Mobile commerce is the use of mobile, wireless devices to place orders and conduct business.
Mobile commerce is the process that entails using mobile devices like smartphones and tablets for online transactions. It enables customers to pay their bills and service costs, buy or sell products, and use online banking and digital wallets. M-commerce helps conduct online transactions faster, easier, and safer. Show In this article, we’ll unveil the importance of mobile commerce, go over some statistics, and discuss mobile commerce types, pros, and cons. Next, we’ll make the difference between mobile commerce and eCommerce clear and explore several trends and examples for 2021. Why is mobile commerce important?Today, almost every person has a smartphone and uses it for different purposes. Some need it for communication, shopping, business, or online banking. As of 2021, the number of smartphone users exceeds 6 billion. According to Statista, 90% of internet users worldwide search for information using their smartphones. When most retailers go online, people should have mobile devices and high-speed internet to access websites and place their orders. Entrepreneurs also should be able to offer a responsive web design. Companies should ensure fast load time and a seamless process of placing orders via smartphones to increase the number of customers and encourage word-of-mouth promotion. People who surf the internet are potential customers of many brands. Users generate traffic and conversions if they are interested in a company’s product. It’s more convenient to use a pocket-friendly device to make a purchase rather than wait until the web page loads on a laptop. Now that you know why you should pay attention to mobile commerce, let’s explore some more statistics to figure out how m-commerce impacts the business world. Mobile Commerce StatisticsNowadays, the number of mobile and internet users is constantly growing, and m-commerce is catching up. According to Statista, 72.9% of all retail eCommerce will be conducted via mobile commerce in 2021 due to the increased number of mobile payment users. As of 2021, more than 4 out of 10 respondents had a contactless payment experience. 53% of consumers rely on their cell phones when making purchases — they prefer smartphones over other devices like tablets, laptops, and computers. The number of smartphone users increases every day, which indicates that more and more people switch to their phones to conduct different types of transactions. So, if you want to ensure a seamless buying experience, you need to provide customers with the possibility of mobile payment and mobile shopping. Now that you understand how mobile commerce influences current business trends, let’s walk you through the types of m-commerce. Types of Mobile CommerceAlthough mobile commerce covers a wide variety of processes, we can single out its three main types:
You’ve probably used these types of mobile commerce and can say they are helpful in our everyday lives. To make the advantages and disadvantages of m-commerce clear, let’s review them in more detail in our next section. Advantages and Disadvantages of Mobile CommerceSelling and buying online using mobile devices is extremely popular now. M-commerce is an additional channel for small and big businesses that helps them scale. We’ll unveil the pros and cons of mobile commerce so that you can consider it for your company. The advantages include:
The disadvantages include:
So now that you know why people use different types of m-commerce, it’s time for you to discover the difference between mobile commerce and eCommerce. Mobile Commerce vs. eCommerceAlthough both mobile commerce and eCommerce are created to improve customers’ buying experience and simplify the purchasing process, they can’t be used interchangeably. That’s why it’s time to figure out the main difference between these terms. Mobile commerce is a process of conducting transactions with the help of wireless devices like cell phones and tablets. It entails mobile shopping, mobile payment, online banking, and more. Customers can perform transactions from any place in the world if they have a stable internet connection and digital wallet. eCommerce is a process that enables people to purchase and sell products over the internet. Customers can buy any product they need by using non-mobile devices like desktop computers or laptops and their credit cards. Simply put, the main difference between the two terms is the device people use to buy or sell products and the form of payment. In m-commerce, customers need to use smartphones or tablets and mobile wallets, whereas eCommerce requires them to use a desktop computer or a laptop and credit cards. Now that you know the difference between these two terms, it’s time to proceed to the next section to explore some mobile commerce trends. Mobile Commerce Trends for 2021Businesses seem to have already adapted to the trends popular among their target audiences. Smartphones succeeded in changing our daily activities and lifestyles and stimulated significant growth of mobile commerce. So, you should be aware of the mobile commerce trends in 2021.
These trends help customers buy and sell products. They can also be useful for your business. To see how they work in real life, let’s explore some examples. Examples of Mobile CommerceWith the development of mobile commerce, people no longer need to use their computers or wait in long queues. They just need to have smartphones and digital wallet platforms like Google Pay, Apple Pay, or Android Pay. StarbucksThe famous chain of coffeehouses encourages its customers to download the Starbucks app and receive rewards. The app allows clients to order ahead and pay at certain locations. People can track the points and rewards they earn for ordering Starbucks coffee by using the app. Apple PayThe world-known payment system is helpful when you want to buy in-store, on websites, or via certain apps. The digital wallet has a higher level of protection than a physical credit card since it has a Face and Touch ID. If you travel abroad, Apple Pay will help you pay in places that accept contactless payments. Source: 9TO5MacSimply put, m-commerce improves our lives and the speed and quality of our financial transactions. Everyone can use a smartphone to pay for a product or manage an online store. Use the information and examples above to implement it into your business. References:
Last Updated: 02.09.2022 |