Mobile Commerce: The Rising Star of eCommerce world
Gone are the days when mobile used to be just an asset of the privileged class. With cutthroat competition between mobile companies, the mobile prices have come down drastically. Mobile commerce, also called m-commerce or mcommerce, includes any monetary transaction completed using a mobile device. It is an advancement of Ecommerce, enabling people to buy and sell goods or services from almost anywhere, simply using a mobile phone or tablet device.
Approx. 1.2 billion people are in habit of using their smart phones to access the internet daily. Trinity Digital Marketing publication reports that in US, nearly half of population uses smart phones to connect to internet. eMarketer expects global Ecommerce sales to reach $4.058 trillion by 2020, representing 15% of total retail sales. And the percentage of that belonging to m-commerce will also continue to grow, as more online retailers see more than 50% of traffic coming from mobile devices.
Failing to provide a mobile-friendly shopping experience might just be putting you at a disadvantage, given the growing popularity of mobile Internet and mobile shopping, not to mention the multi-screen world we live in today. However, if you’re yet to be convinced by the need for mobile optimization, or you’re just getting started with an Ecommerce venture and want to see what the fuss is all about, read on for a quick run through of some reasons why you’ll want to get mobile-friendly as soon as possible.
Bringing online stores to the mobile world in the form of apps has turned the concept of shopping in a completely new direction. Buyers can easily browse through thousands of products, compare prices, share favorites with friends, and so much more, all straight from their mobiles. Online merchants also feel quite at home with mobiles. They’ve got a massive list of tools, like coupons, discounts, paid loyalty programs, and rewards to attract mobile commerce sales.
Let’s look at the stats:
By 2021, sales made via mobiles are predicted to reach 54% of all sales. This would be as much as $659 billion!
According to Forbes, mobile commerce is about to grow 68% by 2022 as more people use mobiles to shop online.
Mobile commerce is the delivery of electronic commerce capabilities directly into the consumer’s hand, anywhere, via wireless technology. This simply means m-commerce is a retail outlet in your customer’s pocket. Mobile commerce is not a separate entity from Ecommerce. Instead, it’s a more specific sub-group of Ecommerce transactions that involves the use of smartphones and tablets. This also leads us to the conclusion that concepts such as responsive design and a mobile-friendly user experience are all the more important for m-commerce success usually measured by:
Increase in smartphone and mobile internet users
Increase in mobile commerce sales
Increase in traditional sales because of m-commerce
Increase in visitors because of mobile-friendly website
Choosing the right payment solution for your Ecommerce business is even more important when it comes to mobile. Your customers would prefer skipping the need for adding credit card and shipping details, so one-click solutions that integrate with mobile wallets offer you and your customers more. Simpler checkout and payment lead to more conversions and more sales.
All of this isn’t to say that ‘traditional’ Ecommerce purchases made on desktop and laptop computers – is dead and that you should move on to m-commerce. The intention here was to highlight the way in which mobile commerce can no longer be ignored, and the reasons why your business and Ecommerce venture(s) should be mobile-friendly. It might be a few years before mobile commerce spending and revenue reaches the levels that Ecommerce enjoys right now, but it’s better to get in on it now and ride the wave, instead of having to play catch-up later. Platforms Such as SAP Commerce (Hybris) provide you exactly with this opportunity to cash-in on this budding market, with commerce optimized for all smart devices.