The retail industry (and anyone selling anything) has to be prepared for the rapid evolution and adoption of smartphones by the average consumer. According to a February 7, 2011 report by Wells Fargo titled "The Sputnik Moment for Retail: A Whitepaper on eCommerce and the Disruption in Retail" smartphones are growing at a rapid pace. The chart to the right illustrates the Wells Fargo forecast of smartphone shipments (units in millions).
In addition to the growing number of smartphones throughout the general population, a majority (55%) are utilizing the phones while shopping. This is according to the March 2011 study "How Smartphones are Changing the Retail Shopping Experience" published by iModerate and CMB Consumer Pulse. However, despite over half of smartphone owners using the devices while shopping, only 23% have used them to actually make a purchase. While we can expect this number to climb as apps improve and users become more comfortable with the technology, this does signal the current state of mobile commerce.
Smartphones are growing in popularity, as is mobile commerce, but people still remain hesitant to make purchases in this fashion. My goal is to further research the state of mobile commerce and future expansion opportunities for those who are pioneering the industry. Will this simply remain as a niche market or will companies be forced to embrace this trend in new and innovative ways? Although I tend to believe in the latter, it is an exciting new field which I hope to analyze and to provide others with a strong base of knowledge in the future.
No comments:
Post a Comment