The following content is sponsored by Logiq
Visualizing the Rise of mCommerce
Cellphones are becoming increasingly more prevalent across the globe. In fact, as of 2021, there are more mobile connections than people on the planet.
Because of this, the mobile commerce (mCommerce) market is expanding fast. By 2025, mCommerce is expected to double its share of U.S. retail sales.
This graphic from Logiq provides a snapshot of the mCommerce landscape, and how companies can capitalize on this rapidly changing retail environment.
The Three Types of mCommerce
First things first—what exactly is mCommerce? It’s essentially any financial transaction done on a mobile device. There are three main types:
- Mobile Shopping: eCommerce that’s optimized for mobile. This includes dedicated shopping apps, websites designed for mobile use, and even social media platforms that have built-in shopping features.
- Mobile Banking: Like online banking, but usually in the form of a dedicated mobile banking app that allows for on-the-go access to your accounts.
- Mobile Payments: This includes mobile wallets, contactless payments, money transfers and mobile point-of-sale.
In other words, mCommerce is a branch of eCommerce that allows people to buy and sell goods from almost anywhere with a mobile connection.
Mapping Out the Market
mCommerce has captured a significant portion of global eCommerce sales. As of May 2021, it makes up 65% of total retail eCommerce sales worldwide.
But some regions are adopting it faster than others. In Asia-Pacific, 79.7% of the region’s total eCommerce sales are done via mobile.
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