Author: Chi Vo - Content Writer In recent years, e-commerce has emerged as a giant in retail industry, yet, the true next-generation trend for shopping is anticipated to be mcommerce. Indeed, the figures speak for themselves, when 70% of e-commerce sales are made through mobile apps, according to Statista. Specifically, thanks to technological advances, mcommerce is ready to become the mainstream of retailing industry, which simplifies and leverages customer experience. In this article, GCT Solution is going to outline some main points about mcommerce, regarding its definition, examples, benefits and how to put it into practice.
M-commerce, often known as mobile commerce, refers to the buying and selling of goods through mobile devices.
Mobile commerce is a subcategory of e-commerce or the mobile equivalent of e-commerce. The mobile commerce vertical is expanding rapidly, with the amount and proportion of digital purchases made on mobile devices increasing annually. As mobile purchasing becomes more accessible and as more people across the world acquire access to smartphones and tablets, mobile purchasing capacity continues to increase.
Three major categories account for the greatest increase in m-commerce:
There is substantial overlap with fintech, but only because mobile commerce encompasses the smartphone habits that lead to a mobile purchase as well as the enabling technology.
Insider Intelligence predicts that by 2023, 8 percent of all retail transactions will be conducted by mobile device. This is projected to surpass 10% by 2025. As customers rely on digital devices more than ever, m-commerce has the potential to become a major shopping channel, and it is expected that mobile will inch closer to becoming consumers' preferred route for online shopping within the next five years.
Facebook, Twitter, and Pinterest are among the social media platforms that have integrated "buy buttons" that enable consumers to make purchases without leaving the platform. In addition, numerous retailers have implemented one-click checkout on their websites. This strategy requires shoppers to enter their payment information only once, after which they can make purchases using the one-click option without reentering it.
As app usage continues to increase, it will be a significant driver to sales growth, especially considering that Millennials and Generation Z have enormous purchasing power. These tech-savvy audiences have the potential to increase volume, as they are more likely to shop on their cellphones.
Now you understand the undeniable advantages that mcommerce may bring to your business, especially in terms of ROI, then here are some valuable suggestions for your mobile strategy!
Numerous merchants invest in the design, product selection, and marketing of their mobile sites, yet completely disregard the shopping cart.
SeeWhy reports that a staggering 97 percent of mobile carts are abandoned. This is due to the fact that mobile shopping carts are crowded with extraneous items and many displays that impede the transaction.
Mobile guest checkouts contain an average of 12 screens to complete a purchase.
Therefore, ecommerce merchants who streamline their mobile checkout experience will substantially reduce cart abandonment and enhance conversions.
Over sixty percent of Facebook and Twitter users access these sites using mobile devices.
In other words, mobile is the default social networking platform.
To offer the optimal consumer experience, it is essential that social media posts contain links to landing pages that are optimized for mobile devices.
Otherwise, you run the risk of aggravating your social media followers, which could deter them from clicking on future postings.
According to BlueHornet, 76 percent of users use their smartphones to organize emails prior to seeing them on a computer.