With a population of 4.7 billion mobile subscribers, the number of mobile connections are 7.7 billion. Which actually means that number of mobile connections are far more than the total population on this planet. With the increasing use of mobiles the scope for shopping over phones has touched new heights. Trends, backed by studies and researches show that more than 80% of the shoppers prefer mobile over computers when it comes to product search, comparing prices or even for finding the store locations. Resulting in a projected revenue of $669 billion for mobile commerce in 2018, it will continue to rise.
As it is quite clear from the name itself, mobile commerce is all about purchasing products through mobile devices like phones and tablets. Having an additional advantage to the user, they can carry and use this medium of purchasing products from anywhere and at anytime. For businesses to maintain a competitive edge over their competitors and to grasp a good share of the pie, need to adapt to this trend. The earlier you get an app developed for your business, the better are the prospects of your business to grow and the more customers you can acquire and retain.
Types of Mobile Commerce
1. Mobile Shopping
The most common and very well aware to all of us, mobile shopping is an integral part of mcommerce. Just like online shopping, when you search, enquire or buy a product through your mobile phone or a tablet is called mobile shopping. This had been possible due to mobile optimized websites, mobile apps or even through the social media platforms which are used to advertise and promote your brand.
2. Mobile Banking
Mobile banking is just like online banking done from mobile devices. Transactions like transferring funds to another account, making online payments or anything which you usually do through your desktop or laptop with restrictions on your transaction types. Mobile banking is possible only through a dedicated mobile app from the authorised institutions only.
3. Mobile Payments
Mobile payments include a number of options which are available a user for making payment for any purchase made over internet via mobile devices.
Various Types of Mobile Payments
1. Point of Sale Solutions
a) NFC Payments
Near Field Communication (NFC) payment is a mode of paying money through your digital wallets like Apple Pay, Samsung Pay, and Google Pay. NFC phones communicate with NFC enabled machines. You are not supposed to touch the machine but bring your phone within a few inches of the terminal to make the payment.
b) Sound Wave Based Payments
This is a cutting-edge technology which uses unique sound waves to pay that too without the need of internet. Encrypted data about the payment is received by user’s phone which are converted to analog signals to finalise the transaction.
c) Magnetic Secure Transmission (MST)
MST is used only by Samsung Pay. in this payment technique, user’s phone emits a magnetic signal imitating the magnetic strip on payer’s credit card. The card terminal picks up and processes the payment as if card has been physically swiped through.
2. Remote Payments
Also known as a digital wallet, stores the payment information on a mobile device. It gets stored usually on an app in the device. Utilising different payment technologies, mobile wallets usually utilise NFC, but QR codes can also be used with this service.
b) QR Codes
Also known as Quick Response Codes, QR codes are square bar patterns which are designed to contain meaningful information within the barcodes. Being a very simple, secured and easy implementation, it benefits the payee as well as the payer for using this mode of mobile payment.
Benefits of mCommerce
1. Enhanced Overall User Experience
With all the above mentioned benefits of having a mobile site, the ultimate motive behind is to deliver user an exceptional overall experience. Equipped with all the features as that on your site, mobile responsiveness can help deliver enhanced user experience to the buyer on the go.
2. Better Way to Interact with Customers
Through mobiles you have a number of options to interact with your customers. They can be in the form of Push notifications, text messages, emails, mobile apps and more for delivering your user a delighted experience.
3. Intuitive Interaction Helps
With mobile responsive sites you create an amazing opportunity to interact with your user intuitively. Your mobile site if built well, can be great source of attracting customers. Tracing the location of the user, you can send push notifications for the latest updates and promotional offers, either when he comes online or when he passes nearby your stores.
4. Locate Nearby Businesses Easily
Geofencing helps businesses as well as customers simultaneously. You must be well aware of finding locations “near me”. This helps the customers locate your business autonomously and fulfill their needs thereby increasing your revenues. But this depends on the ratings or reviews received by your business. Better the reviews, more will be the revenues.
5. SEO Advantage
When it comes to Search Engine Optimization (SEO), Google favors those sites which have mobile responsive sites. Hence getting a site for mcommerce does not only get you more customers, but also improves your rankings on Google delivering double benefit to your business.
Impact of Mobile Commerce trends in 2018
1. Marketing via Social Media and Automation
Marketing automation has been quite an effective way to improve revenues for businesses and growth opportunities for retailers. Right from re-engagement, discount codes, loyalty point generators or email marketing, all the techniques catering to the essentials have helped business owners to focus on their objectives. The increasing enhancements in software developments have made such automation reduce the complexities of businesses and help delivering a better shopping experience to the users. Such Social media platforms which had been serving as marketing platforms have now been exploited more. Due to better accessibility through apps and larger database of users, Social media sites have become quite a popular spot for finding and paying influencers. These influencers in turn help them promote their business and brands and also help them on audience segmentation.
2. Easy to Use Mobile Sites
Mobiles have attained the status of being a very personal and closed gadget to any person today. Hence utilising this position, all the businesses and brands are rushing towards getting their sites mobile optimised or even launching mobile sites. A mobile-optimised site and a mobile-site differs on the fact that the earlier one the responsive version of your desktop site but the later one does not have any similarity with the desktop site. They are launched for delivering a mobile-unique experience to the users with a better navigation and unique browsing pattern catering to the challenges of shopping on mobiles.
3. Faster Checkouts
Shopping from mobiles have been made very convenient these days owing to quick checkout experiences. One-page checkouts and digital wallets (from Apple Pay, Amazon Pay, PayPal etc.) have given businesses high conversion rates of upto 10% after their launch.
4. Personalized Experience to the Users
Businesses and brands offering their users a personalized experience are the ones which are growing in 2018. mCommerce users get more related to stores who consider their buyers important and find them valuable. Hence more and more brands are investing in personalization. With the surging popularity of mobile commerce and users preferring personalized user experience, many intuitive and analytical tools have been launched. These tools not only track user’s online behaviour but also utilise their purchase history to remind them of their abandoned carts or prompt them for related products which they viewed but did not purchase.
Such information collected further forms the basis for sending customized solutions, suggestions and even to offer special deals and discounts for various products. Push notifications and geolocation marketing plays a vital role in grabbing customers’ attention and sharing right information at right time and right place. Adding more to the advantage of businesses, some have introduced interactive screens that browse the inventory and get the prices compared for all the variants available of their own.
5. Augmented Reality Will Dominate
Augmented reality has witnessed a significant appreciation. AR has evolved as a technology which provides users the most interactive and immersive experience to the buyers. It has taken over the eCommerce industry by storm and is proving to dominate mobile commerce as well. Enabling the buyers to view the product and have in-depth information to make their buying decisions, AR is playing vital role in instilling confidence in the buyers. Shoppers even report to have greater loyalty towards the apps which offer them the facility to view the products in Augmented Reality.
Mobile phones and mobile devices like ipads and tablets are changing usage scenario on a whole. Everything you can think of, is available on your mobile. Allowing access to information, delivering seamless shopping experience and catering to all the requirements, mobile Commerce is empowering the users anywhere and everywhere. With this blog, we aimed to bring it to the knowledge of business owners that getting mobile responsive will not only favor their business but fetch them new and loyal customers. Whereas for mobile users, we have included the various safe and secured payment modes and even benefits of mobile commerce.
For any other information or queries, please feel free to contact us…… Till then Stay Mobile and keep Trending.