Mobile Commerce Trends: mCommerce is exploding and showing no signs of slowing down. In fact, it is expected that mobile devices will be used to make the majority of purchases in the coming years. Given this, many businesses have already shifted to the mobile platform to increase revenue, paving the way for mobile commerce.
It is no secret that almost everyone nowadays owns a smartphone for convenience, entertainment, education, and shopping, among other things. This has greatly simplified our lives. We can do a lot with the click of a button.
The way we make payments has dramatically changed thanks to apps like Google Pay and Apple Pay. Even though it has some shortcomings, it is still a viable alternative to consider, and it’s getting better every day.
As per eMarketer Insider Intelligence, mCommerce sales are projected to exceed $430 billion in 2022 and $710 billion in 2025. With numbers like these, it only appears that the graph of mobile commerce is about to grow! Businesses leverage this to broaden their consumer base and boost sales.
What is Mobile Commerce?
Any transaction carried out via a mobile device, such as a smartphone, tablet, or wearable technology, is referred to as “mobile commerce,” or “mCommerce.” Mobile commerce is the next stage of eCommerce since it enables customers to make online purchases at any time and from any location.
But there is much more to mobile commerce than that. Indeed, mCommerce has prompted the emergence of entirely new industries and services and aided existing ones in expanding in new directions. Here are some examples of such innovations:
- tickets and boarding passes,
- mobile banking transactions,
- money transfers, contactless payments, and in-app payments,
- purchases of digital content,
- location-based services, and
- mobile marketing, such as coupons and loyalty cards.
All of these mCommerce features that are now part of our customer experience would not have been possible without the rise of mobile commerce.
mCommerce & eCommerce
The eCommerce and mobile commerce industries are expanding and changing to meet the demands of customers. All digitally conducted business is referred to as “electronic commerce,” while “mobile commerce” refers only to digital transactions carried out on mobile devices, such as smartphones or tablets. Though mCommerce is a part of eCommerce, eCommerce primarily relates to desktop computer-based transactions. So, if you go to a clothing website on a desktop and buy something, that’s an eCommerce transaction; if you go to a clothing brand or retailer via an app or mobile site, that’s a mobile commerce transaction. mCommerce basically makes it feasible for customers to utilize a mobile device to access online shopping platforms, browse, and make purchases as easily and conveniently as possible.
Types of Mobile Commerce Applications
mCommerce applications support a wide range of transaction types. However, they can be classified as one of the following types:
Mobile Shopping – It is a form of mCommerce that is most similar to traditional eCommerce but only available through a mobile device. We’re alluding to specific apps, websites that have been optimized, or even social media sites like Facebook or Instagram that support in-app purchases or links to online shops.
Mobile Banking – It is very similar to online banking. Some transactions, however, may be restricted or limited on mobile devices. Mobile banking is a type of implementation that typically involves a dedicated application, though some financial services companies are now experimenting with chatbots or messaging apps to provide customer service.
Mobile Payments – This type of mobile commerce focuses on the progressive innovation in payment options realized with mobile devices. Consumers can now take advantage of many mobile payment options that go far beyond mobile wallets.
Key Benefits of Mobile Commerce
Here are three compelling reasons why your company requires a mobile commerce application.
1. Improved Client Experience
We have all grown accustomed to ordering goods and services online. All the advantages of eCommerce are still available with mobile commerce trends- but now customers can shop whenever they want and from any location as long as they have a mobile device.
Because mobile commerce uses apps and services that their target audiences are already familiar with and like, businesses can communicate with customers quickly and effortlessly.
Companies use cutting-edge technology like augmented reality (AR) or chatbots to improve the user experience in their mobile commerce applications.
2. True Omnichannel Experience
An omnichannel experience is an experience of customers buying from stores that sell across multiple online and offline channels. Examples of such touch points include brick-and-mortar stores, an online store, online marketplaces like Amazon, social media apps like Facebook or Instagram, and dedicated mobile apps.
To stay ahead of the competition, businesses are attempting to list their products wherever potential customers are already spending their time. This type of contextual commerce allows businesses to assist their customers in purchasing what they require from platforms and services they use on a daily basis. Furthermore, mCommerce facilitates the planning and execution of multi-channel marketing and sales strategies.
3. Numerous Payment Options
Every year, new mobile payment options emerge. Businesses can now provide their consumers with a wide variety of payment choices, such as Apple Pay, PayPal One-Touch, Visa Checkout, and Amazon Pay, to make the process of purchasing goods and services even easier.
Nowadays, a lot of eCommerce websites provide one-click checkout options, which let users enter their payment information just once and then use it each time they make a purchase after that.
Mobile App vs Mobile Website
Mobile apps give businesses the ability to regulate the client experience.
The customer has purposefully downloaded and launched your app alone rather than searching the internet and comparing goods and prices. Therefore, compared to webpages viewed on mobile browsers, mobile apps typically have a greater conversion rate.
Furthermore, you can optimize your mobile app to retarget loyal customers, using incentives such as promotions and discounts to exclusively reward app shoppers.
Your branded app can target particular clients who are looking for a distinctive experience, much like Instagram and Facebook are distinctive channels for a specific group of customers.\
Top 5 Mobile Commerce Trends
To assist you with having a successful launch, we’ve highlighted several Mobile Commerce Trends in this article.
1. Place a mobile commerce platform ahead of design trends
Although responsive design makes a mobile website more appealing, it does not guarantee sales. Fortunately, iCreative provides a number of mobile integrations and features, such as personalized marketing and automation, one-click checkout, and PWA, to help your customers have the best mobile experience possible.
2. Rely on elements of social commerce
Platforms like Facebook Shop, Instagram Shopping, and Pinterest Business are paving the way for a more seamless buying experience, allowing mobile users to browse products and complete purchases without ever leaving the app.
3. Use augmented reality on a smartphone (AR)
Before ever holding the item in their hands, online consumers can now view exactly how a piece of clothing would look on themselves using 3D and AR technologies. AR and VR fitting rooms provide buyers with a good picture of the size, fit, and style of a product by detecting the customer’s shape.
4. Create a loyalty program for your app
The biggest inducement for mobile users to download retail applications is coupons and special offers. Whereas, loyalty and reward programs come in second.
Each time a consumer makes a purchase, they have the opportunity to accumulate “points,”. That eventually mount up and can be used for rewards like product discounts or early access to a new collection.
These rewards programs encourage users to download your app. But more significantly, they encourage them to return to your store in the future and make another purchase.
5. Use chatbots on mobile devices
Online merchants are increasingly using chatbots and virtual assistants to help answer queries. They provide support at the back and call the customer as consumers expect 24/7 customer service.
Chatbots will not only facilitate consumer conversations but will also free up your time as a retailer to concentrate on other areas of your business.
Future Scope of mCommerce
mCommerce is growing rapidly these days. Everyone is busy and doesn’t have time or energy to go to the market and buy things for themselves. Instead, they prefer to order from their own homes. The most important Mobile Commerce Trend is its market share/growth.
By eliminating the worry of having to carry a wallet around with us everywhere, mobile wallets have made our lives easier. It gives us the ease of keeping our credit or debit card information. We can use it for as many transactions as we’d like.
At the moment, established businesses like PayPal, Google, and Apple control the payment markets. However, in the coming years, there will be an increase in the number of new contenders capturing the majority of the market share. They will increase customer prospects and distribute market share more evenly.
This demonstrates the growing popularity of mobile-based shopping.
