Depending on the stats, mobile commerce is said to currently generate between 22% and 30% of all digital retail transactions worldwide.
However, Gartner’s report "Predicts 2015: Digital Marketers Will Monetize Disruptive Forces" states this figure is set to rise to as much as 50% in the next two years, with two key factors expected to lead to the explosion.
The first is the proliferation of digital assistant technologies such as Google Now, Siri, Echo and Cortana which, while not having achieved the widespread success anticipated following Apple’s Siri launch in 2011, are expected to gather momentum in the coming months as the major mobile vendors up the ante in upgrading their solutions.
“By year-end 2015, mobile digital assistants will have taken on mundane tactical processes such as filling out name, address and credit card information,” the report states. “Fixed events such as grocery replenishment will be common and will build trust for these types of assistants to take on more.
“By year-end 2016, slightly more complex purchase decisions, such as buying back-to-school backpacks and chained events — such as scheduling a highly rated, date-type movie along with dinner and car pickup on an anniversary — will be easily achievable.”
The second is the improvement of mobile payment ‘wallets’, which are likely to improve consumer trust in making transactions on alternative devices, so much so that in a Worldpay Global Guide to Alternative Payments report released last year, it was predicted that alternative payment methods (APMs) will overtake card payments by 2017.
"Some sectors will migrate more quickly than others to accepting mobile payments and promoting mobile commerce," said Jennifer Polk, research director at Gartner.
"For example, big-box retailers may not need to move as quickly as other industries because the in-store experience is still a critical part of their value proposition and the customer experience, making digital and mobile commerce a smaller portion of their overall revenue.
“However, new credit card standards will cause a shift in liability for fraudulent transactions in 2015, requiring retailers to update their point-of-sale systems for safer credit card transactions. This opens the door for point-of-updates to also accept mobile payment."
Recent research from Criteo on mobile transactions states smartphones are now generating more ecommerce transactions than tablets for the first time, with 53% of mobile-based retail transactions coming from phones, suggesting smartphone users are already shifting from using their devices for research to transaction.
Chris is Editor of MyCustomer. He is a practiced editor, having worked as a copywriter for creative agency, Stranger Collective from 2009 to 2011 and subsequently as a journalist covering technology, marketing and customer service from 2011-2014 as editor of Business Cloud News. He joined MyCustomer in 2014.