Mark it down: 2019 will be known as The Year of M-Commerce. According to a recent report by New York-based IT industry analysis firm 451 Research, the number of global mobile commerce (aka m-commerce) transactions will surpass e-commerce transactions by the start of next year.
With mobile phones now dominating and at times even dictating just about every aspect of our lives these days, this fact shouldn’t necessarily come as anything like a surprise. Rather, it more or less marks the apex of a wave of change in global consumer online behavior.
Leading the way in this sea change will be, naturally, China. The booming country with the absurd number of people (1,416,244,513 according to the latest United Nations tally) is expected to be the first whose online spending exceeds $1 trillion – with mobile devices now serving as the primary gateway to digital commerce.
Mobile Payments Also On The Rise…
In order for people to use their smartphones and other mobile devices to make purchases, they must be equipped and comfortable with mobile purchase/payment apps, devices and technologies.
The data from 451 Research shows that most of us are, in fact, exactly that. In fact, mobile contactless payments are anticipated to surpass $1 trillion worldwide when 2018 comes to an official close. Leading the way are services like Apple Pay and Google Pay – which are expected to continue to increase at a whopping 30.7-percent Compound Annual Growth Rate (CAGR) through 2022. Despite this growth, contactless payments are anticipated to account for only 1.4 percent of global brick-and-mortar retail sales this year – and reach just 3.8 percent in that physical retail realm by 2022.
According to New York-based market research firm eMarketer, the ubiquitous coffee chain (and now All-American staple of daily living, much like the smartphone) Starbucks currently boasts the most popular and widely utilized contactless payment app. By the time 2018 comes to a close, 23.4 million people will have used the Starbucks app to make at least one purchase every six months at a physical Starbucks location.
In that same research report, eMarketer estimated that the number of U.S. consumers who use contactless mobile payment will surge an impressive 14.5 percent to reach 55 million this year. That means that for the first time ever, more than 25 percent of U.S. smartphone users ages 14 and older will make a proximity mobile payment at least once every six months.
Let Us Help You Lead The Change
Of course, real change doesn’t happen overnight. And it never occurs because of just one person here or there, either. If you want to ensure that your brand and/or e-commerce store is in prime position to reap the many benefits of m-commerce and mobile payment technology, we humbly suggest that you contact our proven professionals here at Imagination Media.
We’ve been in the fast-shifting and ever-evolving e-commerce and m-commerce games from the beginning, and we can help steer you towards smooth, successful sailing when it comes to m-commerce, mobile payment technology, Google Payment Request API and much, much more.
When you work with us, you can empower and streamline your online purchase path, reduce e-cart abandon rates, amp up conversion rates and much more. We know how to take your business to the next level – in a way where your consumers can connect with and purchase from you whenever they want, wherever they may be.
Even in, say, somewhere like China.
Contact us today to learn more. We’d love to get to work with you soon!