55+ mCommerce Statistics for 2023

Jeff Beckman

from Techreport on 2023-07-28 14:19 (#6DBWT)

The world of mCommerce or mobile commerce involves using mobile devices like tablets, smartphones, or iPhones to shop for goods and services. Due to the massive surge in mobile device usage, mCommerce has also grown as more people now carry out their online activities on their smartphones instead of desktop computers. Mobile commerce sales are predicted to account for over 6% of all retail sales in 2023.

For instance, the pandemic and its associated lockdowns and social distancing kept people at home, enabling mobile banking to record a massive boost with people stuck at home. This article outlines several demographics of mCommerce, from the market size to forecasts growth to insights into different branches of m-commerce like mobile banking, shopping, and payment.

Keep reading.

mCommerce Statistics for 2021 You Should Know

The US made 207.15 billion in sales in 2018. In 2019 the US made 268.78 billion in sales.
In 2020 the US made another 338.02 Billion sales in mCommerce.
eCommerce sales in the US had a 28% increase from 2018 to 2020. Making mCommerce CAGR from 2018 to 2020 and 45% share of mCommerce in the total US eCommerce market.
Indonesia had 79.1%, Thailand had 74.2%, and the Philippines had 69.6%.

Top mCommerce Markets

China had $750.0 billion becoming the top on the list of the eCommerce market in the world.
The USA emerged as number two on the list with $210.0 Billion.
The third on the list is the UK, with $63.8 Billion.
Japan and South Korea had $34.5 Billion and $28.8 Billion in third and fourth on the list, respectively.

From the statistical illustration above, one can deduce that the m-commerce market is very viable in China, the US, and the UK.

General mCommerce Statistics

With the increased adoption of mobile devices and apps that make mobile shopping more accessible, researchers forecast a surge in mCommerce in the next few years. As such, m-commerce may grow at double-digit rates in 2024. Also, the mCommerce share is expected to reach about half the total e-commerce market share.

mCommerce Statistics - Market Size, Revenue, and Sales

1. The industry predictions show that m-commerce will comprise 45% of the US e-commerce market, reaching $284 billion.

2. The smartphone volume in the US is predicted to increase from$128.4 billion in 2019 to $418.9 billion in 2024.

3. The m-commerce volume is expected to increase at a compound annual growth rate (CAGR) of 25.5% from 2019 to 2024.

4. Tablets are expected to grow with a CAGR of 18.9% from 2019 to 2024. People will spend a total of $69 billion on tablets by 2024.

5. By 2020, the e-commerce market is expected to grow to $845 billion; over 50% will come from mCommerce sales.

6. In 2025, the mobile coupon industry is expected to grow by 56.5%.

7. At the end of 2020, mobile-e-commerce spending in the US amounted to $47.8 billion.

8. In 2019, retail mCommerce sales in the United States amounted to $388.02 billion. Retail mCommerce Sales in The U.S. (In Billions USD) In 2018, 207.15 billion; in 2019, 268.78 billion; in 2020, 338.02 billion.

Top mCommerce Statistics of Market by Country

mCommerce-statistics-by-country-scaled.j

9. China topped the m-commerce market with $0.75 trillion, the US with $0.21 trillion, the UK with $63.8 billion, Japan with $34.5 billion, and South Korea with 28. 8 billion.

10. In the UK, mobile users spend an estimated $72 billion on mobile devices, and it is predicted that by 2023, it will reach $116 billion.

11. The penetration rate of e-shopping in China stood at 79.1% by the end of 2020.

12. M-commerce accounted for 33% of total digital commerce dollars in the US.

13. 788 million mobile commerce users are estimated to be in China.

State Of mCommerce Statistics

14. About one in every three dollars has been spent on mobile commerce versus total digital spending since 2019.

15. Buyers spent on mobile increased by 16% yearly in the second quarter of 2020 compared to desktop at 5%.

16. Mobile shoppers in the US spent $53.2 billion from November 1 to December 9, 2020, which increased by 55% yearly.

17. Mobile apps consumers spending reached $92 billion for apps in the Apple App Store and $50 billion for apps in Google Play in 2021.

Mobile Banking Statistics

The convenience of mobile banking has drawn online users to mobile banking apps. As a result, many users have done banking activities through mobile devices. Buyers now anticipate satisfaction and privacy from their mobile banking apps while the banks provide modified offerings.

