Global m-commerce revenues [pdf] should reach $119 billion in 2015, according to estimates from BitWizards. This represents a figure almost 100 times greater than $1.2 billion recorded in 2009.
Global online commerce is also poised for substantial growth, though not at the rate of m-commerce. Online commerce was measured at $210 billion worldwide in 2009, and BitWizards predicts that figure will grow more than six times to $1.4 trillion in 2015.
Half of Consumers Perform M-commerce
Currently, half of global consumers shop via mobile phone, with 40% qualified as light shoppers and 10% considered heavy shoppers. Another 40% have a mobile phone but don’t use it for shopping, while 10% lack a phone.
9 in 10 Consumers Trust Recommendations
However, only 62% of consumers trust TV, and only about four in 10 (41%) trust search engine ads. BitWizards provides real-life examples of how brands including Ticketmaster, American Eagle and Levi’s obtain increased revenue and referral traffic as a result of consumer Facebook postings.
US E-commerce Growth Surges in 2010
US e-commerce revenues reached an estimated $227 billion in 2010, almost 59% year-over-year growth from $143 billion in 2009. This is a substantial improvement from relatively anemic year-over-year growth figures recorded in 2008 and 2009. The last year that had growth anywhere close to the 2010 figure was 2007, when year-over-year growth was 20%. The global recession is usually pinpointed as beginning in December 2007.
BitWizards makes predictions for the direction of e-commerce in 2011 including an increase in mobile e-commerce apps, product recommendations based on what Facebook friends like, easier checkouts via mobile payment, and more free shipping.
Millennial: Electronics Top M-commerce Purchase
Consumer electronics are the product category most frequently purchased via mobile device, according to a report released by Millennial Media and comScore in June 2011. Data from “Mobile Intel Series: Retail” indicates 31% of m-commerce shoppers have purchased a consumer electronics item.
The majority of items purchased via m-commerce were retail- or travel-related, with clothing/accessories coming in second (29%), list, followed by food (26%), entertainment tickets (21%), and airplane tickets (21%). The only items on the list compiled by Millennial Media which were not related to retail or travel were tools/auto/industrial (17%) and sports/fitness (15%).