M-commerce Is The Next Big Thing: Data & Trends!
There's one big e-commerce trend you can't ignore in 2021. That's mobile commerce (m-commerce). According to Google Trends, the search volume of 'm-commerce' has been continuously increasing for the past 12 months worldwide. More importantly, this trend shows no signs of stopping.
Looking at the bigger picture, we can spot the growing popularity of mobile Internet use in general. According to The Radicati Group’s recent Mobile Statistics Report (2020-2024), the number of mobile users - including both smartphones and tablets – is expected to exceed 7.4 billion by the end of 2024.
Google also picked up on this global trend: In March 2020, Google announced that all sites will be officially switched over to the mobile-first indexing. So, let’s also switch our attention to m-commerce, an unstoppable trend in the landscape of e-commerce.
Based on statistical facts and industrial reports, we'll cover:
- Statistically speaking, why will mobile commerce be the next big thing?
- What is mobile commerce?
- What is the difference between m-commerce and e-commerce?
Statistically speaking, why will mobile commerce be the next big thing?
Let’s skip all the blah blah blah and dive directly into the 4 promising statistics concerning the m-commerce industry:
1. The revenue of the global mobile commerce industry is expected to reach 3.56 trillion USD by this year 2021, with an average year-over-year growth rate of 33.8%. Global m-commerce sales were merely 0.97 trillion USD back in 2016.
2. As shown by Statista’s latest report below, the estimated mobile as a share of total e-commerce is projected to reach 72.9% worldwide by this year.
3. According to Fortune Business Insights, the global mobile payment market size stood at 1.18 trillion USD in 2019 and is expected to reach 8.9 trillion USD by the year 2027.
4. As the chart from MerchantSavvy’s statistical report shows, in-store mobile proximity payments are set to overtake cash and credit cards in 2020, and its popularity will continue to grow in the coming years.
All the statistics above strongly indicate that m-commerce will be the next big thing.
What is mobile commerce (m-commerce)?
In the Global Mobile Commerce Forum in 1997, Kevin Duffey coined the term "mobile commerce", referring to "the delivery of electronic commerce capabilities directly into the consumer’s hand, anywhere, via wireless technology."
Nowadays, mobile commerce is widely defined as “the buying and selling of goods and services through wireless handheld devices such as smartphones and tablets.” As some e-commerce experts assert, m-commerce is a natural progression of e-commerce.
What is the difference between m-commerce and e-commerce?
If m-commerce is a natural development of e-commerce, what are m-commerce's advantages in comparison with e-commerce? Let's have a look...
Since Europe and the US are expected to be the biggest players in m-commerce market revenue during the period of 2020-2024, we’ll continue our discussion on m-commerce next week through exploring statistical facts and trends in European countries with simple infographics.
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