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Is Your Business Behind On Mobile Commerce?

mobile wallet The way we shop has been transformed over the past decade or so – from window shopping to ripping out pages in magazines, then came along the internet which opened a door to shopping online – and finally the rise of the smartphone/tablet. According to Mobile Marketer, currently only 3 percent – $8 billion in 2012 – of U.S. online purchases are being made from a mobile device.  But this number is going to change rapidly, and businesses should be ready to make the leap to mobile commerce.

Analysts project that the mobile commerce market will reach $31 billion by the end of 2017. As this growth takes place, we can expect to see more than a handful of major retailers battling for their place in the market. 

Here are five tips to keep in mind when creating a mobile commerce platform for your business.

  1. Perfect your site for mobile use. According to Mobile Marketer, on average websites are experiencing a 10 percent higher bounce rate from users who access their Web site via mobile compared to desktop users. The next step in this equation has to do with businesses making an effort to close this gap – and the place to start is by optimizing for mobile users. By optimizing your Web sites, Mobile Marketer explained that online-only retailers have seen engagement go up by up to 85 percent compared to their site without mobile optimization.
  2. Increase value with mobile. Making your site available to a mobile device is an excellent first step, but the work doesn’t end there. Businesses can reach a higher volume of customers by creating a mobile site that offers consumers a different offer or promotion than a desktop version. By utilizing location services and one-click calling – mobile sites can enhance a user’s experience. In addition, incorporating social media into your mobile site opens new doors for customers.  According to Mobile Marketer, studies show that Facebook and Twitter users spend more time accessing their sites through mobile devices than desktop computers, making social media sharing features important to any mobile Web site.
  3. Simplicity. When developing a mobile commerce platform, businesses must realize that not every potential and current customer has a smartphone or is constantly connected to Wi-Fi. In addition – not everyone has unlimited data packages. But, every user has a point where they will abandon mobile commerce efforts due to slow load time. According to a survey from Kissmetrics, a one second delay in load time can result in a 7 percent decrease in sales. To get the most out of your mobile site keep in mind load times and shoot for two seconds or less per page. Mobile Marketer recently reported that forty percent of consumers will abandon a Web site that takes more than three seconds to load. 
  4. Easy checkout means more business. The basis of mobile commerce is the impulse buy. Seventeen percent of respondents to a Rackspace survey admitted that mobile devices have increased the frequency of impulse purchases. Seventy-one percent of these respondents attributed the increase to a mobile Web site that made it easy to make purchases. These findings back the reason why Amazon.com had mobile sales in the billions for 2012. 
  5. Join the mobile commerce band-wagaon ASAP. The increasing demand for mobile commerce platforms is something that will continue to rise and in order to be ahead of the game your business should be joining NOW. When observing the U.S. market, Forrester Research predicts a 62 percent increase in mobile commerce in 2013. Do you want to be left out?

Source: Mobile Marketer 

Megan Bildner

Megan is currently the Jr. Editor of the Daily Deal Media and Digital MI sites with Mogul Media. Here, she is responsible for the site's content and publication. Along with these tasks, Megan also engages with the DDM & DMI audience through social pages/groups/tweets. When she is not working on the DDM & DMI sites Megan enjoys tweeting, traveling, snowboarding, hiking, and socializing with her friends. She grew up in Michigan's Clarkston and Lake Orion and loves being on the lake, boating, and wake-boarding. You can follow her @MeganBildner or e-mail her at megan@mogulmedia.com
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