ABI Research has found that smartphone adoption will drive this rapid increase.
The latest ABI Research report has shown that mobile commerce will make up about 24.4 percent of all of the online revenue by the close of 2017.
This prediction is based on the phenomenal growth data from 2011.
Last year, the size of the mobile commerce marketplace doubled, reaching $65.6 billion. The ABI Research report stated that this was driven by the exploding adoption of smartphones within both developing and mature markets. Also a contributor, was the retail industry, which is taking on multi-channel strategies in order to bring their traditional brick and mortar businesses into the online sphere.
Even retail hold outs have accepted mobile commerce.
Brick and mortar retailers that had only had the most basic online presence, as well as those that still did not have a website at all, are often taking the first steps into mobile commerce in order to ensure that they remain competitive not only against other similar retailers, but also against internet based merchants.
Though the current size of mobile commerce remains small in terms of its share of the entire online market, it is also experiencing growth at a significantly faster rate. There had been a delay to get started when smartphones and tablets first hit the market, but once those devices became well established and mainstream, it finally reached an explosive point.
Furthermore, those brands and marketers that were among the very first to step into the mobile commerce sphere have already produced notable data which has allowed improved strategies for apps, marketing, sites, and services to be developed. It has also demonstrated improvements in the way that these can all be integrated and optimized for an enhanced customer experience and improved use and conversion rates.
Practice director for ABI Research, John Devlin, explained that mobile commerce “is not yet mass market, but it is delivering remarkable growth in tough economic conditions. There remain questions, as how to best realize the value and ROI of m-commerce but innovative retailers with the resources to invest in the development of their mobile portfolio have clearly identified this as the way forward.”