Mobile commerce is still in a state of infancy, but it has become a very powerful tool for the retail industry. Despite the success that some retailers have seen in the mobile field, many other companies are not yet convinced that mobile commerce is worthwhile. These companies often consider trends in the mobile space to be little more than passing fancies that will disappear in a matter of time as consumers move on to some other interest. Mobile commerce is much more than a passing trend, however.
Over the past few years, the retail industry has found a great deal of success in engaging mobile consumers. Mobile commerce, for these retailers, is much more than a novelty; it has become a very powerful revenue stream. Barnes & Noble, for instance, has found a great deal of success with its mobile initiatives. In the recent Internet Retailer Mobile 500 report, Barnes & Nobel ranked 41 among some of the world’s leading retailers in terms of mobile commerce success.
The report shows that Barnes & Noble had a 99.35% mobile success rate, which means that the vast majority of mobile commerce activity occurring on the company’s mobile website was successful. The company has reported higher mobile sales, which add to its overall retail sales and boost its revenue considerably.
Another report from the Australian Communication and Media Authority shows that mobile payments have grown by 448% since December 2010. Consumers are becoming more likely to make a purchase from their mobile device, even when visiting a physical store. A handful of retailers are thriving because of this, while those that are unwilling to get involved in the mobile space are missing out on a major opportunity that could have dire implications for their future.
Mobile commerce has proven that it is more than just a trend. It has blossomed into something that consumers want to be a part of and, as such, is here to stay. Retailers that refuse to take advantage of the popularity of mobile commerce may risk obsolescence, as consumers are beginning to favor mobile shopping over more conventional forms of commerce.