Mobile commerce in the US may be slow to adopt mobile consumer payments, but it is still making leaps and bounds in becoming a significant part of all e-commerce. According to comScore, mobile commerce rose to 11 percent of all e-commerce at the end of last year’s holiday season. This is a huge increase from the reported 1 percent in late 2010. With 11 percent market share equating to approximately $18.6 billion in consumer spending, additional growth can only be expected.
The main drivers to this rapid growth are mobile catalogs and coupons. According to a report by Business Insider, the number of mobile coupon users is expected to increase to 53.2 million a year by 2014. Mobile coupons see a much higher redemption rate compared to print coupons which come in at approximately 10 percent to less than one percent respectively.
The benefits to mobile coupon usage also go beyond only numbers. Where it has become increasingly difficult to link offline and online customer behavior, coupons are useful in acquiring consumer data. Coupons that can only be claimed in store can also lead to increased foot traffic and increased sales.
With more adoption and increased recognition, retail spend generated from mobile is on pace to reach 15 percent market share of retail e-commerce by the end of the year.