Mobile Commerce Sales (2018–2027)
Mobile commerce sales are projected to reach $2.17 trillion in 2023—11.5% more than the $1.95 trillion it registered in 2022.
The growth of mobile commerce has slowed over the past two years. Even though the mobile commerce growth rate expected in 2023 is set to be lower than the average year-on-year increase of 17.7% between 2018 and 2023, it is, nevertheless, impressive.
This is especially impressive considering the fact that revenue from mobile commerce sales in 2023 is expected to be more than double what it was five years ago.
With the number of smartphone users currently at 5.25 billion and growing, as far as trends go, there’s nothing to indicate that mobile commerce growth will stop anytime soon. In fact, mobile commerce sales are set to continue rising through to at least 2027. That year, analysts expect mobile commerce sales to total $3.44 trillion.
Plus, the total time spent on mobile devices has also been on the rise. In the US alone, the amount of time spent on mobile devices every day by consumers has increased from 225 minutes in 2019 to 276 minutes in 2023. This marks a 22.7% increase in just four years.
Incidentally, mobile commerce share figures have also been on an upward trend. The share of mobile ecommerce sales in total ecommerce sales has increased by four percentage points from its 56% market share in 2018 to the 60% market share forecast for 2023. In other words, $3 out of every $5 spent on online purchases today is done so through a mobile device.
Factors driving mobile commerce growth
Mobile commerce growth can be attributed to the convenience of mobile shopping. The increase in mobile payment options is proving to be a huge boost for customers’ mobile experience. In fact, three out of four consumers say they carry out purchases on their mobile devices because it saves time.
However, there’s always room for improvement. As many as 90% of shoppers say that their experiences with mobile commerce could be better. The two most common concerns hindering mobile shopping are pages and links that are too small to click on and security issues. At least half of shoppers also indicate that they would like online retailers to provide more product reviews and information.
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