Given that eCommerce is a constantly outgrowing the brick-and-mortar retail landscape, businesses are looking into ways of encashing the opportunity to reach potential customers through mobile devices as well. This makes mobile commerce one of the largest opportunities for growth.
eCommerce sites that does not provide a mobile-friendly shopping experience are in a bit of trouble. As per a report by Goldman Sachs, by 2018 more than $600 billion will be spent on shopping and the users will be largely relying on smartphone and tablets for the transactions to be carried out. This makes mCommerce a necessity for the business than being a luxury.
What is mCommerce?
Functionally similar to eCommerce, mCommerce ensures that unique shopping experiences are provided to customers even in small screen devices. Businesses make use of concepts like native apps or responsive design to reach out to their target customers who are always mobile. With mobile becoming a primary access point to consumers, delivering an unique shopping experience is key to any business.
Advantages of mCommerce
mCommerce is catching up big time since it offers the flexibility to do shopping even when you are on the move. Across the globe, mobile usage is increasing and hence mCommerce offers retailers and shoppers lots of advantages.
- Easy store access to customers
- Personalised shopping experience
- Alerts and relevant notifications
- New target customer acquisition
- Efficient marketing channel
- Growing sales and market reach
- Improved User Engagement
As per a recent study by Goldman Sachs, mobile is slowly becoming the main device for shopping and it is impacting the way consumers shop. Following are some of the latest trends in mCommerce:
- Increase in Mobile Wallet usage
- Personalization of Content
- Enhanced Search Options
- Mobile specific campaigns
- Cross Device shopping Experience
- Video Content
Mobile transaction will grow and studies have shown that globally it accounts for more than 30% of all transactions. For eCommerce companies, this means growth across geographies but they have to increase the focus in order to have better results especially in the areas of checkout and content personalization.