Mobile commerce is set to explode in the coming years.
In 2014, more than $1.4 trillion in B2C e-commerce sales were completed. By 2018, B2C e-commerce sales could be as high as $2.36 trillion, or 20 percent higher than in 2013.
M-commerce is growing even faster. While m-commerce sales in 2014 reached $57.76 billion, by 2018, they could be more than $293 billion. Sales on mobile devices are growing 53 percent faster than desktop e-commerce.
The future could be more mobile dominated than the present, with nearly 1 in 7 people worldwide expected to make purchases by mobile in 2017. All of these trends mean one thing for retailers: The time to enable mobile shopping is now.
Merchants are catching on, with 82 percent of top e-retailers reporting that they offer a mobile app for shopping, a huge increase from a mere 6.5 percent in 2013. And capturing customers before they abandon cart—a phenomenonaccounting for $4 trillion in lost sales in 2014—is a top priority.
Why do customers leave their merchandise behind? The reasons are simple, but pervasive. In large part, as a study by the Baynard Institute shows, users are frustrated by the hassle of creating an account, and even if they have an account, the need to fill out an average of 13 fields to purchase.
That’s where Visa Checkout comes in. The technology is designed to significantly simplify m-commerce (mobile commerce). The easy-to-understand checkout process lets shoppers pay without a lengthy registration or forms to fill out. Visa Checkout lets customers make online purchases with just a few taps of their fingers.
As some of the stats highlight, Visa Checkout and Visa’s technology used in Apple Pay and Samsung Pay could be just the mobile point of sale (MPOS) solutions merchants need to tap into the power of mobile retail.
See all the statistics for yourself.