An Extensive Guide on Future of Retail Industry with Mobile Commerce

An Extensive Guide on Future of Retail Industry with Mobile Commerce

The retail industry has observed unbelievable growth over the last few years. Many new technologies have been integrated into stores and in mobile commerce apps over the past few years, which has a tremendous impact on businesses.

Moreover, all of these devices & apps used in retail have completely revolutionized the online & offline shopping experience of users globally. People are now able to shop more conveniently in the retail stores.

Various startups, small or big retail stores always look for the latest technology trends in retail to improve their business.

If you are also planning to enter into the retail industry or improve your existing retail business, you should consider the future of retail industry with mobile commerce.

Here, we have done thorough research and found some of the essential statistics on the future of retail industry in mCommerce.

Hence, in this blog, we will walk you through the statistics of retail industry in mCommerce, and mCommerce trends in the retail industry.

So, let’s dive into each one of them:

Now here we will walk you through some latest facts about mobile commerce. These will clear all your doubts.

Statistics that Determine the Future of Retail Industry With mCommerce

Let’s have a look at the latest mobile commerce statistics:

  • According to a study by Pew Research Center, 79% of Americans do online shopping and out of which 51% of Americans use mobile devices for shopping.
  • As per Statista, Global mCommerce market revenue is expected to reach 72.9% by 2021.
  • Smartphones have made upto 34% of US eCommerce sales in 2019. (Source: eMarketer).
  • Smartphone users around the world are 3.5 billion as of 2020 and are expected to reach 3.8 billion in 2021. (Source: Statista).
  • Based on GMInsights, mobile wallet market revenue will grow with a 15% CAGR between 2019-25 and is expected to reach 270 billion by 2025.

From the above statistics, we can say that the future of mobile commerce in retail is outstanding. These reasons and the statistics are enough for a retail business to consider mCommerce app development.

But, before you think of creating a mCommerce app for your business, it is important to consider the popular mobile commerce trends or strategies that dominate the retail industry.

To make your task easy, we have researched and found several fabulous mobile commerce trends that will greatly impact the retail industry. So, let’s have a look after each of them in detail.

10 Mobile Commerce Trends for the Retail Industry

Here, we will walk you through some of the trending mobile commerce trends that you shouldn’t miss while building a mCommerce app for your retail business:

1. Smart Site-Search

Site-search has become one of the most essential parts of the eCommerce websites for the last few years; however, now it plays a crucial role in mobile commerce.

On mobile devices, navigation is one of the most challenging things compared to the desktop because users don’t like to navigate much and instead use a search bar.

Therefore, with the site-search, you can provide an exceptional browning experience along with the desired results effectively.

Apart from browning, site search improves all the other things further down the line.

2. Enhanced Page Load Speed

According to one research done by Google, 53% of mobile users abandon a site if it takes more than 3 seconds. Currently, consumers install around 2-3 shopping apps on your devices; hence, they may switch to another site or a mobile app if they face speed issues.

From this, we can say that page load speed is one of the most critical trends that might hinder the growth of mobile commerce.

To provide the best user experience, ensure that all the pages are completely optimized and load at an efficient speed.

Moreover, 5G technology is around the corner, and consumers would expect an enhanced mobile commerce experience; hence, you should also consider that.

3. AI Chatbots

The most basic use of a smartphone is communication. Moreover, people use various apps like WhatsApp, Facebook, Telegram, etc., for communication with friends, family members, etc.

AI Chatbots

Likewise, retail businesses have understood that communication with customers about their products/ services is highly important.

Due to this, various brands worldwide have started adopting chatbots that interact with the users efficiently.

Also, as per Servion, 95% of communication will be powered by AI Chatbots by the end of 2025. Therefore, if you are planning to enter the mobile commerce space, then you should consider chatbot development.

Here is the list of benefit your retail business will get by integrating Chatbots:

  • Handle multiple customers parallelly; this will help to increase customer engagement.
  • Improved analysis by fetching information from the conversation and transferring it to the sales team. Provide personalized options to the users and increase customer engagement.
  • Chatbots are highly beneficial for customers as they track orders, ask for recommendations, and get all the details in one place.

Lastly, if you want to take customer experience to the next level and make the most of your mobile commerce store, you should include messaging apps. This could be anything like WhatsApp, FB Messenger, etc.

Besides this, AI has the potential to transform the entire eCommerce industry. To know more about the same, read this blog on AI in eCommerce.

4. Omnichannel Experience

Omnichannel experience is the process of providing a seamless experience to the customers on multiple platforms, channels, and networks.

For instance, having a mobile app for Android & iOS platforms and also a website. This will ultimately increase the visibility of your retail business or brand.

Omnichannel Experience

With the omnichannel experience, retailers can combine their offline and online retailing methods into one single entity; this is useful to offer a flawless shopping experience.

By implementing an omnichannel experience, more & more users will remain engaged, and they are likely to purchase from your mobile commerce store. Lastly, it will change the future of retail industry.

