M-commerce is growing, roaring, and not showing any signs of slowing down. Actually, it is expected that the majority of purchases will be made using mobile devices in the coming few years. Given that, many businesses have already moved to the smartphone platform to boost their revenues, opening paths for M-Commerce. Show It is no hidden fact that almost everyone has a smartphone these days for ease of use, entertainment, education, and shopping etc. This has made our lives a lot easier. We can do many things on just the click of a button. Apps like Google Pay and Apple Pay have revolutionized the way we make payments. It does have its fair share of drawbacks but still, it is a good option to go after and it’s improving with each passing day. M-commerce can be used by businesses to improve their customer base and increase their revenue. Since they have become our digital ID, we could use it as our wallet. With the robberies not coming to a stop, it has almost become a headache to carry cash with yourself. Due to this, the need for mobile wallets or cashless transactions is increasing each passing day. This has lead to a rise in mobile commerce. In this article, we are going to discuss M-commerce, its types and advantages, and how it’s going to affect us in the future. Let’s start- What is M-Commerce?M-Commerce, short for Mobile Commerce, is a branch of commerce that deals with the digital transactions made from the smartphone. It doesn’t require physical contact between two people for sending or receiving the money. In other words, we can say that M-commerce (mobile commerce) is the buying and selling of goods and services through wireless handheld devices such as smartphones and tablets. As a form of e-commerce, m-commerce enables users to access online shopping platforms without needing to use a desktop computer. Examples of M-commerce –
Types of M-CommerceM-commerce can be categorized by function as either mobile shopping, mobile banking or mobile payments. Mobile shopping allows for a customer to purchase a product from a mobile device, using an application such as Amazon, or over a web app. Read More: Top 20 Mobile App Development Trends for 2022 A subcategory of mobile shopping is app commerce, which is a transaction that takes place over a native app. Mobile banking includes any handheld technology that enables customers to conduct transactions. This is typically done through a secure, dedicated app provided by the banking institution. Mobile payments enable users to buy products using a mobile device. Digital wallets, such as Apple Pay, allow a customer to buy a product without needing to swipe a card or pay with physical cash.
The different types of Mobile Commerce are- 1. Browsing for stuff online on your mobile – This type deals with surfing for stuff online like looking for Groceries, Daily essentials, and electronics. We’re talking about dedicated apps, optimized websites, or even social media platforms like Facebook or Instagram that allow in-app purchases or linking to online stores. 2. Purchasing app-delivery stuff (Food delivery or e-commerce apps) – This type deals with the services related to ordering things like food, cab pickup, and others. 3. Mobile banking – Mobile banking is the method that involves accessing the features of the bank using online methods. The transactions are made from specific apps designed by apps, though some financial services companies are now experimenting with chatbots or messaging apps to deliver customer service. 4. Mobile App payments(Google Pay or PayPal) – This type primarily focuses on making payment transactions through apps. The user is required to register their credit or debit card and then use it whenever they want. 5. Purchasing or renting digital content (Netflix, Spotify, etc) on a mobile device – This involves buying or renting online services like Music Streaming, Video Streaming, or commodity-based on a rent basis. 6. Mobile person-to-person payments(Venmo or Xoom) – This type involves sending money from one person to another, be it for buying stuff or sending it to someone in need. This type of transaction can be made by sending money to someone’s number or to their bank account directly. How Mobile Commerce Works?With most m-commerce enabled platforms, the mobile device is connected to a wireless network that can be used to make online product purchases. For those in charge of developing an M-commerce application, important KPIs to monitor include the total mobile traffic, the total amount of traffic on the application, average order value, and the value of orders over time. Similarly, tracking the mobile add to cart rate will help developers examine, if visitors are becoming customers. M-commerce developers may also be interested in logging average page loading times, mobile cart conversion rates and SMS subscriptions. In terms of mobile payment products, they operate through a form of peer-to-peer (P2P) sharing. Once a mobile device is paired with a bank card’s information, the phone can be waved over a payment terminal to pay for a product. This contact less payment via a mobile device is feasible due to the use of Near Field Communication(NFC). Read More: TOP 12 innovative healthcare app ideas for startups in 2022 Applications of Mobile Commerce-Mobile commerce has entered into all spheres of our daily lives like- finance, retail, telecommunication, healthcare, information technology, sales and services. Need for M-commerce has increased multi-fold in recent times because of the ease of functioning and accessibility they offer. Some of the applications of mobile commerce are- 1. M-Commerce for finance 2. M-Commerce for Retail and After sale Services 3. M-commerce & Mobile ticketing 4. M-commerce & Mobile marketing 5. M-commerce for mobile entertainment 6. M-commerce for hotel reservations 7. M-commerce for Healthcare & Medicine 8. M-commerce for Information 9. M-commerce for Gaming 10. M-commerce for Intra-office communication Advantages of M-CommerceAdvantages of M-Commerce are-
Disadvantages of M-CommerceDisadvantages of M-Commerce are-
Future scope of M-CommerceM-Commerce is rapidly expanding in today’s time. Everyone is busy and they don’t have the time or energy to go to the market and buy stuff for them. Instead, they prefer ordering from their home itself. The biggest trend for M-Commerce is its market share/ growth. M-Commerce spending in 2018 was calculated at $501 Billion and it is expected to grow more to $740 Billion by 2023. Read More: TRENDS AND FUTURE OF MOBILE APP DEVELOPMENT Major Trends for M-Commerce indicating Great Future Scope-
M-Commerce Key Statistics & Insights-To help you understand the potential of mobile commerce, check these insights and key statistics:
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