Of all the shopping channels available to customers, mobile commerce takes the lead. Retail sales are expected to reach $437 billion in 2022, an increase of 21.5% over the previous year.
Less than a generation ago, e-commerce was in its infancy…
New data on the US e-Commerce market tells us that US consumers have spent $1.7 trillion online during the pandemic, leading to a rapid expansion of the digital economy. With inflation, American consumers paid $32 billion more for the same amount of goods. The value of e-commerce will exceed $2.1 trillion, up 13% year-over-year. Dominant vendors such as Amazon are in a good position here, selling goods to customers on behalf of cross-border vendors and providing a quick and easy way to reach a large and diverse audience of buyers while enabling and ensuring acceptance. payments, as well as the provision of accurate and robust logistics systems and issues are transparent. It is physical, rather than virtual, goods that dominate cross-border e-commerce and this reality will account for over 97% of cross-border e-commerce spending, with digital goods making up the tiny remainder…
A trend that has never faltered, mainly due to the installation base of smartphones in the world, at the origin of this trend, an estimated 292 million people are expected to have their own mobile device by 2024. And it is expected that some 187.5 million US users will have made at least one purchase through a web browser or mobile app on their mobile device. Since the start of the decade, mobile shoppers have made up at least 60% of the US population.
- EMarketer estimates that, in 2022, 6.9% of all retail transactions will take place via a mobile device. This is expected to exceed 10% by 2025.
- The share of Americans who own a smartphone is now 85% in 2021, up from just 35% in the Pew Research Center’s first survey of smartphone ownership conducted in 2011.
- 15% of American adults are mobile only.
- Nearly half of smartphone owners who have used a retailer’s mobile app did so to discover product information.
- By 2026, 78% of all e-commerce transactions will take place on a mobile device.
Customers demand the ability to securely pay online through a preferred and often local method of choice. There are different legislative and regulatory environments to deal with, as well as the rapid processing of cross-border payments. And there is a growing demand for multi-currency pricing and local payment options such as buy now, pay later, which add further complexity to the payments landscape.
And last, but not least, there is the thorny and complex issue of consumer data and privacy. In Europe, the European Union’s overarching and comprehensive General Data Protection Regulation (GDPR) is adopted as a model by many other countries around the world.
The advantages of an App
- Consumers enjoy greater freedom when using apps anytime, anywhere.
- App pages load faster, so they attract more customers. Most visitors will leave the site if it takes longer than three seconds to load, and they will likely turn to competitors.
- Shopping preferences and previous orders can be saved in the app, serving as the basis for personalized offers.
- The best e-commerce apps can provide users with basic functionality (compare products, check prices) even offline using the full power performance of a smartphone.