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Commerce is the fundamental mechanism supporting any economic activity. Technological improvements that facilitate mCommerce and eCommerce development, reduce transaction costs and provide more information to customers leading to efficiency gains for the entire economy.
We are now in the midst of a new wave of efficiency gains resulting from the rapid expansion of mCommerce. There have been significant advances in eCommerce as well as mCommerce throughout the time that have led to technical improvements and brisk shifts on larger scales.
eCommerce, also known as Electronic Commerce or Internet commerce is the process of buying and selling goods or services over the internet. It pertains to a website that sells products directly from the website through online transactions that are valid in the mobile-optimized world of the products and services delivered online in all different forms.
Ecommerce business models have allowed businesses to establish a market presence or to enhance an existing market position by providing a cheaper and more efficient distribution chain for their products or services.
Mobile commerce, also known as mCommerce is the process of performing business transactions using handheld mobile devices that are connected through various networks. These business transactions may range from selling and buying goods, making mobile payments, playing online games, downloading audio or video content and using numerous software applications or getting mobile tickets.
M-commerce is considered the next generation of eCommerce making online transactions smoother than ever. As a form of eCommerce, m-commerce enables users to access online shopping platforms without the need to use a computer.
Mobile phones are the primary choice of buyers for shopping online, more than 48% of customers search for a service or product on Google through their mobile devices. Some statistics convey that more than 77% of US shoppers compare prices on their mobile phones prior to purchasing them from the physical store.
The enormous growth in smartphone usage and the shift towards the handset as a primary device has driven businesses to aggressively push towards mobile-centric strategies. But with so much emphasis on creating a great-looking and high-performing website, are you paying heed to what customers really want?
In recent years, market orientation has changed to customer orientation so there is a significant surge in the need to shift from eCommerce to mCommerce. Here are a few other noteworthy benefits of mCommerce:
Time-saving: As mCommerce platforms tend to load faster, it decreases the loading time significantly and usually translates it into increased sales velocity for your business.
Better user experience: The familiarity with smartphones makes it easier for customers to navigate through mCommerce resulting in a smooth user experience.
Brand recognition: It allows the brand to easily turn heads through features such as push notifications, accelerating app retention rate, brand recognition and return on investment.
Data analysis: mCommerce applications make it easier to gather relevant information and data on buyers’ persona, developing a better strategy and conversion rate.
M-commerce provides fast connectivity between mobile users irrespective of their geographical location and time of the day. The rapid growth of wireless and mobile technology has increased the scope of mCommerce in developing countries. M-Commerce covers a large range of transactions, they can all be categorized as one of the three types:
Mobile shopping offers more convenience for customers in reading reviews, comparing prices and making purchases without the need for a desktop computer. With the newfound power of mCommerce, customers can now shop freely through mobile apps while accumulating vast amounts of information pertaining to their immediate shopping needs.
Mobile banking refers to the ability to transact money from mobile devices such as smartphones, tablets, etc. It allows you to send money to other parties irrespective of their location. Mobile banking has emerged as a wireless communication channel for creating value by customers in banking transactions.
These payment methods are becoming more and more common among all age groups. Especially with Covid 19 customers are becoming more cautious about social distancing and are preferring digital wallets and mobile payment apps for paying whatever they are purchasing.
M-commerce has several benefits over its fixed counterparts because of its unique in-built characteristics promising exceptional business market potential and greater efficiency. Here are the benefits of mCommerce:
Ubiquity: The use of wireless devices enables the user to receive information and conduct transactions anywhere, at any time.
Accessibility: Mobile devices enable the user to be contacted virtually and the user also has the choice to limit their accessibility to particular persons or times.
Localization: The emergence of location-based specific applications will enable the user to receive relevant information on which to act.
Convenience: The portability that comes along with mobile phones and wireless devices helps in storing data to access any information.
The idea of shifting from an e-commerce platform to a mobile platform can be staggering. Although, through different supporting platforms the transition can be made swift. As your mobile application and eCommerce website will share the same database, you won’t have to worry about establishing a whole new data center.
Moreover, it’s vital that your mCommerce app offers an end-to-end user experience through pleasing aesthetics and high-end functionalities.
Let us walk you through the shift from eCommerce to mCommerce.
The most crucial step is to make your mCommerce platform mobile-friendly. For instance, Shopify provides unique and convenient mobile management for your store. Using it, retailers can manage their product inventory, fulfill orders, view traffic and figure out sales directly from their mobile devices.
These customized applications allow flexibility in design as well as functionalities. Before you take the big leap of faith in shifting from eCommerce to mCommerce, make sure to discuss your needs with your technical partner.
A user-friendly application with a smooth shopping experience is not all that is needed to build a successful mCommerce application accelerating sales. Recent advances in mCommerce enable users to conduct commercial activities anywhere and anytime.
In this new environment, the development and designing of an appropriate application constitute both a necessity and a challenge at the same time in order to support the user.
The best option is to choose a specialist mCommerce development company with an extensive portfolio and relevant domain experience in delivering successful projects.
As customers are becoming more demanding not just in the way they choose to buy but also in the ways they wish to communicate with businesses, a lot of traditional online experiences simply aren’t enough so mCommerce owners need to integrate live chatbots. In fact, more than 50% of customers say that they’re more likely to shop with a business that they can connect with via chat.
Canned responses are predefined email notifications for frequent replies with which the support reps can reply to emails hassle-free. They can be sent to the frequently raised requests and reduce the response time while providing a personal touch to the request.
You can feasibly manage your mCommerce store by streamlining various processes. It can lower costs by reducing the expenses associated with hiring and back operations efficiently. Outsourcing not only lowers operational costs but streamlines functionalities so that you can handle other important aspects of your business.
By 2024, the number of mobile shoppers in the US is expected to exceed 187 billion. Moreover, the worldwide mCommerce share in eCommerce is expected to reach 72.9% globally in the next couple of years.
The most important factor in online purchasing is user experience. Research shows that customers prefer mobile apps over eCommerce stores because they find them more convenient, product loading and browsing are quicker; also, the checkout is easier, content is more personalized, user information gets stored and they tend to find better deals.
However, mCommerce is so much more than that. This new trend has given wings to brand new industries and services and is helping existing ones to soar in new directions.
Also Read: Mobile Commerce Strategy and trends 2022
The market of mCommerce is changing rapidly because of technology. Customer engagement through mobile apps goes one step ahead of the previous years, every year. Conclusively, developing a mCommerce platform is a great way to turn first-time shoppers into loyal advocates.