M-commerce experienced a 300% growth in 2012, is your website prepared?
Consumer behaviour is on the move again. With over 1 billion smart phones around the world, consumption has taken another turn as mobile browsing has changed internet usage habits. Smart phones are now penetrating 62% of the UK consumer market with almost all phone owners having visited a retail site using their phones! That’s about the combined population of Scandinavia! It is estimated by the Interactive Media and Retail Group that the online retail market is worth approximately £72 billion in the UK alone and an estimated €825 billion globally. They further predict that mobile commerce will account for 20% of e-commerce retail sales. With a 300% growth in mobile commerce in 2012 and an average weekly retail spend of £8.5 billion over December 2012, it is not hard to see how a mobile commerce could increase the sales on your own site. But the type of people that view our website doesn’t use mobile phones I hear you cry. It is well known that 16-45 year olds have embraced all the benefits a smart phone offers, however, looking closely at the figures, 47% of 45-65 year olds also own a smart phone. So if nearly all smart phone owners have visited a retail site, you could potentially be alienating the very market you are targeting. Another consideration is that 77% of people with a household income over £50,000 per annum own a smart phone suggesting that smart phone owners are more likely to have disposable income, the very market that every business wants! The figures are powerful reminders that internet browsing, search and e-commerce is not just restricted to the PC. It has been found that a website compatible with mobile browsing increases site engagement, you may have even noticed that your own website mobile phone browsing figures is increasing. So is your site mobile yet? Information sourced from Office for National Statistics, Mintel, Central Intelligence Agency and the Interactive Media and Retail Group.