Mobile online purchasing, through apps or browsers, is surging to new heights, reaching $120 billion in 2015, having grown more than 60% from 2014. Mobile devices have become the growth engine for online retail payments as a whole, outpacing PC retail payments’ dollar growth 12 times over. Increasing smartphone saturation and consumers’ growing comfort making purchases through their phones are powering this wave of mobile commerce. Too many merchants, however, still offer experiences that are optimized for larger screens and that fail to meet consumers’ expectations for speedy checkout and payment options. This report examines how providers, recognizing mobile’s disruptive impact, are pioneering new tools like augmented reality to create the next generation of immersive shopping experiences. These merchants are poised to capture the attention of tomorrow’s mobile shoppers and tap into a mobile online retail payment market set to grow to nearly $320 billion by 2020.
Key questions discussed in this report:
- What is the projected size of mobile online retail payment volume through 2020?
- How much of the total mobile payment volume is accounted for through smartphones vs. tablets?
- What volume flows through apps vs. browsers?
- What types of products are consumers increasingly purchasing through mobile devices?
- What new categories of mobile commerce are emerging?
- What emerging payment options should banks and card issuers support to maintain their share of online commerce payments?
Companies Mentioned: Adidas, American Express, Apple, Birchbox, Blue Apron, Casper, Converse, Cratejoy, Dollar Shave Club, Google, Houzz, Ikea, Jet.com, Lyft, Mastercard, Netflix, Nordstrom, PayPal, Samsung, Sephora, Spotify, StichFix, Target, Topshop, Uber, Uniqlo, Visa, Walmart
The consumer data in this report was primarily collected from a random-sample survey of 3,182 respondents conducted online from July to August 2016. Data was gathered and weighted to target respondents based on representative proportions of gender, age, income, and ethnicity compared with the overall U.S. adult population. The overall margin of error +1.74 at the 95% confidence level. The margin of error is larger for subsets.
The data in this report was also collected from the following:
- A random-sample survey of 3,200 respondents conducted online in October 2015. The overall margin of error +1.74 at the 95% confidence level. The margin of error is larger for subsets.
- A random-sample survey of 3,195 respondents conducted online from June to July 2015. The overall margin of error +1.73 at the 95% confidence level. The margin of error is larger for subsets.
- A random-sample survey of 3,195 respondents conducted online from June to July 2014. The overall margin of error +1.73 at the 95% confidence level. The margin of error is larger for subsets.