eMarketer has forecasted the growth of the US mobile payments transactions over the next four years. They believe that the annual mobile payments transactions value will increase from approximately $640 million this year to a whopping $62 billion by 2016. That is an average increase of about 230 percent or total growth of 9,600 percent over the next four years. The number of mobile payment users will increase by 6x to 48 million while average annual spending per user will increase by 20x to $1,294. To put these numbers in some context, currently about 1 out 40 Americans is spending about $7 a month using mobile payments. Within 4 years, 1 out 6 people in the US will be spending about $100 a month using mobile payments.
There’s a good (and growing) chance you’re reading this on your phone
According to new Pew Research, 31 percent of Americans are using their mobile phones for a majority of their online reading. Staggeringly, this percentage rises to 45 percent for 18-29 year olds. “In the space of three years, we’ve seen the proportion of cell owners who do this almost double,” Pew senior research specialist Aaron Smith explained. “Depending on where you start the clock on the consumer smartphone revolution — most people do that with the introduction of the iPhone in June 2007 — within the space of five years we’ve gone from basically zero to half the country, with a sizable percentage using cell phones as their main source [to go online].”
Source: Nieman Lab
Eye-Opening Mobile Usage Statistics of Consumers
In a survey conducted by Google, virtually all (96 percemt) consumers had encountered a mobile site and most (75 percent) prefer a mobile-friendly site over non-friendly site. Additionally, 67 percent of consumers are more likely to buy from mobile-friendly site. Finally, about half of consumers say that even if they like a business that will use it less often if it isn’t mobile-friendly and that sites that aren’t mobile friendly make them frustrated and annoyed. For retailers who don’t have an website optimized for mobile and especially mobile-commerce, these are tipping point statistics.
Recap of the Mobile Media Summit in Chicago
Mobile Media Summit was held in Chicago earlier this fall, as 300 brand marketers, ad agency execs and mobile industry professionals how to best leverage the mobile medium for CPG, Retail and QSR. Some very interesting data points came to light, most importantly was that mobile is beginning to impact every other advertising medium – TV, online, print. With the rapid growth of the smartphone, mobile will soon become the center of advertising strategy for most companies. Other factoids included that iPhone users are spending more money than Android users and iPhone users also spend much more on luxury goods. The only roadblock to mobile’s growth was expressed by Beth Reilly, Global Digital Strategy at Kraft Foods said that CPG marketers and advertisers are spending money in mobile, but in order to spend more they need better metrics on return rates.
Source: Boston Innovation