Despite a slowdown in smartphone sales, innovations in advertising, commerce, AI, and even device form-factors will drive mcommerce and mobile advertising growth in 2024.
Mcommerce spending hit a record $280.4 billion in the first seven months of 2024: The channel steadily gained share this year as shoppers turned to their phones more frequently to make purchases.
This year, mobile commerce has not only broken records, but also continued to solidify itself as a driving force behind ecommerce growth. More than two-thirds (67.4%) of the US population will be mcommerce buyers this year, spending $534.8 billion on their mobile devices, per our July 2024 forecast. Here are five key stats that underscore the expanding mcommerce opportunity, plus ways for brands and retailers to capitalize.
On today's podcast episode, we discuss the main factors that will impact this year's holiday sales, why shopping in-stores will be more of a priority, and how last year's mobile commerce tipping point trend will continue. Listen to the conversation with our analyst Sara Lebow as she hosts analysts Sky Canaves and Zak Stambor.
Mobile commerce is growing ahead of total ecommerce as people buy more on their smartphones and will account for 58.5% of total ecommerce sales by 2028. Click and collect is also outpacing the wider market as retailers expand availability amid strong demand. Health, personal care, and beauty is the fastest-growing ecommerce category.