M-Commerce Stats and Trends You Need To Know In 2023

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M-Commerce Stats and Trends You Need To Know In 2023

October 18, 2022 | By SYNARION IT

The emergence of M-Commerce apps has completely altered everyone’s life. Smartphones control how people communicate, shop, and perform other daily, personal or professional duties. Due to this, it will be reasonable to claim that the “mobile commerce” field is constantly changing and will remain so.

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The worldwide e-commerce market, valued at US$ 628 billion in 2020, is expected to increase at a CAGR of almost 34% between 2021 and 2026, indicating the significance of mobile commerce (m-Commerce).

The emergence of technology has resulted in a rapid change in consumer behavior. Mobile commerce will thrive in the future because it makes transactions simple for consumers.

You must be fully informed of the shifting m-commerce trends to jump on the mobile commerce bandwagon. You also need the best e-Commerce app development firms to provide you with the best service.

The business trends and tactics for mobile commerce that will affect it in 2023 and beyond will be on display. We’ll also explore how these developments will affect the e-Commerce industry.

An introduction to Mcommerce

One of the most promising innovations in e-commerce is mobile commerce, commonly known as m-commerce or m-commerce. Everything about any financial transaction carried out via a mobile device is contained in this area. Mobile marketing solely refers to smartphones and tablets, unlike e-commerce, where you can purchase or sell items using any digital platform.

Numerous brand-new services have been created due to the development and popularity of mobile commerce. It contains:

Popularty Of M-Commerce

  • Cellular banking
  • Electronic transfer of funds
  • Services based on location
  • Mobile advertising
  • Purchase and distribution of digital content

Various forms of mobile commerce

The landscape of mobile commerce is incredibly diversified. There are three sorts of mobile transactions taking place in our digital world:

  • Mobile Finance Mobile Retail
  • Statistics for Mobile Payments in M-commerce

We help you comprehend some encouraging data concerning the current and future of mobile commerce.

Some of the notable statistics are presented below:

  • The market for mobile payments will reach a value of $4.574 billion by 2023.
  • According to projections, mobile payments will continue to increase at a phenomenal rate between 2020 and 2025, increasing by 26.93%.
  • Mobile accounted for 50% of all e-commerce sales in 2021.
  • In 2022, Mcommerce revenues are anticipated to reach $3.56 trillion.
  • 6 out of 10 Google searches were made using mobile devices.

The value and benefits of mobile commerce

Due to its simplicity, mobile commerce is rapidly gaining popularity. Thanks to mobile commerce, business organizations can broaden their horizons and succeed in untraded fields.

The total e-commerce buying experience may be elevated to new heights with the help of mobile commerce. The following is a list of some of the most significant benefits of mobile marketing:

  • Extraordinary potential for expansion

Mobile Commerce Statista Source

According to researchers, the revenue from mobile commerce will reach a staggering $3.56 trillion in 2022. This is because mobile devices account for more than 50% of traffic to online merchants. Because mobile commerce will provide a high return on investment, investing in it might benefit retailers greatly.

  • Improves the overall experience for customers

Customers can access a variety of goods via mobile commerce. Additionally, businesses can use dynamic pricing to expand their clientele through mobile marketing. Your product is not limited to a brick-and-mortar store using a mobile device.

Additionally, businesses may provide their clients with more individualized services thanks to mobile commerce because clients can shop wherever they want, whenever they want, with a mobile device.

  • A variety of payment methods

The phenomenon of mobile commerce is constantly changing. It is now simpler to offer customers a variety of payment choices thanks to innovative innovations. The ease of the checkout procedure has decreased the bounce rate.

The one-click checkout approach enables clients to finish their whole purchasing experience quickly. Additionally, because m-wallets are a mobile commerce feature, customers can check out faster because they don’t need to enter their credit card information manually.

  • Experience buying across channels

Online and physical stores are both included in a multi-channel experience. With mobile commerce, you may allow clients to browse your physical store’s inventory while viewing new deals and merchandise on your phone.

The Newest Mobile Commerce Trends to Watch in 2023

We’ll examine the following global developments in mobile commerce that will be significant in 2022 and in the years to come:

  • Localized advertising

One of the newest developments in the advertising sector is location-based marketing. By the end of 2023, it is anticipated that the US alone will spend more than $32 billion on targeted mobile advertising. To boost sales and boost in-store visitation, many top retail brands, including Target, Macy’s, and JCPenney, have shifted to location-based marketing.

To assist customers in finding the closest location of their preferred stores, brands use location-based marketing. Retailers often use location-based marketing to give their customers a more tailored purchasing experience.

Location-specific ads are an efficient way to break through the clutter of marketing messages and present customers with offers relevant to their needs.

The following two sorts of location-based advertising tactics are advantageous for retailers.

  • Geofencing

In geofencing, businesses establish a defined radius around a physical location, inside which tailored advertisements are shown to draw customers.

  • Geotargeting

With geotargeting, businesses target clients based on their prior visits to particular locations.

One of the hottest m-commerce trends in 2022 will be location-based advertising since it will enable brands to engage consumers more deeply.

  • Video advertising

By 2022, more than 82% of all consumer internet traffic will be made up of video marketing. That will represent a 15-fold increase over 2017 levels. An eye-catching video increases conversion rates by 80%, claims EyeWideDigital. Humans process images more quickly than language, one factor in videos’ higher conversion rates than text.

