Although brick and mortar stores have served the needs of the general population very well in the past, the e-commerce portal has now become an important player in the commercial markets. However, mobile commerce has taken up a major share of the total e-commerce spend to reach nearly 72.9% in 2021, recording a near 40% year-on-year increase. So, M-commerce is expected to be a dominant channel for businesses and services in the near future.
M-commerce is growing:
M-commerce or mobile commerce directs the online business via the mobile device application, which could be smartphones or tablets, using wireless connectivity to the internet. Convenience is the keyword in this online shopping experience, thanks to the increased spread of wireless networks and the proliferation of mobile devices, like the smartphone. The number of smartphone users has snowballed to nearly 2.87 billion by 2020 and billions of them are expected to make some sort of transaction over the m-commerce platform. The number of mobile apps being launched keeps on increasing because of the popularity it enjoys with users. Most trades, businesses, and organizations are tapping on this app market to make their online presence augmented.
How the future is going mobile:
E-commerce means a spectrum of commercial business over the internet and the mobile platform to access this channel which is a very large part of it, is m-commerce. These terms sometimes overlap or are interchanged just because of the progression of m-commerce.
As people refer to convenience a ‘mobile-first strategy’ has time and again proven to be the approach for healthy growth for businesses. During the COVID-19 pandemic which disrupted normal life and forced lockdowns, the e-commerce platforms and mobile apps turned into an important channel for business and service. Considering the billions of users worldwide, brands are transforming their typical shopping experience into a unified one for them. This means that at every point of the shopper’s journey on a device of their choice, the user experience remains consistent, streamlined, and seamless experience.
Advantages of mobile commerce:
Easy access to stores online. M-commerce helps customers to discover products using connectivity on wireless smart devices, without physically traveling to a store. They can easily buy products available in the market going online. Therefore, online stores can continually update to deliver a better buying experience.
A new channel to penetrate the market. Mobile commerce offers a new marketing channel via mobile apps. Apps serve multiple functionalities, like giving information, news, prices, a search feature, and many more. It helps to sell products quickly to the end customers. Sales promotion using push notifications, help to direct interaction constantly with buyers with offers and reminders.
Location tracking & personalized notification. Mobile apps with GPS tech offer location tracking. This provides assistance to consumers in navigating or discovering transport services. Brands can send location-based push notifications with offers and discounts to increase sales and conversions.
Cost reduction and productivity. For brands, reaching customers on mobile app reduces the cost of marketing campaigns, such as for paper newsletters, brochures, or SMS messages. With social media integration, customers can help to spread the word. In-app advertising also can offer revenue to the brand.
By upgrading your e-commerce site to be mobile-friendly, or developing a unique mobile app, Android, or iOS apps, you are likely to attract more customers and business. Google says 67% of people are probable of buying from such sites and 61% are likely to move away if the site is not mobile-friendly. Good user experience found in Mobile Commerce can significantly improve your ROI.
Payment options for the purchaser are important in mobile commerce and implementing choices in payment methods will add to the shopping experience. Payment gateways, barcode scanners, and other methods facilitate the online shopping experience. There is also cost-saving in using online methodologies and internet banking. Mobile Payment is rapidly on the rise, just second to debit/credit cards, as it is found to be quicker, effortless, and wirelessly convenient.
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