At this week’s Mobile & Tablet Breakfast and Lunch events, L2 Research Lead Colin Gilbert and L2 Founder and CEO Scott Galloway presented insights about how mobile and tablet users shop on their devices. Surprisingly, making a purchase was ranked close to the bottom of the list of what shoppers prefer to do on mobile. Most (76%) used the device primarily to find nearby stores, followed by checking prices (66%). Only 37% liked to use the device for payment.
These statistics can guide brands and retailers on where and how to invest in mobile. M-commerce is expected to account for $31 billion of sales in 2016, or close to 1% of e-commerce sales ($327 billion), which does not make a compelling case for mobile investment. But mobile is expected to influence $689 billion of in-store and online sales, which makes a compelling case for investment on that front and a more complicated endeavor. Retailers must find out what users are doing on their phone before they purchase, as adding smartphone-compatible checkout is not enough.