In simple terms, Mobile commerce or M-commerce entails e-commerce transactions taking place through mobile phones. Therefore, M-commerce is noted to be the proficient use of mobile phones for conducting any form of the business transaction. It is designed to take help of the e-commerce based background and even the noted WAP technology.
Proficient use of the WAP is for conducting good sales, providing services, making payments and focusing towards some of the other financial transactions. It will further talk about the exchange of information, which is also the current basis of mobile commerce. M-commerce is mainly one growing sector of the e-commerce category. Around 70% of the online transactions will take place from mobile phones. On a global scale, this is one 700 billion dollar industry you are talking about for sure. To learn more about mobile commerce and its full potential, you better check out at Nationaldebtreliefprograms for the right help in this regard.
The applications revolving around M-commerce:
Apart from being associated with straightforward m-commerce based transactions, there are multiple other applications, which are related to the mobile commerce category. Checking out some of the alternative applications will help you get to the result well.
- The first use is associated with mobile banking. M-commerce is used in a mobile website or application for performing all kinds of baking based functions. It is always a step ahead of online banking and has become commonplace nowadays. In Nigeria, most of the banking transactions take place on mobile.
- Another notion is focusing on e-bills. This section will include mobile vouchers, redeeming mobile coupons and loyalty points or even the card systems.
- Then you have auctions as another option over here. Online auctions are now developed to be made available via mobile phones.
- Mobile ticketing and booking form another major characteristic of m-commerce. Making any booking and then receiving tickets on your mobile phone is now a common phenomenon and will not take more than a few seconds from your side. The digital ticket or even the boarding pass is then sent directly to phone after making the payment from it.
- Right now, the stock market is revolving around the idea of m-commerce quite a lot. Stock market reports and even the stock market trading over mobile application has now become a common agenda to consider over here.
Why do you think mobile commerce really matters?
You will be amazed to know that mobile e-commerce sales will account for around 34.5% of the entire e-commerce sales a few years back in 2017 and this number keeps on growing for sure. It has been estimated that by the time 2021, mobile-based e-commerce sales are expected to account for around 54% of entire e-commerce sales. The number might change depending on the current functionality but will always grow.
- By this point, your online store might have been made accessible on mobile devices. Well, that does not mean that the business is automatically ready for any mobile commerce.
- As per the numbers suggested by eMarketers, you are missing out a lot of sales if you have not tried out the m-commerce sales that often. It has been found out that around 12% of consumers will find shopping on mobile web convenient. But, there is always room for some more improvements to make.
- The use of mobile is always influencing the buying decisions even when you are associated with the retail store. Around one-third of the decision to purchase is mainly influenced by just looking up at some of the added info on the product through mobile devices.
Common benefits involving mobile commerce:
It is really important for you to check out the common benefits, which are associated with the world of mobile commerce. This way, you can take advantage of this portion for a longer span of time lately.
- It can always opt for better overall experience for the customers. E-commerce has already made shopping rather convenient for you. Consumers are now given direct access to wider product varieties, competitive pricing and everything else, without stepping away from the computer. With the help of mobile commerce, they can enjoy all these benefits without the use of desktop at all.
- Phenomenal growth potential is another interesting point when it is associated with m-commerce section. marketers will expert the global e-commerce sales to be reaching to $4 trillion by the end of 2020, which will be representing around 15% of the entire retail sales. Along with that, the percentage of the belonging associated with m-commerce will also grow as more online retailers will check out around 50% of traffic, available from mobile devices.
- You might have heard about the term omnichannel experience, where the stores sell online and offline. They are likely selling through multiple channels online. You cannot deny the importance of listing product wherever customers are spending their time already. It is called contextual commerce. Omnichannel is a major part of m-commerce and about the location of your customers and making it possible for them to purchase what they want from where they plan to.
Differences between e-commerce and m-commerce:
E-commerce came into being in the 1970s and m-commerce was invented in 1990s. Electronic commerce has the narrower reach when compared to mobile commerce as most people are using mobile or smartphones these days. Moreover, it can be well stated that e-commerce is mainly a less costly method. Setting up a website and using the internet has become relatively lesser costly methods. On the other hand, you have m-commerce, which is expensive because of the creation of the mobile app and even the need for using the cellular data, designed for the customers only.
Even there is a slight difference between e-commerce and m-commerce sector, you cannot deny the importance of mobile commerce for a change. The more you research, the better you are subject to learn about mobile commerce and why you need to use it for a change. Your business will soar up to another level over here.