Why is Mobile Commerce Important in E-commerce Business?

Mobile devices are now becoming a part of everyone’s life. People can now live without food for once but not without their mobiles. Because of this excessive use of mobile devices, online marketers are now adopting mobile commerce and expanding their business.

It is quite understandable why mobile commerce is becoming a new trend in the market, given the number of smartphone users across the globe. Even so, there are still eCommerce retailers who haven’t gone mobile, offering unoptimized and unresponsive online eCommerce stores to customers who spend most of their time on their smartphones

What is Mobile Commerce?

Mobile commerce also known as m commerce refers to buying and selling goods and services through wireless handheld devices such as mobile phones and smartphones. It is an advancement in the eCommerce industry to make buying and selling goods easy, rather than being restricted to bulky desktops. Over 80% of people used mobile devices to make online purchases. M-commerce is rapidly growing as a global trend.

Types of Mobile Commerce

M commerce is categorized in 3 basic functions

1. Mobile Payments

It is a replacement for conventional payment methods like cash, checks, credit cards, and debit cards. They give customers the option to use a mobile device to make in-person purchases. With the help of digital wallets like Apple Pay, customers can make purchases without using a card or cash. The same function is served by popular mobile payment apps like PayPal, Venmo, and Xoom. Mobile shoppers can use QR codes to make purchases using their phones as well. Mobile payments allow users to send money directly to a recipient’s bank account or cell phone.

2. Mobile Shopping

A mobile device and a web app or application, such as Amazon, are used to purchase products. App commerce, which is a business conducted through a native app, is a subcategory of mobile shopping.

3. Mobile Banking

It is an Online banking designed for handheld devices . Customers can use it to conduct financial transactions, pay bills, trade stocks, and access their accounts and brokerage services. Typically, a secure, specialized app from a banking institution is used for this.

 Benefits of Mobile Commerce

M commerce is beneficial for many businesses even in a competitive environment. According to statistics, the future of m commerce is bright. Below are the few benefits mentioned of m commerce

1. Consumer Journey

In terms of shopping, mobile commerce is the new trend of the future. Customers can shop anytime, anywhere, thanks to mobile commerce. They only need to click a button on their mobile devices to make purchases. Customers can shop conveniently from the comfort of their homes or while on the go thanks to mobile commerce. Consumers can find the best offers and save money and time with mobile commerce.

2. Ability to Reach & Access

Mobile commerce has a lot of advantages for companies. The ability for business owners to reach a larger audience is the most obvious advantage. Business owners with a mobile commerce existence can take advantage of the increasing number of people shopping online using their mobile devices.

Mobile commerce gives businesses increased accessibility in addition to reach. Anytime, anywhere, consumers can shop online. This implies that companies can conduct business around-the-clock without having a physical storefront. This is a significant benefit for companies that market digital goods like software or e-books.

In general, mobile commerce gives businesses greater accessibility and reach, which can result in higher revenue and sales.

3. Advertising Opportunity

The emerging field for businesses is mobile commerce. Businesses can use mobile devices to market to customers about their goods and services. Businesses can now achieve their target market in a new way, which is a huge advantage.

Overall, businesses have a tone of opportunity thanks to m commerce. It enables companies to reach a wider audience, increase brand recognition, target their advertisements more precisely, and foster customer loyalty.

4. Reach a wider audience

You can now access previously inaccessible markets thanks to mobile shopping. In the world of M Commerce, each customer will have a preferred method of shopping, whether it be on their desktop, smartphone, or through social media. Every person who owns a smartphone, in the end, represents a potential client. There will be plenty of opportunities with a smartphone ownership rate of 83.72% in 2022. 3

In order to grow your business, you can focus on generating and maintaining those customer relationships while also expanding your audience.

5. Personalization

Mobile commerce helps businesses by giving them a new way to connect with and engage with customers. Additionally, it gives businesses the chance to tailor their targeted advertising and products to more effectively target particular clients and clientele groups. M commerce offers companies many benefits in terms of personalization.

Businesses can reach their clients wherever they are, gather more information about their preferences, and forge stronger bonds with them by combining the power of mobile devices. Increased sales and client loyalty may result from these advantages.

Future of Mobile Commerce

Instead of constantly luring customers to their stores, m commerce enables businesses to meet them where those who spend their time. With the development of the internet and mobile devices, traditional trade gave way to e-commerce, which then developed into m-commerce. Both big stores and small shop owners faced numerous new challenges and substantial business opportunities as a result.

More and more companies are providing optimal customer life experiences and shopping journeys for their customers. However, developing a mobile app for their store gives them a direct line of communication with customers, which aids in boosting brand awareness and patronage. Retailers are rushing to offer customers an omnichannel experience, trying to present their goods wherever their customers may be, as customers are using apps also when trying to shop in physical stores.

Overall, mobile commerce has a promising future. Future consumers will store their money in e – wallets, use chatbots to order food or a ride, and virtual mirrors to try on sunglasses before making an online purchase.