It means that we will see a movement towards mobile commerce apps and mobile optimized e-commerce websites.
But can it work for B2B m-commerce companies as it works for B2C ones?
In this article, I have compared data from Criteo’s State of Mobile Commerce Report with the infographic created by Usablenet and I can assure you that it can.
After our introduction to m-commerce, it is time to get to know not only what is mobile commerce and why it matter, but also:
But if you don’t want to read all of this (TL;DR – I get it) then just scroll down to the infographic created by Usablenet.
At Whalla Labs we believe more in data than gut feelings, especially when it comes to business. So first off let’s see how many people choose mobile to shop online.
In the U.S. mobile share of e-commerce transactions is growing dynamically. From Q4 2014 to Q3 2015 it grew 15% on average, from 25% to 31%. It means that one-third of e-commerce transactions took place on mobile.
It is even bigger for top retailers in the U.S. – in the same tame the mobile commerce share changed from 35% to 44%, with the growth rate of 26%.
What is for us even more important, smartphones are playing a big role in this trend – 56% of mobile commerce sales came from those devices in Q3 2015.
According to Criteo apps can be the highest-performing channel, as retailers focused on them are seeing higher conversion rates (outperforming even the desktop ones). Top retailers have seen even 4.2% conversion rate on mobile.
This is the right time to optimize your conversion rate on the mobile app if you haven’t done it yet.
We can observe a similar trend globally – the average growth rate reached 35% of all e-commerce transactions in Q3 2015.
What may surprise is the very high mobile commerce share in the UK, which is 46%. It is the highest one in Europe and the second one globally, right after Japan.
Promising markets for mobile commerce retailers are also South Korea, the Netherlands, Spain, and Germany, but the competition there is also higher.
According to Gartner, B2B marketers generate only 19.4% of digital revenue via mobile channels, while B2C generates 22.6%.
When we compare it to the data from 2014 saying that 56% of B2B buyers read reviews on mobile, 55% check out product information, 50% compare features, and 46% use mobile devices to search for and compare pricing, we can see that most of the B2B buyers find and review products and services on mobile and then go shop somewhere else.
This will be clearly one of the challenges for B2B marketers if they want to win mobile commerce for their businesses.
At the same time the survey conducted last year by Demand Gen Report, mobile is more and more important for B2B sites. Even 56% of the people buying from B2B e-commerce sites frequently use smartphones to visit those sites and 24% of them completed the business transaction via mobile.
With the growing demand for better mobile user experience, it is obvious for B2B retailers to offer mobile-optimized websites or even dedicated mobile app.
At Usablenet, they put together some useful data into easy-to-skim infographic about B2B and mobile commerce.
It helps to understand how the B2B market is turning into mobile commerce, how big is the potential of this channel for B2B companies and how it’s going to affect buyers.
In 2020 B2B will generate $1.1 trillion on mobile. It looks like a lot, but at the same time, B2B e-commerce will be worth $6.7 trillion.
By this online retailers will account for a combined 29% of spending on e-commerce technology, which is less than 41% in 2014.
If you need a proof that B2B marketers should take mobile commerce seriously, consider this:
94% of B2B buyers use mobile devices to research online before making a business purchase.
More and more traffic is coming to our websites and any other online properties via mobile devices. We can all see this in Google Analytics or any other tool.
There is no surprise that B2B marketers are seeing the same trend – for 70% of them, 25% of traffic comes from mobile. 53% of them are wise enough to include mobile channels in their marketing strategy, which gives them 44% of their sales occurring through mobile devices.
Since more than half of B2B buyers are visiting websites via mobile devices, the demand for the mobile optimized content is also big. B2B marketers are also seeing that more than half of their customers demand online support.
It’s getting clear that B2B mobile commerce is a Millennials’’ thing – 55% of B2B buyers are members of this generation, aged 18-25.
Infographic source: Usablenet.com
The demand for mobile optimized websites and mobile apps is growing for all kind of online businesses, including B2B.
There is no way to avoid it. Young people, making business decisions and purchases (Millennials) are already there, so if you won’t adjust to mobile, you’re going to loose them.
Predictions for B2B mobile commerce are very promising. With 94% of buyers reviewing products and services on mobile devices, it is only a matter of converting them right there or adjusting the omnichannel.
And remember the Criteo’s mobile commerce report conclusion:
For me, it’s more than convincing.
P.S. At Whalla Labs we know how to build perfect mobile apps. If you would like us to make one for your B2B company, don’t hesitate and contact us today.
We have also made a thorough, step-by-step email mini course about m-commerce. Sign up for free and learn everything we know about it.