Notwithstanding its popularity, conventional mobile banking apps now face tough competition with many fintech apps, encompassing banking apps, budgeting, and investment apps.

18. More than one billion customers have used mobile banking.

19. Outside of China, time spent on finance apps has risen 45% yearly.

20. The main feature that US and UK customers want from mobile banking apps is biostatistics for more reliable business.

21. Researchers have found that 83% of users may use a loyalty program if they can access it on their mobile devices. This percentage is expected to reach 94% for millennial users.

22. While brands want to provide customers with personalized offerings, 43% of mobile banking customers want variety to give them customer-centric services.

23. 36 % of Gen X customers said they are willing to use biostatistics for easier mobile banking, while 34% of millennials said the same. On the contrary, 32% of Gen X and Millennial customers said they would like easy access to credit using their mobile banking apps.

24. 62% of Europeans utilize a mobile banking app to benefit from banking services.

25. Cyberspace customers have done 59% of their online banking via mobile devices.

26. It is estimated that 72% of grown-ups in the UK will utilize an app to do mobile banking by 2023.

27. Fintech wallet application account for high-rise session time every week than apps from conventional banks. They measure up to an additional 52 sessions every year for fintech wallet apps.

28. Fintech apps are disturbing the market share of conventional banking applications. In 2019, the top 10 fintech apps saw an increase of 20% year over year in their global average monthly active users. However, conventional banking apps saw an increase of only 15% in their global average monthly active users.

mCommerce Statistics - Payment

Predictions for acquiring virtual wallets indicate substantial assurance, with specific countries anticipated to go cashless in the next few years. However, one of the severe barriers to achieving virtual wallets is users' interest in privacy and the need for knowledge on how virtual wallets function.

29. 35% of mobile wallet customers are primarily millennials.

30. Experts forecast that in 2024, virtual wallets will make up 51.7% of e-commerce payments by volume. It will also account for 84.5% of e-commerce spending.

31. The highest usage researchers found for brand apps was shopping, beating others at 66%. Other uses of brand apps were restaurants (19%), financial (29%), and travel (18%).

32. By volume worldwide, 44.5% of the entire e-commerce business comprised virtual or mobile wallet companies, surpassing other payment methods like credit cards (22.8%) and debit cards (12.3%). The number grew by 6.5% in 2019.

33. 71% of US users want to use a mobile wallet. However, 65% ad security concerns, while over 70% said they didn't understand how to use mobile wallets. Other problems were whether their phones could accommodate mobile wallet capabilities or if the shops they visited would welcome mobile wallets.

34. Denmark, Sweden, and Norway are predicted to be cashless in the next five years.

35. 28% of users in the US are presently using mobile wallets, up from 22% in 2018.

Some Reasons Consumers Don't Use Mobile Wallet

Reasons-Consumers-Dont-Use-Mobile-Wallet

Security concerns: 65%
Not knowing how to access or use mobile wallets: 17%
No knowledge of vendors that accept mobile wallets: 17%
Don't know what mobile wallets: 15%
Don't know how to tap-to-to-pay at a store: 15%
Most stores I frequent do not offer this payment type: 13%
Don't know if their phone has a mobile wallet: 13%
Other: 6%

Statistics for Mobile Shopping

Mobile shopping tends to be more popular among Gen Z customers. However, Gen X and Baby Boomer customers now spend more time on mobile apps. Regarding users' location, researchers found that customers from Asian countries buy more things through mobile devices than from other countries. Data also showed that people used mobile apps to shop more during the holidays.

Mobile Shopper Demographics

36. Gen Z mobile customers boast 60% more sessions per customer in top shopping apps than shoppers from the c older demographics.

37. Gen X and Baby Boomer users saw a 30% year-on-year increase in total time on the top 50 apps. Conversely, gross time used on apps increased by 18% for millennials and 16% for Gen Z customers.

38. Gen Z mobile customers use an average of 3.8 hours per month among the top 25 non-gaming apps. They also recorded 150 sessions on an app every month for the 25 leading non-gaming apps.

39. Mobile shoppers make up 60.9% of the United States population. Researchers forecast that up to 187.5 million customers in the US will have made at least one purchase through an app on their mobile phone or a browser.

40. Lastly, Asian countries have a high percentage of their internet demographic buying things through mobile devices. Other countries seeing more percentages include Indonesia at (79.1%), Thailand at (74.2%), and the Philippines at (69.6%). These countries' rates surpassed the global average of 55.4%.

