Tuesday, May 12, 2015

The Latest Trends in Mobile Commerce that You Can't Miss

In a recent survey, conducted by Cognizant's Center for the Future of Work and Cognizant's retail practice, we found that of 5,000 people who make online purchases at least a few times each year, 68.1% (3,918) make online purchases at least once a month.  Out of this group, here are the age breakdowns:
  • 71.6% of 18-24 year olds make online purchases at least once a month, and 77.3% of these report using mobile devices at least as much as desktop/laptops for online purchases.
  • 79.8% of 25-34 year olds make online purchases at least once a month, and 82.2% of these report using mobile devices at least as much as desktop/laptops for online purchases.
  • 74.1% of 35-44 year olds make online purchases at least once a month, and 79.9% of these report using mobile devices at least as much as desktop/laptops for online purchases.
  • 69.7% of 45-54 year olds make online purchases at least once a month, and 75.7% of these report using mobile devices at least as much as desktop/laptops for online purchases.
  • 61.6% of 55-64 year olds make online purchases at least once a month, and 68.2% of these report using mobile devices at least as much as desktop/laptops for online purchases.
  • 55.2% of 65+ year olds make online purchases at least once a month, and 61.8% of these report using mobile devices at least as much as desktop/laptops for online purchases.
These are interesting numbers, but not necessarily unexpected.  The biggest discoveries in the data are found in the behavioral differences of mobile consumers.  E-Commerce or website based online commerce has been around for over 15 years, and most retail companies have been interacting with their markets via websites long enough to have a solid understanding of online behaviors, but mobile commerce is still new and dynamic enough that uncertainties remain.

Here are a few interesting findings I discovered while researching for my latest report on Mobile Consumer Behaviors and the Retail Experience.
  • 24% of 5,000 survey participants, report they research and/or compare prices using a mobile device while shopping in-store most of the time to every time - 44% rarely to never do.
  • Survey participants that use mobile devices at least equal to desktops/laptops, shop online once or more a week at a rate 82% higher than desktop/laptop users.
  • Mobile shoppers conduct research late at night at a rate 46.1% higher than desktop/laptop online shoppers.  That makes sense, desktops are kind of heavy to take with you to bed.
After my first couple of passes through this new data, it is obvious there are significant behavioral differences between mobile shoppers, desktop/laptop shoppers and offline shoppers.  These behavioral differences, given the rapid growth of mobile commerce, must be understood and integrated into sales and marketing systems and strategies in order to maximize success.

If your company is involved in retail and mobile commerce and would like to meet and review all of my latest findings, please contact me here.

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Kevin Benedict
Writer, Speaker, Senior Analyst
Digital Transformation, EBA, Center for the Future of Work Cognizant
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***Full Disclosure: These are my personal opinions. No company is silly enough to claim them. I am a mobility and digital transformation analyst, consultant and writer. I work with and have worked with many of the companies mentioned in my articles.