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If you are at your workplace or in a public place, look around and you will find virtually everyone with a smartphone. While half of them may be socializing on different apps and platforms, online shopping is also one of the top activities in which they indulge. With mobile devices in our hands, online shopping is one fun activity after socializing that is interesting and addictive at the same time.
Mobile commerce or m-commerce is one of the fastest-growing sub-categories of e-commerce and is poised to take over all of the others in the near future. The stats tell the same story as in the US; over 49% of consumers use mobile phones for shopping. At the end of 2019, over 61 million people in the US will use mobile payments as the preferred way.
Just look at the following stats, and you will have a good idea why m-commerce is the future.
- There are 5.1 billion unique mobile devices worldwide.
- 49% of web traffic comes from mobile devices.
- 61% of US consumers use smartphones on online stores to compare prices.
- Smartphones will make up 34% of all US ecommerce sales in 2019.
- M-commerce sales will comprise over 50% of all ecommerce sales by 2021.
Look at the stats mentioned in the picture above and see the percentage share of m-commerce in ecommerce. In the last 2 years, it has increased substantially and will continue to do so in the next year and in 2021 too.
If you still don’t have a good idea why I am emphasizing on m-commerce, the reasons are aplenty. M-commerce has made our lives easier as what it was around 10-15 years ago. Factors like mobile banking, contactless payments with Apple Pay, or PayPal, for example, and use of online boarding passes/e-ticketing, are all by-products of m-commerce. Most of use mobile money transfer services and
For any mobile app development company, it is imperative for them to have complete knowledge about m-commerce, to produce a great app. When we talk of in-app marketing campaigns for any company, like discount coupons or mobile-only deals, the role of an app developer can be the difference.
Benefits of M-Commerce
Better overall experience for customers and phenomenal growth potential are two of the great benefits of m-commerce for businesses. Startups and small businesses need to tackle this aspect pretty seriously as they can’t shell out money on traditional marketing like print and outdoor. M-commerce can be helpful for companies in case of the omnichannel experience, i.e., selling through both online and offline.
One benefit that I would like to describe in detail is a variety of payment options. A critical aspect of m-commerce is all about offering the best support for people looking to use it to the best of their advantage. The diversity of payment options can be a burden on the companies offering this service to their customers.
While there are dozens of advantages of m-commerce, I will discuss the top 7 which has made m-commerce
- Mobile Wallets
Mobile wallets are virtual wallets used to store payment card information on mobile devices. One problem that users encounter is that there are very few universal wallets available. Many mobile wallets are not available in all geographical locations, thus giving consumers little choice in this concern. One good example is the Netherlands, where only a payment system named iDeal is primarily used. If you don’t have iDeal in the Netherlands and trying to launch a product, chances are you will suffer big time.
IP addresses can be used to automatically fill in a country’s preferred payment option as your customer is about to check out, but there is a catch here. Offering more choices for payment isn’t always a good option as the high number of choices often leads to a decrease in sales. Providing the right mix of payment options when your online store is about to be launched is essential so that you don’t face any real issues at the start of your business.
- Ideal Customer Experience
The use of mobile apps is one aspect that offers a great customer experience for anyone looking to use m-commerce services. Finding a product within a few clicks is what makes a customer highly satisfied with the experience. And when such a customer shares his experience within his social circle by adding a review or feedback, any company can benefit greatly, as word of mouth is the fastest and cheapest way of marketing.
- Easy Navigation
M-commerce app that is packed with functionality to let customers navigate the closest physical store or an office location can be beneficial for them. Through an active GPS connection, available in all smartphones, it can improve total store visits and make the process of branding easy. Companies like McDonald’s and Nike do it best to give the potential customers location of their physical stores if they are interested in visiting them.
The only thing mobile users have to do to get perfect in-store experience is to switch on their geo-location settings.
- Push Notifications
Push notifications have a major advantage against all other types of notifications, and it is that they are received by customers, even without opening the app. For companies, there are several reasons why it serves the purpose well as it is one of the quickest ways to engage with their current and potential customers.
Push notifications are received instantly by the end-users, just like a text message, which makes them an excellent medium for any company. New product announcements, discount offers, and updates for a new version of app can be shared through push notifications and compel all of us to explore the suggestions, helping m-commerce boom.
- A Quicker Solution to the End-User
Mobile apps can be as much as 1.5 times faster than mobile sites in terms of loading data and searching for products. Through mobile apps, customers can easily make repeat purchases, as they don’t have to enter their personal information and sensitive data each time. This has been a great feature in the success of m-commerce.
- Low Cost and Enhanced Productivity
M-commerce allows you to reach out to customers very quickly. Cutting down on marketing costs is one of the factors that startups and SMEs look for, and mobile sites allow them just that. Initially, a mobile website may require some investment in terms of development, but in the long term, as compared to a physical store, it costs less.
M-commerce app, coupled with a mobile site and social media integration, can help companies boost the prospects of mobile users to spread the word about the application if they like it.
- Customized Content for Each User
As an individual, we all need a different type of content that suits us. M-commerce uses personalized content to deliver personalized featured articles, blogs or any information a person is looking forward to based on his preferences. However, companies need to be wary of the fact that they need to set specific audience preferences based on collected customer data. Upon tracking user behavior, mobile websites or apps can recommend products or services for a user in real-time.
Over to you
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