Mobile Shopping Behaviour

41. 87% of buyers checked an item online before they bought it.

42. 75% of e-commerce purchases occurred on a mobile device, but sellers only saw 40% of actual sales during the holidays in 2020.

43. Some of the most popular shopping apps in the US in 2019 were eBay (33.28%), Walmart (46.08%), and Amazon (80.64%)

44. The time spent by digital customers globally on shopping apps grew by 30% year on year.

45. Moreover, 79% of smartphone customers have made purchases on the net using their mobile devices in the past six months.

46. 40% of revenue from transactions in the US came from smartphone shopping during the 2020 holiday period.

47. Users spent 35% more time on mobile in 2020 related to 2017 and 2018.

48. Digital Android customers spent 4.2 hours daily on their phones in 2020. Daily time spent per digital customer saw a 20% year-on-year growth related to 2019.

49. During the 2020 break, US vendors saw that 52% of internet spending came from smartphones. This marked the initial time that digital spending attained over 50%.

50. Tablets recorded the highest conversion rate for online buyers in the US as of the second quarter of 2020. Desktops are dual at 2.1%, followed by mobile phones at 2.01%.

Conversion Rate by Device

Tablets: 3.14%
Desktop: 2.38%
Mobile Phone: 2.12%

mCommerce During the Pandemic

The pandemic caused a significant shift from in-store buying to online shopping. This development helped to boost the growth of commerce. Given the prevalent use of mobile devices, users buy more things with them than on other devices. Researchers found that the trend was higher among the youth. But even though mobile shopping is leading, other structures, such as live-stream and WeChat shopping, are also growing.

51. 47% of Australian users believe there will be limited use for cash after the pandemic.

52. Young users in the US choose to buy using mobile phones related to adult users. 90% of US users from 25 to 34 adopt this shopping mode, while only 18% of users aged 65 and above said the same.

53. In a review, 59% of US elders said they shop on mobile phones.

54. Due to the pandemic, 80% of buyers disclosed buying more frequently on mobile.

55. Between March and April 2020, shopping apps attained 14.4 million downloads in the US, constituting a 20% increase related to January of the same year.

56. 39% of US users said they frequently purchased things online through mobile websites during COVID-19. Conversely, 30% purchased on the website using their PCs, and 27% bought using the apps already on mobile devices.

57. Digital buying apps reduced by 1.9% for Chinese shoppers during the COVID-19 outbreak. However, live streaming purchasing grew by 6.3%, purchasing through WeChat rose by 4%, and purchasing through short videos by 2.6%.

How Customers Shopped Online During the Pandemic

Customers-Shopped-Online-During-the-Pand

Websites on mobile devices: 39%
Websites on PCs: 30%
Apps on mobile devices: 27%
Don't shop online: 4%
Other: 1%

What is the Future of mCommerce?

Many individuals worldwide use mobile shopping as a seamless online buying technique because of its convenience, quickness, and ease. Retail mobile commerce reached $359.32 billion in 2018, a 15.2% rise from the previous year.

Researchers predicted that mobile commerce would double its rate in 2020, reaching a whopping $728.28 billion in 2022. They also predicted that by then, mCommerce would account for 44% of retail eCommerce sales in the United States.

Conclusion

According to statistics, e-commerce and mobile commerce are expanding daily, with Asian nations leading the way. According to information on the top m-commerce by country, the United States comes in second with $210.0 billion, followed by the United Kingdom with $63.0 billion. The first spot with $750.0 billion is China. The strength of the m-commerce markets in China, the US, and the UK is demonstrated.

Today, customers can use mobile devices to buy various goods and services, including banking, investing, books, and airline tickets. Many factors, including enhanced mobile device processing capabilities, an increase in m-commerce applications, and the correction of security holes, have led to the expansion of e-commerce.

FAQsWhat are the best mCommerce examples?

Mobile banking and in-app shopping, such as purchasing something using a retail app, are two major instances of mCommerce. Another example is using electronic wallets such as Apple Pay and Samsung Pay.

What exactly is the distinction between Ecommerce and mCommerce?

E-commerce handles online transactions more widely than mobile commerce. mCommerce focuses on using mobile devices to make online purchases, whereas eCommerce encompasses all aspects of online buying and selling.

What are the mCommerce components?

Mobile middleware, mobile commerce apps, wireless networks, host computers, wired networks, and mobile stations are the six components of mobile commerce.

References

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