The mobile boom is changing shopping habits, and fast. Consumers are using their shiny new smartphones and tablets to redeem coupons, research products, compare prices and, of course, pay for stuff both online and offline.
The trend has not gone unnoticed by major outfits and it is easy to see why, there are plenty of opportunities for just about every consumer oriented industry. The BI Intelligence report found that 29 per cent of US mobile users have already made purchases on their smartphones. Mobile sales accounted for 6.6 per cent of Cyber Monday e-commerce sales in 2011, up from just 3.9 per cent in 2010.
Bank of America now estimates that US and European shoppers will spend $67.1 billion using their smartphones and tablets.
Aside from huge revenue opportunities, mobile commerce has a few other things going for it as well. It is believed that mobile payments can create a more direct link between brands and consumers, with more coupons and loyalty reward programmes.
BI also concluded that the nature of mobile commerce makes it uniquely attractive to marketers, with technologies such as location targeting and in-store mobile marketing.