The meaning of M-commerce (Mobile Commerce) is the buying and selling of goods and services through wireless handheld devices such as smartphones and tablets. As a form of e-commerce, m-commerce enables users to access online shopping platforms without needing to use a desktop computer.
Examples of m-commerce include in-app purchasing, mobile banking, virtual marketplace apps like the Amazon mobile app, or a digital wallet such as Apple Pay, Android Pay, and Samsung Pay.
Expansion of M-commerce
The usage statistics of a recent survey by TechCrunch clearly show that the number of people using apps is a lot more than the ones that use websites. The portability and the easiness that comes with a mobile device have favored the trend towards applications over the past couple of years. An application thus escalates the engagement of users with the blog or website that you are promoting.
Mobile applications have risen has a significant method to surge the brand value and user interface. Some plugins and applications have been present since the beginning of WordPress and therefore it is advisable to go for such plugins and applications with years of experience and a substantial customer base rather than try out new ones.
Whereas the old ones are regularly updated and the problems faced by the newer applications might already be solved.
The expansion of m-commerce is gradually increasing. The main reason is smartphones. Most of the users need a hands free approach and smartphones tend to give that. It’s a lot easier to operate your phone rather than your laptop.
Think about it, the amount of time it takes just to get started on your laptop. Smartphones are hassle-free and ready to go at all times. Whereas a personal computer just won’t fit the scenario. Smartphones are also easier to charge compared to PCs. These are the reasons why more mobile applications are booming.
And one of the fundamentals as to why the sudden surge in m-commerce. Over time, content delivery over wireless devices has become faster, more secure, and scalable. As of 2017, the use of m-commerce accounted for 34.6% of e-commerce sales.
Easy Mobile E-Commerce
Customers on phones, phablets, and tablets are a growing demographic, and WooCommerce makes sure your customers have a great experience no matter which device they are shopping from.
- Mobile-Friendly – “mCommerce,” or Mobile e-commerce, commands a large portion of online sales, with projected growth skyrocketing. WooCommerce is mobile-friendly so that you never miss out on a sale due to your customer’s device.
All of this, and so much more, is bundled right into the core plugin – enough to set up your own e-commerce store right out of the box.
Just in case, though, there are WooCommerce extensions.
The industries affected most by m-commerce include:
- Financial services, which includes mobile banking (when customers use their handheld devices to access their accounts and pay their bills) as well as brokerage services, in which stock quotes can be displayed and trading conducted from the same handheld device.
- Telecommunications, in which service changes, bill payment, and account reviews can all be performed from the same handheld device.
- Information services, which include the delivery of financial news, sports figures, and traffic updates to a single mobile device.
Types of m-commerce
Mobile shopping allows for a customer to purchase a product from a mobile device, using an application such as Amazon, or over a web app. A subcategory of mobile shopping is app commerce, which is a transaction that takes place over a native app.
Mobile banking includes any handheld technology that enables customers to conduct fanatical transactions. This is typically done through a secure, dedicated app provided by the banking institution. Mobile payments enable users to buy products in-person using a mobile device. Digital wallets, such as Apple Pay, allow a customer to buy a product without needing to swipe a card or pay with physical cash.
How mobile commerce works
With most m-commerce enabled platforms, the mobile device is connected to a wireless network that can be used to conduct online product purchases. For those in charge of developing an m-commerce application, important KPIs to monitor include the total mobile traffic, the total amount of traffic on the application, average order value, and the value of orders over time.
Similarly, tracking the mobile add to cart rate will help developers see if users are becoming customers. M-commerce developers may also be interested in logging average page loading times, mobile cart conversion rates, and SMS subscriptions.
In terms of mobile payment products specifically, they operate through a form of peer-to-peer (P2P) sharing. Once a mobile device is paired with a bank card’s information, the phone can be waved over a payment terminal to pay for a product. This contactless payment using a mobile device is possible due to the use of Near Field Communication (NFC).
Advantages and disadvantages of mobile commerce
The advantages of m-commerce include:
- Added customer retention by being more easily accessible.
- More convenience for customers in comparing prices, reading reviews, and making purchases without the need for a desktop computer.
- Wider variety of products and services.
- Automates a businesses’ point of customer contact and sales.
And as eMarketers numbers suggest, you could be missing out on a lot of sales. More importantly, our use of mobile is influencing our buying decisions even when we are in a physical brick-and-mortar store.
It has also served as a trigger for new industries and services or helped existing ones grow, including:
- Mobile money transfers.
- Electronic tickets and boarding pass.
- Digital content purchases and delivery.
- Mobile banking.
- Contactless payments and in-app payments.
- Location-based services.
- Mobile marketing, coupons, and loyalty cards.
By now your website – and online store – should already be accessible on mobile devices, but that doesn’t automatically mean your business is ready for mobile commerce.
The drive to work should always be there with a digital marketer. Moreover, the thirst for knowledge, to learn new things! Mobile commerce is an increasingly large subset of E-commerce, a model where firms or individuals conduct business over the internet.
The rapid growth of mobile commerce has been driven by a number of factors, that have been explained. The only action left to do is to charge into the wave and get hold of the market that is expanding rapidly.