The global retail e-commerce market is projected to reach $6.54 trillion by 2023. In 2014, the market was valued at $1.33 trillion and is expected to grow fivefold in ten years.
Several factors have contributed to the growth of the e-commerce industry. The key drivers include the increasing internet penetration and the rise of digitalization. A global rise in technological uk email database awareness has resulted in exponential growth in e-commerce retail sales. Seasonal factors such as the COVID-19 pandemic have also played a pivotal role in boosting the industry.
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Over the years, several trends have reshaped the e-commerce industry, such as express shipping, seamless returns, social commerce, and more. Another trend that has been around for some time and continues to transform the e-commerce sector is mobile shopping.
Let’s talk about the rise of mobile commerce and how e-commerce businesses can adapt to this changing market landscape.
Why should e-commerce businesses invest in mobile apps?
The number of smartphone users in the world is over 3.8 billion – almost 50% of the entire population. Mobile devices dominate online search, as 58 % of Google searches are done on a mobile device. What’s more, global mobile commerce (m-commerce) sales will reach $3.56 trillion in 2021 and make up 53.9% of all e-commerce sales.
All these statistics suggest that mobile has become the new platform for e-commerce. Mobile commerce will soon be as big as e-commerce, and it might even eclipse e-commerce in the coming years. E-commerce businesses need to upgrade their websites to e-commerce mobile apps to meet the needs of their customers.
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While many businesses have already made the transition, there is still a huge gap. If you haven't invested in mobile commerce yet, here are a few reasons why your eCommerce business needs a mobile app.
To stay afloat : Having a mobile app for your eCommerce business is no longer a choice you would make to gain a competitive advantage. It has become a necessity and a matter of business survival. If you want to stay afloat as an eCommerce business, engaging mobile customers is critical.
To Enhance Branding : Mobile apps allow you to send fast, relevant, and personalized content to your audience. When you know how to start an LLC you can use your mobile app to deliver superior customer experiences, thereby enhancing your brand.
To increase customer loyalty : Mobile apps increase customer interaction and engagement. By bringing your entire eCommerce store into your customers’ pockets, you can improve their experience and turn them into loyal customers?
To Reach a Wider Audience : As we have already discussed, mobile is the platform that sends the most traffic to search engines. By having a mobile app for your eCommerce business, you can reach a wider audience and expand your customer base.
To improve marketing and promotion : A mobile app is a great marketing channel and it’s practically free. You can send notifications through the app and interact with your customers whenever you want. In fact, sending push notifications can increase app engagement by 3-10 times .
Ultimately, the world has gone mobile and most purchases are made on mobile devices. With a mobile app for your eCommerce business, you can explore the mobile market.
What is mobile app engagement and why is it important?
Mobile app engagement refers to the act of engaging app users inside and outside of the app to support your business goals, deliver positive brand experiences, and build long-term customer relationships. While engagement begins when the user downloads and opens the app, it never ends. You need to continually engage your consumers and encourage them to keep coming back.
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Now, why is app interaction important? The one-word answer to this question is “choice.” As of 2020, there are 3.14 million apps on the Google Play Store and 2.09 million apps on the Apple Store. Furthermore, an average smartphone user has 40 apps installed on their phone, and 89% of the time is split between 18 of those 40 apps.
In such a competitive landscape, users won’t use an app if it’s not engaging. Nearly 90% of app users who interact with an app at least weekly for the first month after installing it are likely to continue using it long-term. If we look at tangible benefits, higher app engagement means more revenue. When app users are engaged, they will use your app more frequently, resulting in more sales .