3 Takeaways From Kleiner Perkins’ Internet Trends Report
Kleiner Perkins Caufield & Byers, or otherwise known as KPCB, is a venture capital firm located in Silicon Valley whose “Internet Trends” reports are highly valued and anticipated each year. Their 2018 report was recently released and included some data that dealerships around the country should take interest in. Below we included our top 3 takeaways from the 294 slide PowerPoint presentation. If you’re looking for what was fully covered, without having to sift through all of the data, Recode has a great recap you can check out.
Though smartphone shipments and general internet user growth have plateaued, internet usage certainly has not. For 2017 the average time spent on digital media was 5.9 hours per day per adult user. In 2017, 30 minutes a day was being spent watching video, whereas it was at 20 minutes in 2016. That’s a 50% increase in just one year! Additionally, in 2017 an average of 3.3 hours a day is spent on mobile, while only 2.1 hours a day is spent on a desktop or laptop. In fact, as indicated in the KPCB chart below, mobile has been steadily outranking desktop/laptop since 2013, which brings us to our next point.
Mobile vs. Desktop
With the majority using the internet on their mobile phones, having a responsive website is even more essential. It should be an industry standard nowadays and if your website isn’t responsive, or you’re not sure whether it is, it’s time to contact us to get that ball rolling! As we adapt technology quicker and easier, make sure you stay ahead of your competition rather than in line with them or behind. As indicated in the Recode article, it took us 80 years to adapt the dishwasher, but less than a decade for a consumer-focused internet.
Online purchasing continues to accelerate at a rapid pace. In 2016, year over year growth was at 14%, whereas in 2017 it was 16% with consumers amassing $453.46 billion in online purchases. Additionally, 36% of consumers started with a search engine to purchase online and digital transactions as a whole account for a staggering 60% of everyday consumer purchases as physical store sales dwindle, unfortunately. This is why it’s more important than ever to ensure your digital presence is growing as purchasing habits shift. This is especially showcased by the fact that Amazon alone accounts for 28% of e-commerce sales.
Each year, the KPCB Internet Trends Report is a credible indicator of where the market is going. The report encompasses many different areas of internet and the activity surrounding it. Another article we like that you can check out is Social Media Today’s analysis of how social media and advertising is growing and developing as a result of the KPCB report. In an industry that is oftentimes slightly behind the technology curve, this report provides the information that proves how important it is for businesses to be catering to the digitally-savvy consumer.
Concerned your website and overall digital presence isn’t where it should be? Contact us at firstname.lastname@example.org to start the process of refreshing your online authority to capture more customers.