New research by eMarketer shows that smartphone shoppers are shopping more on their smartphones than ever before. It also predicts that sales will increase to 700 billion dollars in 2025, a figure that is certain. Mordor Intelligence also reported that the market for mobile commerce is projected to grow at 27 percent annually between 2021 and 2026.
High tech and easy
Smartphones are becoming more popular because of their convenience, security, and ease-of-use. Consumers with a high level of tech knowledge are encouraged to use mobile-based payment methods such as digital wallets or online payment gateways to make contactless payments. This will eliminate card swipes and manual entry.
This has allowed for the addition of many safety features to mobile and wearable devices. These include biometric authentication like fingerprints and facial recognition. It has made mobile payments safer. Many service providers have teamed up with mobile operators to provide advanced payment solutions.
According to Digital Turbine, more than half (55%) of mobile shoppers had downloaded at least one shopping app prior to the holiday season. Target, Walmart, and Amazon were the top-downloading shopping apps. The report also identified Nike, Etsy and Poshmark as “climbers”, which indicates that consumers have higher than average intent to install these apps.
Retail Dive is a US-based company that tracks the most important news and trends in retail. It said that “as shoppers increasingly rely on mobile apps during the coronavirus epidemic, retailers have been adding new features for mobile shopping to simplify the experience.” Macy’s introduced livestream shopping in October and updated its app navigation. Target also added a button for “Forgot something?” in their app later that month. This was along with new features to help support same-day delivery.