Consumers now are using their phones to buy more physical than digital things. The overall trend is a dramatic growth in paying for things with a mobile phone. Total mobile online retail payment volume has more than tripled from 2013, and is projected to grow from USD 76 billion to USD 217 billion by 2020, according to the Mobile Online Retail Payments Forecast 2015 issued by Javelin, mediapost.com reports.
Mobile online retail commerce is projected to hit USD 94 billion in 2015. The most common purchases in mobile shopping, according to the Javelin study, are: physical goods (51%), games (38%), music (38%), apps (37%) and ringtones (18%). Physical goods are the only product type to grow in the world of mobile purchasing. About a quarter (26%) of mobile phone owners make mobile online retail purchases.
For context, almost half (49%) are browsing web pages and nearly as many (46%) are playing games. Younger consumers are more active purchasers. For example, 18% of mobile app and browser purchasers are 18 to 24 years old compared to 12% of all consumers.
Also, those 25 to 34 years old account for more than a third (34%) of app purchasers compared to 21% of all consumers. Those active consumers also tend to have the money, with 29% of app and browser purchasers earning USD 100,000 or more annually with well over half working full time.
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