5. One-Click Ordering

The new form of one-click ordering in mCommerce shopping cart is replacing the current cart system in many online retail stores.

In this method, your customer can include information in their one-click setting like their bank details, shipping addresses, email, etc.

Once they click on a particular product displayed in your online store to buy, then the algorithm within the app will automatically use the saved setting data and connect with their bank account.

Once they make the payment, the product will be shipped to the saved address in their one-click setting, and then an email will be sent to their account, which they have already saved in the app setting.

This will eliminate the problem of cart abandonment and increase your sales significantly.

6. Social Commerce

Social commerce is referred to as the procedure of direct selling of products/services on popular social media platforms such as Facebook, Twitter, Instagram, etc.

Social Commerce

Moreover, with the launch of Instagram shopping a few years back, the retail industry has started utilizing social commerce and generated sufficient revenue.

On the other side, people search for products on social media, and particularly on mobile devices. Here, it doesn’t matter whether consumers obtain a product link from Instagram or across any social media feed; they only want quick product purchase and relevant information.

7. Use Product Tagging to Improve Customer Engagement

If you have many products in your online retail shop inventory list, then sometimes it becomes harder for your customer to find the product of their choice effortlessly.

To overcome this challenge, mobile app developers use the tagging method with keywords for select products so that people can easily find them through the search button.

Tagging is one of the most critical elements that can help the customer in searching for a product in your store. If you want your customers to find the item of their choice without any hassle, you can adopt this method.

This will improve your ROI considerably as well as help you in retaining the existing customer base through an improved buying experience.

8. Augmented Reality

Augmented reality has an immense potential to make the shopping experience more real for the customers and profitable for the retail store owners. In short, it has the potential to take the future of mobile commerce to a new level.

Augmented Reality

The fantastic progress of augmented reality has enabled mobile commerce app developers to introduce certain buying experience, which was earlier not possible.

a). AR is rapidly obliterating the distinction between online retail stores and mortar stores through real-life experience that enhances the buyer’s online shopping experience.

b). AR allows the consumers to use the product virtually they want to buy, to see how good it would look in real life before they decide whether to buy it.

For example, if you are selling paints through your online app, then you can add a feature that allows the customer to take photos of all the walls of his room and apply the paints that are available in your online store virtually to see how they look in real life. This will allow them to have more informed decision-making capabilities.

c). AR allows you to provide your consumer with a more immersive online retail store experience.

AR can use 3D imaging technology to ensure that the individual using your app will feel like he is in a real store (the only thing missing will be the tactile experience).

d). As an online retail store owner, you can add AR to your mCommerce app to have an effective advertising campaign for attracting more traffic to your website.

If you want to implement this trend in your future mobile commerce app, then you should look forward to AR App Development.

9. Crypto Payments

Even though a vast number of people are not familiar with cryptocurrencies and blockchain technology; there is a sudden increase in the adoption of crypto wallets across the globe.

Crypto Payments

Various brands and businesses belonging to the retail industry worldwide have integrated blockchain wallet, and in the next few years, it will be one of the popular mobile commerce trends. Here are some of the benefits of incorporating crypto payments:

  • Quick transactions.
  • Reduced Transaction Cost.
  • Enhanced Security.
  • Anonymous transactions, and many more.

10. Voice Shopping

Over the years, there is a sudden increase in the usage of popular voice assistant devices such as Google Home, Alexa, Siri, etc. Moreover, people across the globe perform a search with voice commands and purchase various products on the go.

According to MoffettNathanson, as of now, 5% of users use voice shopping, and the number is expected to cross 50% in 2022. Hence, voice search will become a popular mobile commerce trend in the upcoming years.

Voice Shopping

In short, businesses in the retail industry would integrate voice commands in their mCommerce apps and mCommerce stores to target all such users and generate more revenue.

So, these were some of the mCommerce trends that will have an impact on the retail industry. Apart from this, if you are curious to know trends running in the eCommerce industry, then check this quick guide on the latest eCommerce trends.

Conclusion

From the above points, it’s clear that mobile commerce is here to stay. Moreover, as we have discussed, mCommerce offers a vast number of benefits to retail businesses. Due to this, a vast number of retail businesses are taking their business online by launching a mCommerce app.

Moreover, in the future of mobile commerce, we are about to see the integration of various new technologies.

If you are also planning to enter into the retail industry by launching an mCommerce app, don’t hesitate to contact us.

We at Guru TechnoLabs, an eCommerce solutions provider, have developed excellent mCommerce apps for clients across the globe. Hence, we can understand your business well and provide you with an innovative mCommerce app.

Ravi Makhija
Ravi Makhija

An entrepreneur, an IT professional. Tech geek. Founder & CEO at Guru Technolabs - Globally Trusted Web & Mobile App Development Company. Loves writing about new technologies and the latest trends in IT field.

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