Broadly, consumers are spending more time on their mobile devices than ever—an average of 174 minutes per day.
Yet even with mobile browsing activity at an all-time high, marketers still aren’t making the most of the mobile commerce opportunity.
Consider this: A recent BI Intelligence report forecasts that by 2020, mobile commerce will make up 45% of total e-commerce, totaling $284 billion in sales. This represents a 350% increase over what is projected for 2016. BI Intelligence projects that mobile commerce this year will hit just 20.6% of overall e-commerce, or $79 billion, this year. It’s doubtful, however, that consumers will triple their time on mobile between now and 2020, so it’s clear that brands are coming up short when it comes to engaging mobile device users.
Given the significant and increasing rates of smartphone usage among shoppers, the huge (and troubling) discrepancy in projected mobile sales numbers is an issue e-commerce outlets cannot wait until next year to rectify. Marketers should be doing much more to boost mobile commerce activity, but a few misconceptions are holding them back.