Marketing Dive just came up with a new study that talks about the prevalence of mobile when it comes to influencing eCommerce. Let’s not waste too much time on an introduction and get straight to it; it won’t be statistically heavy, so you can loosen up a bit.
Taking a Dive
Marketing Dive’s brief covers three main hypotheses:
Digital commerce spend exceeded $1 trillion in 2022, a 21% year-over-year (YoY) increase, according to Comscore’s 2023 State of Digital Commerce Report. The total marks the highest year of digital commerce ever.
Mobile also commanded nearly 40% of digital consumer retail spend in Q4, and spend on mobile devices exceeded that of desktop devices, growing 26% and 14% YoY in the same period, respectively.
Social commerce also demonstrates a growing influence within the retail ecosystem. Sponsored content by retailers experienced higher consumer engagement across Facebook, Instagram, and TikTok.
Less than a decade since its introduction as a tracking measure for Comscore’s digital commerce trends, mobile now commands nearly half of all digital transactions in Q4, indicating how convenience has become a major driver of consumer shopping behaviors.
Serving as further proof of its influence, mobile’s share of digital spend also placed high in the fastest-growing digital commerce category. Mobile accounted for roughly 38% of the total retail category in Q4. The data essentially highlights the pandemic’s influence on digital commerce. In 2020, spending was just over $705 billion. Come 2021, that number spiked to $904 billion. Last year, it crossed the $1 trillion threshold – a figure that previously took around 4 years to achieve, as noted by Comscore Senior Director of Insights Ian Essling.
Seamless and convenient online purchasing also seems to be a major driver of social commerce. As per Comscore’s report, engagement with sponsored content by retailers and CPG brands grew 153% on Facebook and 175% on Instagram, respectively, between Q3 and Q4 2022. Likewise, TikTok has seen stupendous growth, with its retail and CPG content viewership increasing 407% YoY (2.4 to 12.1 billion) in 2022 from 2020.
The Wrap
The big question that remains is whether or not platforms can turn this interest into something actionable. While Accenture has projected social commerce will grow to $1.2 trillion by 2025, most platforms and their strategies are in the ‘touch-and-go’ stage. Both Facebook and Instagram have been fickle with their respective eCommerce integrations, with both likely to abandon their initiatives before we reach half-year. Regardless, there are some useful insights here, so we highly recommend keeping a copy of Marketing Dive’s study to help guide your future eCommerce plans.
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