Once upon a time, people were uncomfortable putting their credit card numbers into a computer, nevermind a cellphone.
Man, how times have changed!
Nowadays, it’s common to make purchases using anything found in your pocket except for your wallet. For those who aren’t familiar with it, this trend of making purchases with a mobile device such as a smartphone or tablet is known as mobile commerce or “m-commerce.”
Only a few short years ago, m-commerce didn’t merit a section on a pie chart showing the various channels of e-commerce. In 2010, it was only 3% of the total. But at the end of last year, it had grown to approximately 11%, representing $18.6 billion in total spending. And it is now projected to reach 15% of retail e-commerce by year’s end.
As Mobile Commerce Press reports, m-commerce has seen 136% growth from last year! M-commerce conversion rates have also doubled.
The reasons for this growth are many. Almost every part of the mobile sector is influencing, and influenced by, m-commerce. Here are just a few selected factors going into the boom: