95% of American citizens have a mobile phone of some kind, and over 85% of those devices are smartphones.
- A recent report showed that people spend between 5 and 6 hours daily on their phones. And this is personal time only, not including time spent for work.
- Total m-commerce is over $330 Billion in the U.S., according to Statista, and 68% of all online purchases happen over a mobile device.
- There is an inherent feeling in consumers that mobile shopping saves time. Just last year in 2021, while online stores saw more business than ever, 90% of users still feel the overall experience could be better. (Oberlo).
And while these stats are just a few of many, they paint a clear picture. Online payments aren’t going anywhere. But there is more to buying on a smartphone than filling your cart on BestBuy.com. Here are other ways you can cater to customers to make buying easier.
- QR codes to pay hands-free in a brick-and-mortar environment
- Using Venmo for small dollar amount transactions
- Allowing Apple and Google “wallets” instead of debit and credit cards at a point-of-sale kiosk
- Include delayed, installment plans through features like AfterPay. You may have seen this during your holiday shopping, but it’s here to stay.
In short, handheld devices are at the epicenter of all purchasing. It’s time for your business to see where you fit in and give the people alternative ways to part with their green.