Worldwide m-commerce to hit $6 trillion by 2021
Worldwide m-commerce, fueled by industries like retail, is forecast to hit $6 trillion by 2021, a study conducted by insights company App Annie showed.
In Australia, shoppers spent close to 50 minutes per month in shopping apps per user, according to the report, with the country ranking third among selected countries for average sessions per user in Digital-First apps, as compared to Brick-and-Click apps, where they ranked last.
The study also showed 32 per cent of Australia’s Digital-First online shopping was done on a mobile device in the first half of 2017, using mobile data, with the remaining 68 per cent on Wi-Fi – presumably at home or at work.
“That mobile figure is slightly higher for Brick-and-Click apps, with 39 per cent engaging with these on a mobile device and 61 percent on fixed WiFi, App Annie stated.
According to App Annie’s report, “Retailers: Why data should drive your mobile strategy”, in the first half of 2016 Australians engaged in an average of 24 sessions in Digital-First apps, compared with 32 sessions per user in the first half of 2017.
“Smartphones offer an intimate, direct channel to consumers, representing a massive opportunity for brands to reach, influence and convert shoppers,” App Annie stated, adding that the app economy is only gaining speed, particularly for retailers and apps are the preeminent way for retailers to reach their customers.
According the report, in major geographies, the average user of Shopping category apps used between two and four Shopping apps per month in the first half of 2017, a significant portion of the roughly 30 apps used each month on average.
Of the countries analysed, South Korea leads in terms of time spent per user in Shopping apps each month, followed by other Asia Pacific countries.
“It is no surprise that APAC will lead the growth of total time spent in mobile apps to surpass 3.5 trillion hours worldwide in 2021, and where engagement grows revenue will follow.
The report also advises retailers to focus on securing a steady stream of downloads, and subsequently look to engage their customers and capture their satisfaction.
“The final step for a retailer is to go global with their business, similar to what Alibaba and Amazon has accomplished,” the report stated.
“Thanks to their altruistic nature, coupled with the efforts of our 22,000 team members globally, a Foundation product is now sold every three seconds globally; a number that has allowed us to significantly expand our projects in Southern Uganda while taking the Foundation global with new initiatives in South Africa, Thailand and Australia’s Northern Territory,” the group’s foundation announced.
This story first appeared on sister site, Inside Retail Australia.