The mobile commerce industry is expected to grow from $170 billion in 2010 to $630 billion in 2014 worldwide, according to 2010 Juniper research. This includes face to face transactions on a card reader, mobile optimized web-sites and applications.
Businesses of all industries as well as nonprofits that aren’t optimizing on mobile are missing out on potential customers or donors.
Opportunity for businesses:
Some business owners assume investing in mobile only makes sense for big businesses but research shows otherwise.
“Mobile website trafﬁc can represent real revenue for the small business owner, because mobile commerce represents an increasing portion of online sales,” according to a 2013 ControlScan and TransFirst report, Small Merchants and Mobile Payments: 2013 Survey of Technology Awareness and Adoption.
The bar graph, “What Percentage of Your Customers Makes Online Purchases Using A Mobile Device,” shows according to their study, five percent of the businesses surveyed had over 51 percent of their revenue come from mobile, versus none the year before. That means a small portion of these businesses received over half their revenue via M-commerce and there was a significant increase from the year before in businesses with a large portion of their sales coming from mobile.
However, the study found that while mobile shopping continues to increase, as many as two-thirds of small merchants’ websites are not optimized for mobile and therefore they are underperforming in today’s market.
One of the major advantages of mobile is cutting down the time between an “ask” and an action. This is not only true in retail, but other industries such as nonprofits, as well.
While mobile optimization can be an afterthought for business owners, it’s at the forefront for consumers. So make sure to realize this and adjust your strategy accordingly.
Check out our first two in the series:
Questions? Contact us at info@NTCTexas.com.