M-commerce is taking up a progressively larger slice of the online retail space. One out of four people now own a smartphone worldwide (much higher rate in developed countries), and 55% of all time spent on retail sites takes place on a mobile device. Mobile device penetration is on the rise and your site needs to be ready to take advantage of this new opportunity.
Who Uses M-commerce?
There is a couple of customer groups driving the most growth in smartphone use for mobile transactions. If you are an entrepreneur, you should understand who these groups are, what their mobile usage and activity are like, and how you can best deliver your service to drive sales. When it comes to finding customers in mobile commerce, remember the Three M’s: moms, millennials, and multinationals.
- Mom’s. Mom’s account for more than 70% of annual household spending in the USA. 89% of moms report having their smartphone within arm’s length always or most of the time. This opportunity is dynamite for any online retailer. Mothers tend to be in a rush constantly, so whether your company is selling a product or a service, try to make the user buying experience as simple and straightforward as possible.
- Millennials. 81% of 18 – 34 year-olds own a smart device of some kind, and according to the National Center for Biotechnology Information, average attention span dropped 33 percent in the last decade from 12 seconds in 2000 to 8 seconds in 2013. Grab their attention quick with an efficient site that works well on mobile devices, and you are in a better position to make that sale.
- Multinationals. We say multinationals, but we don’t mean businesses. We refer to multinational M-commerce as commerce on mobile devices by individuals living all over the world, not just the USA. Developing and maturing countries are a prime target, as there is a much lower installed base of PC users. More people get online via mobile device than any other method.
Mobile Users Demand More
Mobile users are demanding and won’t make allowances for degraded performance simply ‘because it’s on mobile’:
- 85% of users expect pages to load on mobile as fast as or faster than they load on a desktop.
- 83% expect pages to load in 4 seconds or less on mobile while 47% expect them to load in half that time.
To ensure that your visitors stay, a site must be fast, reliable and useful. To ensure they convert, it must be possible to quickly find what’s important, and purchase with minimal touch points. There are two reverse trends happening in mobile web right now – pages are getting heavier, with larger images and more content – and users are requiring faster delivery. Finding the correct balance is tricky, but very important.
Nead a quick and affordable solution?