From ownership figures to usage amounts to the value of the market itself, mobile is booming faster than ever – so it amazes me how many businesses are still not 100 per cent engaged in optimizing their mobile strategies and maximizing the revenue opportunities available in mobile apps.
In the US for example, a new report from mobile app analytics firm Flurry shows that the ad inventory of mobile apps – a two year old market – is growing at a rate so fast, that soon it will match the entire online ad spend for US web display ads – a 15 year old mature market.
The exact figures predicted are that the value of mobile app inventory will rise from $300 million in January 2011 to $1 billion by the end of 2011. According to the firm, this rapid growth is due to the staggering rate at which smartphones usage is rising – over a million device activations daily. Clearly, any business which doesn’t have a mobile strategy in place is losing out – big time! – on potential revenues.
Noteworthy figures from ONS also released last week show that mobile internet use and smartphone ownership have rocketed in the UK over the past year. Compared to just 44 per cent a year ago, 71 per cent of 16-24 year olds are now using their mobile devices to go online. Again, this presents a significant revenue opportunity for businesses in every industry.
Interestingly, another survey on the UK retail market earlier this year revealed, amongst other key statistics, that less than one in five retailers reported having a mobile strategy fully in place and almost a third have no plans to implement one at all. The research also showed that 60 percent of consumers use mobile internet to make decisions in a store or while shopping online.
Indeed, all these statistics should certainly act as a wake-up call to any organization without a mobile strategy. With the proliferation of increasingly low-cost yet high-quality portable devices, the rate at which the mobile market is expanding will only speed up.
Increasingly popular technologies such as NFC will also act as catalysts in bringing mobile into every imaginable aspect of our daily lives. Any organization failing to capitalize on the opportunities available in mobile and neglecting to implement a multi-channel strategy will quickly get left behind.