The retail outlook is always substituting its outmoded trends. M-commerce has made noticeable transformations in the market, and it is a sensation in the market that’s already ongoing. New business owners should acknowledge what m-commerce is and its intimations in the market analysis.
As per the research, Mobile commerce has made up a growth of 22.3% of ecommerce sales, which aggregates approximately $3.56 trillion.
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Business owners would want to step into the rigorous growth of m-commerce or peril themselves of being eaten up by widespread destruction. Big businesses have put themselves in the condition where newer brands have pulled them out as they did not adopt the major shift in the coming trends of m-commerce.
This blog will guide you on the way to learn all about m-commerce and how business owners can help themselves to grow their business quickly with it.
What Is M-Commerce?
The term m-commerce is a well-accepted term for mobile commerce, also called m-commerce. Mobile commerce performs commercial transactions over a mobile device, and M-Commerce is an addition to e-commerce that has been around for a long time. Advances in Mobile commerce tell the progress of technology as users spend more of their time on mobile devices instead of computer devices.
Let’s see what various types of mobile commerce are.
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Different Types Of Mobile Commerce
Mobile commerce technology is divided into the following categories:
- Mobile Shopping
Mobile shopping offers exciting shopping experiences for mobile devices to users. Whether you are subscribing to Netflix or it’s your shopping time from one of the many Shopify stores that’s m-commerce in action.
- Mobile Banking
Those days are gone when the public needed to stand up in line at banks or ATMs to make financial transactions. World-class banks offer mobile phone banking worldwide, where users can pay bills, transfer money, and do other transactions within a few steps.
- Mobile Payments And Digital Wallets
Advances in Mobile commerce like Mobile security, QR code, etc., have made it possible for users to replace cash payments with mobile payments. Google Pay and Apple Pay are the most popular digital wallets in Western countries, while apps like AliPay and WeChat are popular mobile payments in China.
Let’s discuss why m-commerce is growing so fast.
Growth Of M-Commerce In Recent Years
The rise in mobile commerce technology is directly proportional to the users accessing the internet. As smartphones are accessible by everyone with high-speed internet, so customers have dumped the PCs or Laptops in favour of the smaller devices for accessing the internet. In reality, brands want to embrace mobile commerce platforms on top of the current e-commerce platforms. Retailers have launched shopping apps and provide easy-to-browse features with a hassle-free checkout process.
We know that consumers are inseparable from their mobile phones, so banks have started introducing banking apps to allow transactions on their mobile screens. The introduction of mobile commerce platforms also changed brick-and-mortar business operations, particularly in adopting cashless payment. Technological giants also came up with new ideas for digital payments.
Like any technology, building an m-commerce store also has benefits and restrictions. Let’s see what these are.
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Top 3 Benefits Of M-Commerce
- Enhanced User Experience
User experience is a pivotal factor that leads to modification on mobile. So, to cover this, various technologies exist to change the user experience on mobile devices.
Ikea has introduced augmented-reality powered shopping apps as a textbook example of making the best of the mobile platform. It allows users to check how their furniture looks in their actual living space.
- Customer Support Availability
With the introduction of chatbots and messenger apps, business owners can feel free about their customers as they are being provided support within or outside business hours. Customer support bots make use of artificial intelligence, building them much more efficiently in dealing with common queries.
- Variety Of Payment Methods
Customers have numerous options when it comes to payment methods on m-commerce. This may include conventional credit cards, Paypal m-commerce, Skrill, or cryptocurrency; they can be integrated into the mobile store.
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Restrictions That Exist In This Arena
1. Expensive
Building an m-commerce app requires a high investment. It involves the front-end of the app, security modules, database, store designs, payment gateway, and other functions, which might cost a reasonable price to the business owner.
2. Geo-Locational Payment Gateways
It will be an upgrade to provide payment gateways to the customers of particular areas that are popular in every country around the world. This will extend your audience when the app launches, as expanding to different regions isn’t easy.
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Summary
Businesses can afford the shift towards m-commerce, with more than half the world population using mobile phones with the internet. The pros of praising advances in Mobile commerce outweigh its disadvantages.
The cost of building an m-commerce store might vary according to features, customization, and complexities. But the advancement brought by m-commerce cannot be diminished by any other technology.
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