With thousands fighting for influence in the hyper-competitive online retail universe, mobile commerce is seeing a huge surge in worldwide growth. Statista forecasts that mobile commerce will be worth a staggering $693 billion by 2019 and will account for 39% of e-commerce by 2018.
What's more, Coupofy reports, m-commerce is growing at twice the rate of e-commerce, largely due to Millennial buying habits and millions using their phones or tablets as their primary devices. At least one player with skin in the game is equally bullish. In 2015, PayPal revealed the results of research showing that m-commerce was projected to grow three times faster than e-commerce. As a benchmark, mobile payments accounted for less than 1% of PayPal's overall global purchase volume. By 2015, that number had skyrocketed to 20%.
• Latin America:
E-commerce in Latin America is expected to top $53 billion by 2021, with fashion retailers continuing to dominate the market, followed closely by electronics. Eshopworld.com predicts that by 2021, 54% of the population in Latin America – 163 million people – will be using e-commerce.
As it stands, 59% – which is lower than average – of those shopping online in Latin America prefer desktop to mobile, but as mobile grows so will the number of those using smartphones and tablets.
Although desktop dominates down under, with 80% of shoppers preferring their large screens, mobile has plenty of room for growth in Australian e-commerce as smartphone penetration pushes towards 74% by 2021, when 14.3 million Australians – nearly 60% of the population – are expected to spend an average of $1076 online in the world's 19th richest country.
As noted in the infographic by Coupofy below, Malaysia is already booming with m-commerce users, who represent 28% of an e-commerce ecosystem forecast to be worth $2.5 billion by 2021. Eshopworld reports that although electronics and media currently dominate the online retail market, it will lose ground to furniture and appliance sales, which is predicted to be a billion dollar industry within the next 4 years.
Here's a look at projected growth for mobile commerce worldwide in an infographic created by Coupofy.
Cover Photo: Jason Howie/Flickr