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Mobile commerce sales will double to $700 billion by 2025

If there’s any doubt consumers make most of their purchases on smartphones, new eMarketer research predicts sales will double to $700 billion by 2025. Another Mordor Intelligence report says that the mobile commerce market is expected to register an annual growth rate of 27% between 2021 and 2026.

High-tech and practical

The increasing use of smart phones offers improved security, convenience and easy access to the Internet. Tech-savvy consumers are being encouraged to make mobile payments through digital wallets and online payment gateways, allowing them to make contactless payments and eliminate card swiping and manual entry.

This trend has further facilitated the introduction of multiple security features in mobile and wearable devices, including biometric authentication like fingerprint and face recognition, which have made mobile payments more secure. Additionally, many service providers are working with mobile operators to offer advanced payment solutions.

In-app purchases

According to a report from Digital Turbine, more than half (55%) of mobile shoppers downloaded at least one new shopping app before the holiday season. Some of the top downloaded shopping apps include Amazon, Walmart, and Target. But the report also identified other apps, including Nike, Etsy, Poshmark and Fetch Rewards, as “climbers,” indicating consumers had above-average install intent for those apps.

Retail Dive, a US-based company that reports on the most impactful news and trends shaping retail, said: “As shoppers rely more on mobile apps during the coronavirus pandemic, retailers added new features to streamline the mobile shopping experience. In early October, Macy’s updated its app design and navigation and introduced over-the-air shopping. Later that same month, Target added a “Forgot something?” button in its app as well as new features to support its same-day delivery services.

Article Source FinancialSourceMedia.com


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