Today, the retail sector is undergoing a seismic change, and this is due to the fast-growing online shopping and mCommerce industry. Here, what are the implications for the individuals and the business? The ubiquity of smartphones, social media, search engines, and change of work and lifestyle is the reason for such growth in this industry. Almost everyone has mobile phones, and it offers enough speed and convenience over the desktop or the laptops to perform some work.
As per the survey, the global sales for the smartphone whilst slowing from their peak, and it grew in the first quarter of 2018 with a 1.3% increase. Nearly 384 million smartphones were sold in the first quarter of 2018 that represents 84% of the told sold mobiles. Here is all about Mcommerce, a growing trend in the current business industry.
Mobile commerce
Mobile commerce or m-commerce, or Mcommerce include several monetary transactions completed with the help of mobile devices. It is the child of technological advancement in the eCommerce industry. It enables the people to buy and sell the goods or services anywhere in the globe just with the phone or tablet devices. To have the complete set of benefits, this allows the people to enjoy the different benefits like,
- Mobile money transfer
- Digital content purchases and delivery
- Contactless payment and in-app payments
- Mobile marketing, loyalty cards and coupons
- Electronic tickets and boarding passes
- Mobile banking
- Location-based services
Different mobile commerce solutions available
- Mobile shopping: Similar to eCommerce, but accessible through mobile devices are said to be mobile shopping. It is now possible to optimize the website to work-friendly with mobile phones and tablets. There are also several dedicated apps and social media platforms to help out in this area.
- Mobile payment: Today, more people like to transfer money through net banking, pay through the credit, debit, or e-wallets when compared to the people who pay as the cash. The mobile way of managing cash is becoming easier and safe when compared to the payment through cash and desktop or computers. So, lots of Mcommerce solutions have risen in recent times.
- Mobile banking: Today, almost all the banks are allowing the customers to use the Mcommerce service and application, mobile apps, and internet banking services. Here, people can do all the bank related activities. Several banks also offer the option of using the Chatbots, where the customers can have the doubts cleared at any time. So, running to the banks at the busy working hours is completely stopped here.
What can you expect from the m-commerce solutions?
Ecommerce has already made the shopping more convenient and easier, where the users can easily access,
- An array of products
- Compare the price
- Shop the product with the convenience of being at home
When it is the Mcommerce solution provider, the options are still wider. Now, people do not need to look for a personal computer or the desktop to place the order. There are several mobile commerce applications that will allow the user to shop. Some elements also work to enhance the performance of such a way of shopping, and these are,
- Augmented reality: It is the recent technology where the top retails will use to present a compliment to their mobile commerce business application.
- Chatbots and messenger apps: Several Mcommerce App comes with the Chatbots are the tools that will help the users to get cleared with their doubts at any time. These are the pre-programmed tools that will act for the queries of the clients instantly.
The best omnichannel experience
Omnichannel experience is when the store sells the products through both the online and offline modes. The online channel will show the time that a customer is spending time on the site and the products or the websites they are navigating. This will increase the contextual commerce, which is the strategic one to overarching omnichannel terms. However, modern people show more internet to shop online when compared to offline shopping. This factor further emphasizes more on Mobile commerce development.
What to expect in the future of mobile commerce?
The most prominent trend of mobile commerce is the growth of the share market. When looking back for the statistics, Mobile commerce spending in 2018 was 501 billion, and this is expected to grow up to 740 billion by 2023. It is all about the customer’s desire to have more information on the website on mobile phones. Several studies also confirm that 80% of smartphone users want more product information when they are using mobile devices for shopping.
The Mcommerce service and application are considered to be more convenient and offer more satisfaction with the mobile-friendly format. The last big trend by far is the rise of tablet commerce where people do more work on themselves. Without any surprise, 55% of the tablet owners will use the tablet for online shopping, and 28% of the shopping will be completed on mobile devices.
Wrapping it up
With such importance, several entrepreneurs are looking for Mcommerce solution providers. There are lots of such people around you. However, ensure you choose the right one based on your needs and have the best results and steady growth out of the m-commerce method of shopping. Update to the modern business world and carry things in the right way to be successful.
Author’s Bio: Harshal Shah is the CEO of Elsner Technologies Pvt. Ltd. He has an overall experience of more than three decades in the IT industry. His area of interest lies in writing interesting pieces of content mostly on topics relevant to different types of CMS platforms. He wants to ensure that readers get acquainted with multiple web development tools & techniques so that we are able to build a technology-driven world for the future.
Infographic created by Clover Network, a contactless payments company
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