Mobile spend to hit $380 billion in 2020 with great implications for businesses
As consumers reportedly averaged 3hrs 40minutes on their mobile devices in 2019, 35% more than recorded in 2018, this year is expected to be higher. Consequently, global analytics firm, Annie App, estimated that consumer and ad spend on mobile devices in 2020 will rise to $380 billion.
The implication for companies with mobile focus is huge. The analytics firm already portrayed mobile-focused companies as having higher valuation than firms relying on brick and mortar. Citing Uber, Amazon and Alibaba, e-commerce based companies are expanding at a higher rate than the rest.
Mobile-compliant Enterprise Resource planning portals of companies, video streaming, mobile gaming, social media ads, and subscription based management apps will drive revenue for brands willing to tap into the growing mobile economy.
According to App Annie, the new wave of consumers known as ‘Gen Z’ are avid mobile freaks. The firm explained, “Gen Z is becoming an increasingly strategic segment to business. Mobile is Gen Z’s native language. This demographic is highly engaged with apps: they have 60% more sessions per user in the most popular apps when compared to older generations”.
Mobile has become a significant part of consumers buying habits. Convenience, reach and deeper assortment serve as key highlights among several advantages provided by the new media. Hence brands will do well to invest their money where their target consumers are located to reach key demographics.
Since Nigeria is expected to house one of the largest young population worldwide, Gen Z marketing should form substantial part of the overall marketing efforts of every business in the country. It starts with placing more ads on social media, connecting the platforms with firms’ e-commerce portal and using payment gateway backed by enterprise resource planning portal.