The phrase used to be that “millions of consumers are turning to smartphone and tablets”. Sadly, that phrase is very outdated and the new numbers are astounding. By the end of 2014 the total number of worldwide mobile devices will be in excess of 7.3 billion. This equates to more mobile phones than the entire world population of 7.2 billion people. Of the over 7.3 billion mobile users, over 2 billion of them are smartphone users and of these 67% use their smartphone for shopping online. So the correct new phrase should be “billions of consumers turn to their smartphones and tablets” everyday for their e-commerce needs. When we extend these kinds of numbers into the marketplace, the revenues being spent by these mobile users is astronomical. Online purchases this year are forecast to hit a grand total $1,500,000,000,000 – yes, 1.5 trillion dollars and smartphone users will account for over 22% of this, which comes out to $330,000,000,000. If your website is visited by your customers and if it transacts business then you are part of the equation and I sure hope your site is mobile friendly.
In the infographic below, from Equation Research, you will clearly see the importance of having a high speed, high quality and responsive website to greet and handle your customers. If you don’t then you will be losing customers, sales and reputation in the marketplace that may be very difficult to recover from.
As stated by Forrest Research Inc, some trends are clear and can be virtually assured in the upcoming year. Their vision of a few of the 4 trends are;
1. Mobile traffic and sales will continue to climb. In 2014, the percentage of traffic and total online orders placed via mobile devices are set to increase in virtually every market worldwide, and Forrester expects that a growing number of brands will launch new mobile websites and apps in response.
2. Brands will increasingly look to marketplaces to sell online. In 2014, Forrester believes that brands will continue to migrate to marketplaces to expand their online presence and to realize relatively quick (if sometimes low-margin) revenue growth.
3. Retailers will need to plan for key online shopping dates everywhere in the world. US and European brands expanding into new global markets will increasingly have to plan for key eCommerce-related dates overseas just as they have in their home markets.
4. New market entry will be easier as vendors and retailers roll out new offerings for brands. Going forward, an increasing number of players will aim to serve as a single point of contact for brands as they expand into new global markets.
The rewards of a successful e-commerce website are huge and increasing every year. But the flip side is true also in that an under performing website for mobile users can hurt you significantly. It is a known fact that even a 1 second delay in building your page can lose you 7% of your potential customers and a 1/2 second delay will impact your revenue with a 5% lose in actual sales. So be smart and make sure your company website is just as fast for your mobile visitors as it is for your PC visitors.