What is Mobile Commerce
You’ve all heard of e-commerce and its reputation with consumerism. We know that prime examples of e-commerce such as Amazon have dominated the online shopping industry. Now let’s dive into the idea of mobile commerce, or what’s typically known as, “m-commerce”. Mobile commerce is the distribution of buying and selling goods but through wireless handheld devices. Pretty simple, right? Well, brace yourself because this article’s about to examine the perks of m-commerce and why you need to use it for your business.
- M-commerce definition
- Why mobile commerce
- How M Commerce works
- Types of Mobile Commerce
- Benefits and Challenges of M-Commerce
- Ways to Improve Mobile Commerce
- M-Commerce Applications and Examples
- M-Commerce Statistics
- M Commerce integration within Marketing Strategy
- Steps to Improve Mcommerce Page Speed
- M-Commerce Vs E-Commerce
- Future of M Commerce
Why Mobile Commerce?
Because it’s the fastest way to communicate with a customer right then and there. M-commerce is an innovative way to interact with customers in a unique way because everyone who owns a phone, tablet, and laptop will get automatic direct alerts, which keeps them ahead of the game when it comes to keeping tabs on trends.
How Mobile Commerce Works
Just like e-commerce, customers have the advantage of browsing on an online service that lets you buy and sell products. However, m-commerce allows location-based services, which immensely benefits shoppers since it filters out options based on where they are.
Types of Mobile Commerce
Before we get down to any examples, here is a little breakdown of the types of Mobile Commerce.
- Mobile banking: Whether it’s scanning checks, or making a deposit, mobile banking has made it easier for people on the go to manage their finances with just a press of a button.
- Mobile shopping: Another trend that brands are gradually getting on board with. Mobile shopping is quite convenient nowadays because as long as their good Wi-Fi is around, then that leaves all the time in the world for shoppers to browse during any time of the day. Isn’t that brilliant?
- Mobile paying: Probably the best concept of paying in the 21st century. Say, you forget your wallet at home or don’t want to deal with the hassle of pulling out your wallet. With mobile paying, it makes life a lot easier with just a scan of your card through the phone.
If you’re curious to learn more about the different types of services and applications that m-commerce has to offer then head over to our article, “6 Important Types of M-Commerce Services and Applications”.
Advantages and Disadvantages of Mobile Commerce
Yes, m-commerce has its advantages and disadvantages just like any other platform, tool, or software application. Now, let’s dive into the whole concept.
This has to be the best advantage there is with m-commerce! When you provide easy access to your business through m-commerce, users will most likely use it more often than you’d think. Why? Because it’s available on the go whenever, wherever!
Going hand in hand with easy access, having a better user experience is an essential part of every marketing strategy. Whether it’s providing a “save” feature for a user shopping cart or a smooth and easy checkout process, it’s important that user experience is taken advantage of when converting into m-commerce.
Being a part of m-commerce means that you will increase your return on investment rates. This would also mean that because of the amount of convenience that m-commerce has for its users, it will definitely benefit the retailer end of businesses due to the high ratio of your brand’s ROI.
As for obvious reasons, m-commerce gains lots of traction when it comes to shopping. Furthermore, the attraction is a large advantage to m-commerce because anyone who owns a wireless handheld device will be able to see different platforms of marketing that advertise and promote m-commerce brands.
One of the biggest barriers that m-commerce tends to deal with are issues with connection. Although it could depend on a customer’s carrier, the Wi-Fi connection of a location, or the page speed for your m-commerce brand, dealing with the difficulty of loading pages can be a pain, and sometimes inevitable.
There is a constant fear of losing personal data. Installing your credit card or bank account number into an m-commerce application can lead to the premonitions of identity theft and trust issues.
Limitations of Wireless Handheld Devices
Not to single out certain target audiences, but not owning a wireless handheld device is another reason that would lead to the disadvantages of m-commerce. However, this chance seems fairly low since the majority of the world relies on technology so often.
People who refuse to habituate
Yes, routines are important. However, it doesn’t hurt to change things up a bit. M-commerce is a foreign concept to some people, those types of people tend to lean towards the refusal of change can contribute to this factor.
What are the Ways to Improve Mobile Commerce
To keep it short and simple, the main way to improve m-commerce would be not making the same mistakes twice. Yes, there are chances that you may run into a problem with your m-commerce brand. However, it’s important to realize that learning from a mistake will lead to growth for your business.
However, other solutions that will improve m-commerce include: implementing new email designs, diverting your attention to abandoned shopping carts, and using social media to your advantage to promote your brand.
