Report: Mobile e-commerce sales to hit $250 billion by 2020
Mobile e-commerce sales will account for nearly half of all online commerce in just a couple of years.
This was according to “A Mobile Mindset,” the second volume in the five-part series, “The 2017 UPS Pulse of the Online Shopper.” The report, from UPS, is based on input of over 5,189 comScore panelists who made at least two online purchases in a typical three-month period.
According to the study, mobile e-commerce sales are projected to grow to $250 billion by 2020. Meanwhile, mobile retail sales in the United States are expected to be 48.5% of retail e-commerce sales.
The report reinforces that customers are getting increasingly acclimated to using their smartphones as a shopping tool. In fact, 48% of smartphone users have already made a purchase on their personal device. While these transactions extend across customer segments, 66% of these purchases were conducted by Millennials.
Specifically, 17% of online transactions are already occurring on a smartphone, and 29% of millennials are making these purchases. When given the choice to use apps or mobile web, four in five smartphone users chose to shop using retail apps — a practice that is preferred by 92% of millennials, the study revealed.
“In terms of discretionary spending, mobile commerce (m-commerce) growth is far outpacing e-commerce and brick-and-mortar,” the study said.
“Over the past five years, shoppers have simply become more comfortable using their mobile devices to research and buy online, resulting in more time and money channeled via m-commerce,” the study continued. “The projections for continued growth in m-commerce make it essential that retailers of all sizes be properly positioned to provide an optimal experience via mobile devices.”
There is a huge trend of mobile commerce and the business is going to be bigger and bigger in upcoming years.
Online giant preps for Indian version of Prime Day
Amazon is getting ready to host its fourth-annual flagship sale in India.
The online giant is gearing up for its “Great Indian Festival,” an event similar to Amazon’s Prime Day sale. Amazon is banking on the sale’s deep discounts, exclusive merchandise and buyback offers to attract new customers, according to Live Mint.
While the online retailer did not reveal a specific date for the Great Indian Festival, it is expected to launch “around the same time-frame” as last year’s event, which was held October 17-20, 2016, the report said. The sale typically coincides with the Hindu holiday, Diwali, which is Oct. 19.
The event also competes with online rival, Flipkart, which is hosting its annual Big Billion Days (BBD) sale from Sept. 20-24.
In addition to ramping up its capabilities, Amazon India chief Amit Agarwal said in the report that the company has expanded its assortment with more than 80 million additional products — a move that has “grown our selection two times. It will be our biggest shopping season ever in our four-year history (in India).”
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Women’s apparel retailer accepts mobile payments from Chinese shoppers
Rebecca Minkoff is making it easier for Chinese customers to purchase from the brand.
Through a partnership with Chinese online payment provider Alipay, upscale apparel retailer now enables Chinese shoppers to use their Alipay Mobile Wallet to make purchases at any United States-based Rebecca Minkoff store, or while shopping online. The mobile wallet is accepted in all Rebecca Minkoff stores located in New York, Chicago, San Francisco and Los Angeles.
The Alipay Mobile Wallet gives Chinese shoppers more flexibility when making a purchase, especially when choosing their preferred currency. During the checkout process for example, customers are prompted in Chinese to approve the transaction in either U.S. dollars or Chinese yuan, Alipay explained.
The retailer expects the payment option to make it a more appealing shopping destination among the more than four million Chinese consumers expected to visit North America this year, according to Rebecca Minkoff.
“Chinese travelers represent an important and growing audience for Rebecca Minkoff,” said Uri Minkoff, the company’s CEO and co-Founder. “By offering Alipay, we are ensuring that Chinese shoppers visiting any of our U.S. stores or our website are met with an exceptional experience, which includes the easiest and most familiar payment method for them.”
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