Is Your Firm Ready For Mobile Commerce? 5 Facts You Need Now [Charts]
Mobile commerce is happening now! It’s everywhere fueled by expanded smartphone ownership. If you want to reach your prospects, it’s critical to be where they are! Smartphones in hand, consumers aren’t waiting for your company to decide to build a mobile website or app.
Here are five mobile commerce insights based on consumer use of mobile devices for shopping to help shape your organization’s mobile strategy, based on research, IAB Mobile Phone Shopping Diaries, conducted by On Device Research.
- Consumers use mobile devices to support all shopping related activities. Top on consumers’ list are information gathering, namely product information and location. These searches can be done in short periods of time and are location specific. Specifically they’re easy and efficiently use otherwise wasted time. (Here’s insights into mobile content consumption.)
- Consumers are mobile savvy shoppers. Mobile commerce isn’t limited to digital content and products. They seek and purchase the breadth of products and services using their smartphones and tablets. While early technology adopters lead the way, other consumers are following them. Interestingly, mobile commerce spend breaks out by thirds: about one third spend nothing, about one third spend under $20 and about one third spend $21 or more via their mobile device. Note: Retailers and small businesses’ ability to use Square or similar commerce offerings may increase these spending levels. Since once consumers experience purchasing using a mobile device for a transaction and realize it’s secure, they’re more likely to gain a sense of confidence with mobile commerce.
- Consumers shop all day long. Mobile commerce including checking prices and purchasing happens all day long since smartphones often are the second screen either at home or at work. Roughly half of mobile commerce happens at home and about 10% happens at work. While most at home mobile commerce activity happens in the living room, 1% of respondents admitted to doing it in the bathroom.
- Consumers use mobile along with other media sources. About two-thirds of mobile commerce involves a second media device including television, phone, computer, radio, newspaper or magazine.
- Consumers enhance retail shopping with their mobile phones. Three-quarters of survey respondents had used their device in a retail establishment. Interestingly, about half used the phone to check something with a family member and a third took a picture of the product, activities that don’t require smartphone capabilities. Otherwise shoppers were looking for pricing. As a result of mobile searches, about half of consumers abandoned their purchases. The main reason: price. Research by Nielsen shows consumers will tradeoff based on price.
Consumers have integrated mobile commerce into their shopping behavior. Powered by smartphones ownership, shoppers are augmenting their other information gathering and retail activities to be more efficient purchasers. As result, they’re looking for the best price and are willing to abandon their purchases at retail. As a marketer, this means you need to be findable on a mobile device (think mobile website, mobile search and mobile app.)
What other mobile commerce suggestions would you add to this list and why?
Here are some related marketing articles of interest.
- Did you miss these 34 million mobile selling opportunities
- Online shopping: Tablets versus Smartphones
Photo credit: http://www.flickr.com/photos/futurestreet/3334257292/