Global mobile e-commerce is in progress: the market differences you need to know
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Shopping has changed dramatically in the digital age. The widespread use of smartphones has made it possible to shop anywhere, anytime. Convenience and accessibility have become essential elements of the modern shopping experience. With just a tap of the screen, consumers can effortlessly browse products, compare prices, read reviews, and make purchases. It is estimated that by 2024, mobile commerce revenue will reach approximately $2 trillion, nearly doubling in the subsequent four years and accounting for 63% of total retail e-commerce. Shopping carts collecting dust is a problem In recent years, mobile phones have become the preferred choice for online shopping around the world. While mobile phones excel at adding items to shopping carts, they still fall short when it comes to completing transactions, with conversion rates lower than other devices. Shopping cart abandonment data for 2023 shows that higher-priced and more personalized products tend to make consumers reconsider their purchases, regardless of the device used. However, desktop computers consistently have the lowest shopping cart abandonment rates across all product categories. The challenge for retailers looking to capitalize on mobile sales is how to optimize their websites or develop apps for this technology to ensure a seamless shopping experience. Despite these efforts, many shoppers still prefer the large screen and security of desktop computers when it comes to paying. A borderless shopping experience In 2023, approximately 30% of the world’s internet users will make weekly purchases via mobile. From the United States to China, mobile commerce has become a habit for many shoppers. However, different markets place different emphasis on mobile commerce. In Europe, the United Kingdom will be the country with the highest level of mobile participation in e-commerce in 2022, accounting for more than half of all online retail sales, while Switzerland will account for only one-third. Similar disparities exist around the world. In Asia Pacific, mobile commerce accounted for about three-quarters of online sales in South Korea in 2022, almost double that of Japan. In Africa and Latin America, where mobile has played a vital role in expanding internet penetration, mobile’s share of online shopping is also growing. Both regions saw the highest growth in e-commerce app visits that year, well above the global average. |
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