Why is m-commerce growth significant for retailers?
M-commerce is already changing the way retailers approach ecommerce. Google’s update in 2019 was the first sign, changing the algorithm to prioritise mobile searches. This forced retailers with an online presence to optimise their websites for mobile screen use or face tanking their ranking.
Part of the reason for this change is likely to do with the rise in popularity of omnichannel commerce. These days, customers don’t see ‘channels’ — they see brands. Retail is becoming a collective experience, with offline and online blurring together.
Increasingly, customers choose to start buying journeys on their mobile, then jump around before purchasing. They may browse in-store, then head home to buy the item and have it delivered. Improving m-commerce experiences will become a priority for retailers to make this experience feel seamless.
Ultimately, m-commerce will shape the way retailers build their technological ecosystem. One example is enabling ‘buy now, pay later’ (BNPL) functionality.
BNPL is particularly attractive to younger shoppers. Offering customers convenience and options at checkout when it comes to managing budgets is a key component to the allure of mobile commerce.
Such benefits pay off for retailers, too. Research shows BNPL options could lead to bigger baskets and greater customer loyalty, boosting conversion rates between 20% and 30% and increasing average order value between 30% and 50%.