The United Kingdom is famous for many things. The Beatles, Big Ben, the royal family, hunky David Beckham and their extreme growth in retail m-commerce sales. Okay, maybe it’s not famous for it but with its explosive growth rates, it might as well join that list. With or without realizing it the
UK is quickly establishing itself as a global leader in mobile commerce.
According to eMarketer purchases made online via mobile devices will make up well over one-tenth (13.4%) of total retail sales in the UK. As more and more consumers become accustomed to shopping via their mobile device, e-commerce in the UK increases and drives the biggest retail sales growth. Last year M-commerce sales in the UK were worth over 41 billion euros which made up a whopping 43% of e-commerce sales and those numbers are likely to rise to 45%.
Potentially, UK mcommerce can be worth approximately 48.6 billion Euros.
So, has the UK discovered the perfect formula for money making? Do they have all of the answer to the mobile e-commerce challenges? The answer is…
No. Nope. Not even close.
The UK mobile experience
In the UK only 7 apps are downloaded on average as opposed to 10 globally. According to a report by The Mobile Payment Journey, 37% of UK consumers prefer mobile browsers over mobile apps.
In fact, 31% of UK shoppers would probably pay more money if the m-commerce experience improves. If online retailers provided a better shopping experience via their mobile apps consumers would buy more. While the UK m-commerce market is one of the fastest growing, it’s also insanely demanding. People download fewer apps and have little patience for apps that don’t deliver an exceptional mobile experience. Developing an app for functional purposes is not going to cut it.
What can retailers do?
Allocate more time and resources to upgrading their apps
Simplify the checkout process to create a fast and easy user experience. This can reduce shopping cart abandonment
Personalize the shopping experience
Provide added value in the form of unique and personalized offers
How can it be done?
More and more retailers are starting to understand that offering products and services at competitive prices is not enough to win over customers’ hearts. Today, the combination of State-of-the-art technology and exceptional customer experience are key to standing up to the modern customer’s standard. Retailers must understand their customers’ needs and provide them with brilliant experiences that will turn shoppers into lifetime customers.
Join us at The Mobile Odyssey event next week (June 14th) in London, to learn more from the leading industry voices on how to create brilliant mobile e-commerce experiences. RSVP now to save your seat.