Shopping is all about e-Commerce these days. Fast-paced, from the comfort of your home & just a click away. With the easy availability of smartphones and easy internet connectivity a new trend is taking over, e-commerce is conveniently becoming m-commerce. This new trend in online shopping and how it is making all the difference in the virtual market is what we will be talking about in this article.
So, let’s check out what m-Commerce is all about, its trends in 2018 and how would it affect the e-Commerce industry.
The first online commerce sites started off in the early 90s. Gradually, over the first decade of the 21st century, online shopping became an inevitable part of our lifestyles. We adapted to the idea of easy shopping from the comforts and warm embrace of our homes avoiding the hassles of travelling to the showrooms and standing in long billing queues.
With changes in technology, our bulky mobile handsets changed into sleek smartphones with enormous screens. They practically became computers, which we could hold in our palms. Currently, we are more dependent on our smartphones for everything, more than we are on our desktop computers and laptops.
What is m-Commerce
M-Commerce stands for mobile commerce. This basically means accessing the online stores, not from bulky laptops and computers but compact and more portable mobile phones. These days, almost all e-Commerce websites have launched their apps for smartphones. These apps provide a mobile compatible interface for everything, right from browsing products to enabling the user for smoother transactions and billing.
Do you think m-Commerce Will Outgrow e-Commerce?
e-Commerce industry has been a boom since the last decade and with advancement in the technology, m-Commerce earned a special place in our lives. Nowadays, customers not only look for the best prices, they want a great and easy to use interface, easy to return policies, quick deliveries and easy payment from the comfort of their smartphones. In today’s time, customers can research all pros and cons on their smartphone before making a purchase. Smartphones have become the primary touchpoint from a business point of view. So, yes, if e-Commerce websites launch optimum applications for the smartphones, m-Commerce would definitely outgrow other segments soon.
m-Commerce is going to be the next big thing very soon. However before e-Commerce segments make the big switch, we need to understand the advantages of going all mobile friendly.
- Customization – Once a user uses his/her phone to access the web-portal, we can practically get updates about their location and other details. Using this, we can analyse and try to customize the app to respond better to the customer’s need.
- Accessibility – Of course accessibility increases if a consumer checks out your online store on a smartphone. The customer does not need to set up any wifi or internet connection. In the era of 4G, as long as the mobile data connection is turned on and the smartphone has a good network signal, the prospect can go through your store and make a purchase with minimal efforts.
- m-Payments – Mobile payments are super easy to carry out. Using the in-app payment method, the consumer does not even need a third party payment gateway to carry out the transaction. Also, the customer can maintain a mobile wallet and use a prepaid account for every time they purchase anything.
- Time Saver – A person just needs to have a smartphone with a connection, no hassles, no physical shopping, no setting up of laptops and desktops. Time and money are easily saved.
Trends Affecting m-Commerce Growth In 2018
- Mobile shopping would become a mandatory thing for the online business to sustain. It will be necessary to offer a seamless shopping experience to the consumers via both website and apps.
- Mobile image recognition could come upfront in a big way. In this case, a customer can click a picture of any product in the surroundings and be directed to the platform where it can be bought from.
- A lot more shall be expected of shopping sites rather than just providing customers with a list of products. Artificial Intelligence and chatbots could be used to give a real-time experience to the customers. This would really enhance the shopping experience for the customers.
- Content has always been crucial in the online shopping experience. But in case of m-Commerce, the cruciality will grow and the content will take up more space. This would a necessary action to convince the buyers.
- With growing technology comes great risks. With an m-Commerce booming, mobile fraud will grow as well. Retailers will have to take this seriously and plan to prevent such incidents from happening.
- Mobile abandonment rates are more than 80% when the customers are asked to input their credit card details. An evolution in the payment system will happen in 2018. Direct app payments and prepaid accounts will be in the limelight.
If m-Commerce is growing, this does not mean that other mode of commerce will wither off. However, it is critical that retailers adapt to this growth in m-Commerce in order to meet the ever-burgeoning demands of the customers.
Yes, this is what awaits the market in 2018. Are your ready for this transformation?