M-Commerce or mobile commerce is the next generation of the e-commerce world. Any electronic, information, or any business transaction initiated via mobile or mobile networks leading to the exchange of information, services, or goods.
Since internet shopping has become widely popular for many years, people are now turning to one’s phones. M-commerce is making services and applications readily accessible through internet-enabled cellular devices. They are attracting retailers and consumers.
- Mobile shopping presents 40% of our online traffic.
- 8 out of 10 people shop via cell phones
- M-commerce sales have gone to $23.7 billion with Digital Shoppers to 25.3 %.
- Its M-commerce is rapidly growing and it is expected to reach 53.9% in 2021.
Mobile Commerce is the next logical step as far as convenience is concerned. People believe it to be “A retail outlet in your customer’s pocket.
It is acting as a support to many industries and helping the existing ones. That includes Mobile Banking, money transfers, digital content purchase, and delivery, electronic tickets & boarding pass, location-based services, etc.
Types of Mobile commerce:
E-commerce covers varied transactions and can be distinguished into 3 categories as below:
a) Mobile Banking:
A wide range of significant banking-related services is easily accessible through cell phones that make this type of m-commerce highly useful. It is similar to online banking. Mobile Banking involves applications through some financial service companies that are delivering customer services through messaging apps or chatbots. Making available all bank-related activities at your mobile doorstep.
b) Mobile Shopping:
Yielding shopping service via mobile devices just like you shop through an eCommerce store. We have dedicated apps, mobile-optimized sites and social media platforms (Facebook, Instagram) through which you can easily shop. It is one of the most transcendent sorts of m-business that is continually expanding with the increase in no. of mobile users around the globe.
c) Mobile Payments:
This sort of Mcommerce centers around the dynamic advancement in payments acknowledged with cell phones. Shoppers are taking full advantage of many mobile payment options made available to them. Purchase of any items (god or services), paying bills, or shopping is made easy through these. Mobile payments have become an industry of its own making it vast and useful.
Reasons to go for Mobile-commerce:
Slowly and gradually people’s preferred mode of choice is becoming Mobile Commerce. Here’s are the reasons why you should prefer Mcommerce.
The main reason is portability itself. You can purchase, buy from anywhere via mobile devices. It’s like placing the order from anywhere, track through the app, make payments through mobile phones, and it’s done. You’ll get it on your doorsteps. Following the concept of “carry your store wherever you go”
A user can without much stretch access mobile applications from any place. As people consistently carry their phones, it furnishes them with improved openness and their buys can be finished quicker.
Know your customer better:
Through one’s history of purchase items and pattern-formed retailers and owners can collect necessary data and this helps them to enhance our shopping behavior, needs and demands to provide us a good experience. Applications are flexible and we can get valuable data through them. These help to analyze customer behavior and one can customize messages and services to their customers.
There’s an abundance of chances to connect with your customers, help increase sales, and make things simpler for everybody included through these applications. Applications can assist you in changing your cell phone into a ground-breaking gadget. These minor applications can satisfy practically a wide range of prerequisites. They enhance the user experience, making the gadget progressively beneficial to play out plenty of universally useful processing activities.
You can encourage users to make payments through portable wallets. Since these have become a basic part of how you pay for everyday exchanges, the transformation time for each deal can decrease definitely.
Intelligent Site Search:
Site search and navigation play a vital role in e-commerce. Through smart search, it’s easier to find products by just typing on the keywords, as we understand it becomes difficult to navigate through too many pages on 5-inch screens. Smart search has added features like adding dynamic product pages and autocomplete features to search the option to simplify the search. It increased the chances of buying.
Integrating chatbots with mobile commerce has proved to be providing advanced customer services to buyers and increasing conversion rates. These live chatbots are shaping the decisions eCommerce and mobile commerce world by their instant responses, reducing chances of abandonment, resolving queries of customers.
These ensure providing customers a smooth experience to its users across different platforms, channels and networks in a unified manner. Omnichannel retailers attract many mobile customers by improving and refining their experiences through employing strategies. Hence increasing chances of buying and revenue.
Integrating through Social Apps
We get huge traffic on social media which helps to directly pitch services and sell there. it’s more lucrative. The social business pattern will get a move on and sway the whole versatile trade portion in the coming years, without a doubt.
Growth of Voice Search:
Voice assistants are getting more popular through Siri, Alexa and Google Assistants which will have huge image impacts in the coming time. They help in identifying the desired product much fast and reduce the purchase time by nearly half. Mobile Apps have to upgrade to embed voice-activated commands to improve sales revenue.
Mobile Image Recognition
Through image recognition via mobile phones, it is easy to locate products, by just clicking a picture or pointing a camera onto the product. It directly navigates to the result page in response to that image.
This includes choosing a product you wish to buy, and pay directly without even having to fill in details again and again, once you have stored the details; your job is done. You can integrate this option into your mobile apps or mobile-optimized sites. Saves time and makes the process easy and smooth.
Mobile commerce is expanding its reach to smartphones and tablets. It has become safe, quick and secure. In the coming future, it may surpass e-commerce as a mode of choice.