December 27, 2016

Understanding the Impact of Mobile Commerce in 2017

With Deloitte telling us the average Americans checks her phone within five minutes of waking up, there’s little doubt that mobile is a major force in marketing. At the same time, mobile devices play a role in eCommerce too. Understanding the impact of mobile commerce in 2017 can benefit the B2B vendor as mobile devices will continue to cause shifts in how all customers research, compare, and buy.

We check our phones about 47 times a day. — Deloitte

Mobile Commerce in 2017

Forrester expects online retail sales in the US to reach $480 billion by 2019, demonstrating a compound annual growth rate (CAGR) of 10%.

While the growing population and increasing GDP/capita have influence, the top four factors are related to the technology itself:

  • mobile payment transactions at terminals are predicted to increase 11.9% from 221,117.4 million in 2015 to 434,480 million in 2021.
  • the number of POS terminals is expected to grow 7.8% between 2015 and 2021
  • Smartphone penetration is forecast to jump 6.6% in the same timeframe
  • online banking penetration will grow 5.4% as well by 2021.

Mobile payments include mobile wallet point of sale (POS) payments processed on any kind of personal smart device, contactless, app-based transactions processed on a merchant terminal, and NFC, QR-Code or Bluetooth-based payment transactions.

The highest transaction value, globally, is seen in China with a total value of $67,774 million in 2016, compared to $24,925.3 million in the United States.

At the same time, the average transaction value is increased from $235.23 US in 2015 to $365.57 in 2016, with a projected value of $1,30.85 in 2021.

mobile payments

Related reading: 6 SEO Best Practices for eCommerce Websites 

Understanding the Impact

How will the shift to mobile commerce impact B2B? As we discussed in “The Increasing Importance of Mobile for Marketing,” mobile is changing how we search for information, what we look for in websites, and the user experience we expect from online interactions. B2B marketing must design, plan, iterate, and optimize for mobile. The dominance of mobile will not impact B2C marketers alone. After all, that person who researches a pair of shoes conveniently online, having responded to an in-app purchasing opportunity, could go looking for similar efficiencies in the purchasing process for their business needs.

Mobile shopping now accounts for 50.3% of all eCommerce traffic. — Shopify


B2Bs can embrace the trend by:

  • Optimizing their site for mobile — focus on speed, clean design, easy navigation.
  • Listening to its customers and adopting a culture of change.
  • Planning for positive customer experience — throughout the buyer’s journey — across all channels.
  • Insuring multichannel consistency — don’t make it difficult for customers to find the product information they reviewed on their desktop or mobile device when they switch devices.

The move to mobile may also bolster the social network trend of discovery-based shopping on mobile phones and tablets. No matter the size of the B2B, the opportunity to raise awareness of a brand and particular products on mobile and through social media is likely to become an increasingly important one. Don't overlook the impact of mobile commerce in 2017 — Ironpaper can help.

Related reading: Optimizing eCommerce for Mobile

The impact of mobile commerce in 2017 sources

Forrester. (2015, April). Forrester Research eCommerce Forecast, 2014 To 2019 (US). https://www.forrester.com/report/Forrester+Research+eCommerce+Forecast+2014+To+2019+US/-/E-RES116713

Lutke, T. (2014, Aug 26). Mobile Now Accounts for 50.3% of All Ecommerce Traffic. https://www.shopify.com/blog/15206517-mobile-now-accounts-for-50-3-of-all-ecommerce-traffic

Statista. (2016). Mobile payments. https://www.statista.com/outlook/331/100/mobile-payments/worldwide#

Wigginton, C. (2016). 2016 Global mobile consumer survey: US edition. https://www2.deloitte.com/us/en/pages/technology-media-and-telecommunications/articles/global-mobile-consumer-survey-us-edition.html