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Mobile Commerce Expected to Surpass $100B in 2014. But Are Retailers Ready?

Because of the growing influence of mobile commerce and ecommerce, the retail industry has had to adapt dramatically in the past twenty years. By the end of this year, according to Foresster Research, 29% of all retail sales will be done through mobile devices, with projected revenue of $114 billion total. The question is, with the influence of mobile commerce on retail purchases, are retailers ready to handle the increased work that is bound to occur? Here are some factors to consider.

According to the study performed, the increased drive in mobile commerce is directly correlated to the increased amount of mobile users. Unfortunately, some retailers have not changed to accommodate this increase. One analyst concludes that retailers must improve the mobile commerce experience by tailoring their web design layouts to mobile phones and tablets. This will increase conversion rates and also improve user experience.

Also, many older retailers need to improve their mobile app experience. Users have often complained of slow loading times, or certain items they are looking for not showing up through the mobile app. Stores like Macy’s, Target, Amazon, and eBay have done a lot to improve their mobile apps because they understand the important correlation of mobile commerce to their retail sales. Older retail stores often don’t understand this importance, or have not even created an app yet. They have to adapt quickly, or they will be unable to compete.

Retailers must also acknowledge the importance of crossover login ability. If customers are able to login to their retailer’s accounts through social media outlets like Facebook, it will increase customer satisfaction and conversion rates. People enjoy simple solutions, and they don’t want to have to remember different login account names and passwords for different retailers.

To be really cutting edge, retailers must find ways for users to purchase items and find out information about them while in the store. A great example of this are the Macy’s and Crate and Barrel wedding registry portion of the mobile app. Users can now scan items through their phone, and add them directly to their registry while in the store. Also, if check out lines is long in the store, customers must be able to quickly make the purchases online, even while in the store.

Mobile commerce should be one of the most important focuses of modern day retailers according to what we now know about projected revenues in this area. For more information about the Forester study, and other suggestions analysts have made about improving the mobile commerce experience, See Here.

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