Mobile spend to hit $380 billion in 2020 with great implications for businesses

Date:

Share post:

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.

Toyin Afilaka
Toyin Afilaka
Toyin Afilaka writes with simplicity and insight. He aims to enrich the Nigerian small business landscape. Through Hustle24 he connects entrepreneurs with information about new policies, enterprise solutions and opportunities that will aid their 'hustle'. He has written extensively for CobraReview, a product review portal, and served as a lead project manager for MarketingMix where he consulted as PR consultant for MTN Project Fame and Business Next Titan etc.

LEAVE A REPLY

Please enter your comment!
Please enter your name here
Captcha verification failed!
CAPTCHA user score failed. Please contact us!

Related articles

HBR: Four (4) Approach to Diversifying Your Business – Graham Kenny

Summary: Although conventional wisdom suggests that companies should look for growth opportunities close to their core businesses and...

HBR: How to Become a Super Communicator at Work

by Charles Duhigg Summary.    We’re not born knowing how to communicate effectively. Rather, great communication is a skill that nearly anyone...

Opportunities: Orangle Corner Nigeria dangles 40,000 Euros funding before young entrepreneurs

Applications are now open for the 10th cohort of the Orange Corners Nigeria Incubation Programme. The Orange Corners...

Demography key factor in Nigeria’s real estate sector’s evolution – Bartholomew Egbochie

Despite the challenges in the operating environment, experts are projecting growth in the real estate sector. Mr Bartholomew...