I swore out loud earlier today when I read this statistic.
60 percent of retail browsing happens on mobile devices, those devices only account for 15 percent of dollars spent
That’s a massive opportunity, right there.
And what’s interesting is that it’s still with us. Mobile first has been here for years now.
We have good mCommerce models now for regular purchases – Uber and Amazon are two great examples – but for more occasional purchases apps don’t make sense and mobile browsing in its current form clearly isn’t working.
One approach, as taken by our portfolio company Stylect, is to combine entertainment/content with commerce to build an app that people visit daily and purchase from occasionally, but I don’t think this will work for every vertical and what this headline statistic tells us is that there’s a big opportunity to innovate and a large prize for the company that gets it right.