The development of short video platforms like Youtube Shorts, Instagram Reels, and TikTok has boosted the appeal of videos as marketing tools. Many companies have already established video production departments to concentrate on video marketing.

The following are some ways that companies make use of video marketing

  • Include product videos on the product page.
  • Give users the option to include product videos with their reviews.

Due to its high conversion rate, video marketing is one of the most significant trends to watch out for in 2022.

  • QR symbols

Many businesses, including Starbucks, Walmart, and Boston Market, have made QR codes a crucial component of their marketing plans. At the same time, Boston Market drew customers to its restaurants by offering them rewards if they scanned a QR code. McDonald’s used QR codes on its packaging to allow consumers to access information on the nutritional value of their meals.

One company, Retailer Express, adds QR codes to the emails it sends to customers, enabling them to purchase the highlighted outfits right from the email.

The following advantages of QR codes for marketers

  • A call-to-action gadget that works
  • Improve SMO and SEO
  • Measure the success of the marketing effort

The QR code is one of the most intriguing innovations brands will explore in 2022.

QR Code

  • Social trading

By 2026, it is anticipated that the worldwide social commerce market will have grown to $2.9 trillion.

Social media networks are used for direct product sales by enterprises. Social commerce differs from social media marketing because businesses allow users to make purchases directly from social media networks rather than sending them to an online store.

It will be one of the trends to watch out for in 2023 because most smartphone users spend a lot of time on social media.

The following advantages social commerce can offer a mobile commerce business.

  • Constant audience expansion
  • Increased millennial reach
  • Enhanced consumer insights
  • One-click ordering

A hassle-free checkout process is essential in delivering a comprehensive experience to the users. We all know that the customer must enter a lot of information while checking out. Thus, one-click ordering is essential as it allows the users to complete the entire shopping process with just one click.

This reduces the shopping cart abandonment rate, which is a win-win situation for business owners and customers. Implementing the one-click ordering technology is one of the important m-commerce trends that more eCommerce businesses will apply in the future.

  • Voice shopping

Customers can utilize virtual assistants like Siri and Alexa for voice shopping to make online purchases. Businesses can profit from using this mobile commerce future trend since 71% of customers prefer voice search to text search. Customers may place their orders while waiting for a taxi, cooking supper, or going for a walk, thanks to voice shopping.

Customers use voice commands to find specific products, follow orders, add items to shopping lists, and complete transactions. According to m-commerce statistics, voice shopping will likely surpass $80 billion. As a result, optimizing your app for voice search has become essential if you don’t want to get left behind.

Walmart made it possible for customers to voice shop using Siri and Google Assistant. Users only need to tell their virtual assistant to “Talk to Walmart” to turn on this capability.

Customers can add items to their shopping cart, use a coupon, schedule a delivery time, and finish checking out with this solution.

  • AI-based chatbots

Did you know that with AI-powered chatbots, firms can reduce the cost of providing customer service by up to 30%? An excellent method to maximize resources and offer customers high-quality service is a solution like this.

Chatbots can respond to clients’ questions around the clock, assist them in finding specific products, handle trivial problems, and even process orders.

By mimicking human-like interactions and identifying consumers’ wants, these intelligent assistants make it much simpler to give users a tailored experience and maintain their interest.

With the aid of a clever chatbot, Domino’s clients may select a pizza, place a repeat order for any prior orders, and get an estimated delivery time without ever leaving Messenger.

  • Artificial Reality

Gaming isn’t the only use of augmented reality. Businesses may promote their items and let customers try them on before buying by creating interactive AR experiences.

Augmented fitting rooms are employed to experiment with different outfit combinations or furnishing suggestions.

Customers may verify that this bed will fit in their room. AR has developed into a terrific tool for improving customer experience and revolutionizing the way people shop.

It’s time to start following this m-commerce trend to stay ahead of your competitors and increase revenue since the AR app industry is anticipated to reach $55.5 million by 2023.

Customers may try on an enormous selection of glasses without leaving their homes, thanks to an app created by Warby Parker. Users may also share their selfies with friends before purchasing, which boosts engagement and draws additional users to the app.

  • Advancement Web Apps

As additional capabilities resembling those found in apps are made possible by this new technology, the popularity of Progressive Web Apps (PWA) is skyrocketing. The PWA also offers all the necessary native app capabilities, like offline mode, push notifications, installability, and many more.

PWAs are inherently built using web technologies, but they may run on any device with the right browser. PWA eliminates the need to create platform-specific apps, increasing the cost-benefit. Additionally, businesses may publish their PWA apps for users to download precisely like a native app with the proper implementation.

Conclusion:

In the world of eCommerce, mobile commerce is unquestionably a rising star. Furthermore, they are excellent for mobile commerce in terms of numbers. For instance, it is anticipated that in 2023, m-commerce expenditure will equal $740 billion. This indicates a staggering 150% increase in the situation in 2018.

Additionally, studies have revealed that using a mobile device accounts for more than 66% of all consumer spending on internet purchases.

The trends indicate that the future of e-commerce will be dominated by mobile commerce. A thorough e-commerce development guide will help you create a robust mobile commerce platform. And to join the m-commerce revolution, you must be up to date on all current m-commerce developments. In addition, as technology advances, companies will want to develop a specialized mobile commerce industry to serve their clients’ needs.

Firms must now have a solid mobile commerce strategy to prepare for the forthcoming trends.

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