From buying from physical stores to ordering anything and everything on our smartphones; consumer behavior has evolved. Today, around 6.378 billion people own a smartphone. From one landline per home to every individual owning a smartphone – the world has come a long way. Mobile phones have become an extended part of our lives. From waking up to alarms set on our phones to even watching movies on them mobility connects us all.
However, mobile phones have also doubled up as a favored medium for online shopping in the last few years. Mobile commerce is here and it’s making an impact.
What Is Mobile Commerce or mCommerce?
Mobile commerce, aka mCommerce, uses handheld wireless devices such as tablets and cellphones to complete a monetary transaction. The transactions include buying and selling products, bill payments, and online banking.
According to the research by Statista, mCommerce sales in the US rose by $431billion in 2022. Additionally, there has been a significant rise in the annual revenue from mCommerce, and experts anticipate that it will continue to grow.
Part of the rise can be attributed to the innovation mCommerce enables. While mCommerce is a part of eCommerce, mCommerce has also served as a trigger for various new services and industries. Some of these include mobile money transfers, eTicketing and boarding passes, and the purchase and delivery of digital content.
Importance of mCommerce
With a significant rise in smartphones and tablets, customers are looking for eCommerce sites that offer uber-functional and engaging mobile apps to browse and shop through. Here are some of the reasons why mCommerce is important for businesses today.
Rising use of smartphones: The report by Statista state that there has been a significant rise in smartphone users from 448.2 million in 2020 to about 55.9 million by 2023. If a business doesn’t have a mobile app, it will lose business to a competitor that does.
Quicker purchase: Smartphones have quickened purchasing speed. That’s because mobile sites load 1.5 times faster than a traditional website. Additionally, with a smartphone in hand, a user won’t need a quiet place to sit down, open the laptop and make a purchase. The prospective buyer’s favorite product is just a click away from mobile phones.
Mobile-friendly businesses attract customers: Offering a mobile-friendly customer experience will increase sales and improve customer engagement. As per one study, about 67% of online shoppers are more inclined to buy from an eCommerce that is mobile friendly. It also showed that about 61% of online shoppers would leave mCommerce unfriendly sites. Further, the survey reported that about 52% of the customers would not prefer to engage with an online store that is not mobile-friendly. Additionally, about 48% of customers feel that a non-mobile-friendly interface shows a lack of business interest in their customers. A great mCommerce app is a powerful tool.
Innovation is the name of the mCommerce game: Competition is fierce in the retail space, with each business trying to outsmart the other. Current and innovative technology like artificial intelligence, chatbots, and numerous single-click options get more opportunities to work their magic with mCommerce. AI-enabled chatbots and other voice assistants blended with multiple shopping apps create a pleasant shopping experience for customers across mobile apps to drive acquisition, conversion, and loyalty.
mCommerce Trends to Watch out for in 2022
Some of the prominent mCommerce trends to watch out for in 2022 include:
· Progressive Web Apps (PWAs) are on the rise
· One-click ordering or buying
· Social commerce or the use of social media to target customers and create brand awareness
· Voice commerce or voice shopping.
· Mobile chatbots
· Mobile payments.
Of these, mobile payments are now a strategic focus for all retailers. According to Statista, more than $274 billion in payments will be processed through mobiles by 2022.
Types of mCommerce
There are essentially three types of mCommerce, and all the mCommerce-related activities fall under one of these heads.
1. Mobile shopping
2. Mobile banking
3. Mobile payments
That’s not to say that adopting mCommerce is easy. Powerful, robust, engaging, and secure mobile commerce sites are hard to develop, test, and maintain. Customer experience is a challenging goal as habits change and trends shift. That apart, the mCommerce strategy must be integrated into the wider enterprise technology strategy to ensure consistency, redundancy, and quality.
For organizations looking for a mobile app development partner that can help them get up and running with mCommerce, consider Forgeahead. Forgeahead with its mobile technology stack featuring iOS, Android, React Native, Flutter, and PhoneGap offers modern design, iOS and Android app development, and Cross-platform mobile apps. Talk to us about getting mCommerce ready.