Social and mobile will continue to grow in importance for business, serving as the main growth engines for ecommerce online sales. According to eMarketer, retail ecommerce online sales as a whole are expected to grow at a cumulative average growth rate (CAGR) of 10.3% between 2009 and 2015:
Most of this growth is expected to be fueled by mobile commerce and social commerce. Social commerce is expected to grow at a 93.4% rate over the same period in the US:
And mobile commerce is expected to grow at at 58.2% rate in the US:
Some other interesting points to draw out from the data:
-While overall online sales in the US is increasing, it’s doing so at a decreasing rate between 2010-15. Mobile and social driven ecommerce sales are doing so at an increasing rate in the same time period– evidence that mobile and social are fueling the overall growth.
-Social commerce will touch about 5% of all ecommerce sales in the US by 2015, while mobile commerce will drive almost 11%. In other words, about 16% of all retail ecommerce will come from mobile and social.
-Mobile commerce sales are growing at breath-taking pace (82.8%) from 2010-2011.
-Social commerce sales are expected to grow two fold in the US between 2011-12.
-Social commerce is driving more online sales internationally than in the US today, but that is expected to change significantly in the next few years.
What it all means for retailers
If you’re in business, understanding macro market trends is important for planning your overall ecommerce strategy. Mobile and social commerce are clearly increasing in importance and are something to include as part of your investment strategy, particularly how it drives word of mouth transactions and in-store traffic. However, how much and how to approach investing will be determined by the specific trends within your own segment of ecommerce and to what extent your consumers are using mobile and social as part of how they shop. Take the time to understand these trends and consumer behavior while mapping out your social and mobile commerce strategy.