Estimates indicate that revenue from mobile commerce will reach approximately two trillion U.S. dollars by 2024, nearly doubling over the subsequent four years to encompass 63 percent of total retail e-commerce.
Similar variation is seen across the globe. In the Asia-Pacific region, South Korea's mobile commerce constituted about three-quarters of online sales in 2022, almost double that of Japan. In Africa and Latin America, where mobile has played a crucial role in expanding internet accessibility, mobile's share in online shopping is increasingly notable. That year, both regions witnessed the highest e-commerce app session growth, well above the global average.
From cart success to checkout dilemma
In recent years, mobile phones have emerged as the go-to choice for shopping online across the globe. While they excel in adding items to the cart, they still fall short in completing transactions, exhibiting lower conversion rates than other devices. Cart abandonment data from 2023 suggests that more expensive and personal products tend to induce consumers to reconsider their purchase, regardless of the device used. Nonetheless, desktops consistently demonstrate the lowest cart abandonment rates across all product categories. Retailers looking to capitalize on sales via mobile devices face the challenge of optimizing their websites for this technology or developing applications that ensure a seamless shopping experience. Despite these efforts, many shoppers still prefer the larger screens and perceived security of desktops when paying for their items.A borderless buying experience
In 2023, roughly 30 percent of global internet users who made weekly purchases did so via mobile phone. From the United States to China, mobile commerce has become ingrained in the habits of numerous shoppers. Its relevance, however, varies from one market to another. In Europe, the United Kingdom stood out as the country with the highest mobile participation in e-commerce in 2022, accounting for more than half of all online retail sales, in contrast to one-third in Switzerland.Similar variation is seen across the globe. In the Asia-Pacific region, South Korea's mobile commerce constituted about three-quarters of online sales in 2022, almost double that of Japan. In Africa and Latin America, where mobile has played a crucial role in expanding internet accessibility, mobile's share in online shopping is increasingly notable. That year, both regions witnessed the highest e-commerce app session growth, well above the global average.
