M Commerce 101
If someone asked you 30 or 40 years ago “How would you like to be able to shop from anywhere around the world with a small, electronic device?“, what would you say? Many weren’t even born at that time. Mobile commerce or M Commerce is one of the main shopping methods today.
Online stores in the mobile world became a necessity, and with that innovation, the entire shopping industry reached new heights.
Welcome to Mobile Commerce 101! Here is your chance to learn more about how to shop with ease!
Understanding M Commerce
What is M Commerce? Simply speaking, it is the possibility to use your handheld devices to do commercial transactions from all over the world.
When eCommerce emerged, it opened a whole new world of buying and selling products. It offered a chance for people to develop their own web stores. Mobile commerce was a natural progression.
Is it the next big thing?
When people use the phrase “next big thing“, that usually represents a trend. Something that’s popular at the moment, but will lose its fame in some time. It is definitely not a trend, because it can only grow higher and higher.
Importance of M Commerce
The reason why M Commerce is not just the next big thing is because of the potential to develop into many new directions.
If we look at all the importance everyone has from M Commerce, we can only surmise that it won’t go out of style.
1. It makes your life easier
No matter what part of the day it is, or where you are, you can always pay for stuff, food, and transportation from your mobile device.
Everyone around the world is using M Commerce in their daily activities. Not only that, but M Commerce plays a crucial role in B2B and B2C businesses. The range of possibilities is endless.
2. Businesses use M Commerce as a customer retention strategy
If you plan on starting a business, it is imperative to include M Commerce as a part of your services.
All major companies around the world use it as a customer retention strategy. It is a great tool to get new customers and keep the old ones coming back.
The most crucial aspect of it is that it improves user experience. If you offer people a chance to do something with the push of a button on their mobile device, they will take it!
3. A whole new range of services just for you
The progression from eCommerce to M Commerce opened a new window of opportunity for everyone.
With innovations like mobile banking, geolocation, online boarding, e-tickets, contactless payments, mobile money transfer, and many others, people are getting more and more used to M Commerce every day.
However, while there are many advantages of M Commerce, there are also some disadvantages that we must look at, to see the bigger picture.
1. Improved Customer Experience
As mentioned before, one of the biggest advantages of M Commerce is Customer Experience. If a customer has a great shopping experience, he/she will come back for more.
In return, you, as a business owner, will make more money. It is not only about products but about making it simpler and more convenient!
2. User Analytics
M Commerce has the possibility to provide crucial user analytics. You have the entire database of your customers’ shopping habits.
You can cross-reference them with age, sex, and many other factors, and get a whole new view of your customers.
3. GPS Navigation
With GPS Navigation implemented into M Commerce apps, any customer will easily navigate to the physical location of the desired store.
You as a customer won’t have to dial the phone number anymore to ask where the store is located. Also, you won’t have to go online to search for it. It’s all there, with a click of a button!
4. Push notifications
One of the greatest inventions of the 21st century in the internet world are the push notifications. They help up the marketing game to a whole other level.
It is a way to communicate with your customers, present your offers and packages, and influence the customer in a subtle way.
5. Quick purchase
Purchases are made quicker since it doesn’t require you to have money or a credit card in your wallet as opposed to shopping in a physical store.
You also have to go there by yourself, spend time to find what you are looking for, and wait in line to pay for it. With Mobile Commerce, all that is accomplished with just a few swipes and clicks with your finger.
1. The cost of the user interface
The layout of mobile devices is completely different from computers or laptops. It requires a specific optimization.
Additionally, user interface navigation is more demanding. If you plan on making an M Commerce app yourself, you will have to learn a lot of programming. Otherwise, be prepared to pay a lot of money for a quality M Commerce app.
2. The competition is fierce
Mobile commerce can be looked at as a risky investment. While it is extremely popular, the competition is fierce.
The development of M Commerce happens at a rapid pace, and you always have to stay in the same league with your competitors.
3. Mobile security
Smartphones become more and more secure every day. However, because of the increased usage of mobile commerce, more and more hackers are making it a target. It is a direct line to peoples wallets.
Additionally, mobile phones are more prone to malicious software. Website security is currently much stronger.
4. Smaller display
No matter how good your phone is, the display will always be way smaller when compared to a PC monitor.
If selling your product requires a more visual approach, it becomes more difficult to design the app.
Future of Mobile Commerce
As mentioned before, M Commerce can only grow in the future.
Innovations like integrated payments, digital assistants, predictive search, or live chat are just a few of many to come. There is even the possibility of integrating Mobile Commerce with voice search and VR/AR support.
The possibilities are endless! If you wish to make your business better, M Commerce is the way.
Hopefully, you got some insight into how M Commerce functions. Use it to your benefit, there is no time to lose!