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Examples and Applications
There have been plenty of examples of e-commerce, but now it’s time for m-commerce to have the spotlight. To check out more info about the most important m-commerce applications to consider read our article, “The 8 Most Important M-Commerce Applications”
Mobile Commerce (M-Commerce) Statistics
The bottom line from all of this is that m-commerce is the key to online shopping overtime. Here are some helpful statistics from websitebuilder.org that should be kept in mind about m-commerce.
- 49% of consumers use their smartphones for shopping online.
- There are 9.42 billion mobile connections worldwide.
- The number of proximity mobile payment users will reach 1 billion by the end of this year.
- The total mobile coupon users worldwide are predicted to reach 1 billion before 2020
- 7% of the world’s population are unique mobile users.
- The global market wallet size will be worth over $9 trillion by 2026.
- In 2021, 53.9% of US retail e-commerce sales will be from m-commerce.
How to Integrate Mobile Commerce into Your Existing Marketing Strategy
Create a mobile version of everything.
This is the first step to get ahead of the game. Once everything gets mobilized, this will increase more following and more users to interact with your mobile application.
Define your long term/near goals.
Another thing to keep in mind is what should be the main priority for your m-commerce application. Whether it’s for shopping or mobile payments, it’s important to remember that all of your goals should contribute in the long run. This is where thinking long-term comes in handy.
Create a competitive analysis.
Just like any other analysis in marketing research, establishing who your competition is, and knowing the in’s and outs of them will help guide you through the m-commerce process.
Have a Mobile SWOT analysis.
Keeping information about your brand’s strengths, weaknesses, opportunities, and threats is significant. When creating the m-commerce version of your brand, establishing a SWOT analysis will allow you to see where your business stands in terms of your marketing strategy.
Test and Optimize the final product.
Finally reaching this step is a make or breaking point for your brand. Make sure to test your m-commerce application before launching it. After testing the product, then the last thing to do is to add the finishing touches, which is optimizing. Once both boxes are checked, then consider your m-commerce application all set and ready to go.
Steps to Improve M-Commerce Page Speed
Run some tests.
As mentioned before, it’s crucial to test your product. In this case, testing as well as optimizing your m-commerce page speed will allow your business to improve its strategies.
Optimize & Reduce images
As mentioned before, connectivity contributes to one of the disadvantages to m-commerce. One way you can improve the connection would reduce the number of images you’re willing to put out on your application. Another option would be optimizing images by creating graphics that would catch the eye of your online users.
Improving your code for your m-commerce application will help improve the speed of loading up a page. Minimizing the code will benefit on your end more than you’d think.
Reduce tracking snippets
This will help reduce clicks for users that interact with your m-commerce application. Doing this will also speed up the page even more.
Do a feature edit
Improving and installing new features on your applications will satisfy users. Making little fixes here and there can make things run smoothly over time and more convenient for users.
The Differences between e-commerce and m-commerce
Yes, it tends to sound a bit confusing. No, they are not the same thing. However, there are similar concepts that m-commerce has in common with e-commerce. When one thinks about e-commerce, the first thing that comes to mind would be online shopping. This is where m-commerce takes it to another level. Because of the amount of mobility and reach that m-commerce has with consumers, it’s allowed consumers to develop great customer service and shopping experience as opposed to e-commerce.
So when converting your business through m-commerce, keep in mind how you want to approach your target audience through a mobile version of your business.
The Future of Mobile Commerce
Aside from all the things that could go wrong with m-commerce, the main takeaway is that it will definitely benefit your company in the long run. Because of technology, especially with tablets, laptops, and smartphones, more companies have gradually flourished with huge followings and better user experience due to the existence of m-commerce.
Investing in m-commerce will truly satisfy both businesses and customers alike.
Using M-commerce is a great way to enhance your company’s platform. Since the majority of the world owns at least one or two wireless handheld devices, it doesn’t hurt to invest in converting your business through m-commerce. Remember, m-commerce is different from e-commerce despite having such a close use of terms and similar concepts. When integrating m-commerce into your current marketing strategy, treat m-commerce just like any other goal or objective that you may have when it comes to improving your marketing.
This would involve defining near and long term goals, establishing a mobile SWOT analysis and coming up with a selling proposition. The bottom line is, there are various options to choose from when expanding your business online. It takes several strategies to find one that fits just right for your brand’s marketing strategy.
Aileen Padua is an aspiring social media coordinator. She is currently majoring in Advertising at Fresno State University. With her understanding of the power of social media, Aileen is passionate about preserving and enhancing the image of one’s reputation in the public eye.