The popularity of mobile wallets in particular can be demonstrated below by research from Fung Global Retail & Technology, with its global snapshot from 2017:
However, when it comes to buying on a mobile device, it can still often be a headache. Multiple pages are put in front of the consumer before the order process is complete, many of them requiring time-consuming form-filling. All the convenience of a mobile device is lost at this crucial moment. That is where options such as mobile wallets have come into play. By enabling a payment experience that can be spread across multiple online stores, it can make things both simple and quick for consumers on-the-go.
When it comes to mobile ecommerce, merchants are also standing up and taking notice. In 2018, 17% of merchants saw half of their sales coming from the mobile channel. By 2020, this is expected to rise to one-third. An overwhelming 92% of merchants are currently or are planning to support the mobile channel in the near future – demonstrating the commitment to mobile payments.
One of the most significant shifts in the ecommerce world is mobile ecommerce. As mentioned before, the capabilities of mobile phones have improved as their importance in people’s everyday lives has increased. Mobile commerce accounted for 48% of ecommerce sales worldwide in 2017, with a forecast of 70% by 2022. Digital growth in retail is dominated by mobile, in terms of both raw growth in traffic (+24%) and orders (+37%).
The idea of making a purchase from your phone is often second nature nowadays. That’s no surprise, with Visa estimating that 20 billion connected devices will be in action by 2020. Let’s dig a little deeper into how mobile commerce is looking currently.