The explosive growth of mobile commerce has left many brands and retailers wondering how they can take advantage of this market.
In a new report from BI Intelligence, we examine the three main reasons why mobile commerce is exploding, dig deeper into the numbers underpinning the explosive growth, and analyze new mobile merchandising trends — merchandising being the art of selling people products they didn't know they wanted — like mobile catalogs and coupons.
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Here are five data points from the report that underscore the explosion:
1. 11%: As recently as late 2010, mobile commerce was only 3% of e-commerce. By the end of last year's holiday shopping season, that number had risen to 11%, according to comScore (see chart above).
2. $18.6 billion: 11% of e-commerce comes out to approximately $18.6 billion in consumer spending - and that doesn't even include travel-related purchases, which comScore counts separately. Thanks in part to a new ecosystem of retail and shopping apps, mobile-generated retail spend could rise to 15% of retail e-commerce by the end of this year.
3. 25% (and 40%): Currently, 25% of adults in the U.S. own tablets. In roughly three years, the number of tablets alone will overtake the number of PCs - and about 450 million tablets will be sold annually worldwide. Statistics already show that a disproportionate share of mobile traffic to e-commerce websites comes from tablets. With only a 25% penetration rate, tablets account for well over 40% of mobile traffic to e-commerce sites.
4. 53 million: Mobile coupons have helped major retailers and brands increase foot traffic into physical stores, and are a great way for them to collect data on offline purchases and close the mobile-to-offline purchase loop. By 2014 the number of mobile coupon users is expected to increase to 53.2 million a year.
5. 10%:Mobile coupons are also proving to be a path into mobile for large consumer packaged goods brands that have previously shunned the medium. At roughly 10%, the redemption rate of mobile coupons crushes that of print coupons, which hovers around 1%.
In full, BI Intelligence's report on Mobile Commerce:
- Examines the three main reasons why mobile commerce is exploding
- Digs deeper into the numbers underpinning the explosive growth
- Analyzes new mobile merchandising trends — merchandising being the art of selling people products they didn't know they wanted — like mobile catalogs and coupons - that are proving to be successful in driving mobile business
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