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mCommerce Growth Rocketing

02/06/2013

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Mobile commerce, or mCommerce, is maturing at a rate that has never before been seen, and it is only now that businesses are comprehending the complexity of this environment and its strategies.

The first wave of mobile was simply about getting to market – in order to take advantage of the novelty of the channel.

Now it is time for brands to approach mobile with greater sophistication and innovation.

Still there are an amazing number of brands who’ve yet to enter the mobile channel. For example a study released in late 2012 by mobile strategy firm  found that only 17% of US retailers have even a mobile optimized site.

A mobile commerce divide is occurring among retail brands. mCommerce has had a transformative (and highly publicized) impact on some businesses, including Amazon, eBay and flash sales sites like Gilt. But for the vast majority of retail companies, mobile represents only a negligible fraction of total sales.

Sales of physical retail goods and services made on smartphones were $8 billion in the U.S. last year, accounting for 3% of online sales and less than 1% of total retail sales. For most U.S. retailers, mobile represents only 1.5% of online sales. Over the next five years, total mobile sales are expected to grow 33% annually to $31 billion, making up 9% of online sales in 2017.

Brands sitting on the mobile sidelines are likely to lose ground to competitors that may difficult to recapture. Right now is the time to build your mobile strategy.

Here are some tips on building out your mobile channel from the folks at Forrester:

  • Ensure that your mobile commerce site has a fast checkout solution, like PayPal Express or Checkout by Amazon
  • Make sure your mobile website is responsively designed so that it is optimized for the wide variety of device screen sizes on the market
  • Above all, invest in creating a great tablet experience — Although there are less of them out there, they’re generating significant traffic and sales

Thought-Tech is creating mobile strategies for its clients and we’d be pleased to assist you with innovative, cost-effective mobile solutions for your business or brand.

 

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