Mobile commerce, known simply as m-commerce, is revolutionizing the e-commerce industry. This is because most online business transactions are now carried out on mobile devices. Its main goal is to improve the efficiency of businesses and by extension, achieve faster and efficient product sales.
Indeed, a study shows that 70% of mobile searches lead to a buying decision within an hour.
With m-commerce, processes like the purchase, payment, and delivery of products have become very smooth, a far cry from what it used to be. Consequently, businesses have been forced to jump on the bandwagon. Mobile shopping now makes up about 58.9% of the e-commerce industry.
This is why many companies have moved to design mobile apps and optimize their websites for mobile devices to allow their customers to make purchases on the go. This is a logical step since a 2019 study revealed that about 67% of the global population owns a mobile phone.
M-commerce presents a host of advantages to businesses that choose to adopt it. Some of them include the following.
Although it is essential to optimize your website for the mobile view, creating a mobile app has become even more critical these days. This is because mobile apps are 1.5 times faster in loading data and providing search results than mobile sites.
Mobile apps promote your brand and products by using push notifications but also make shopping easier, among other things.
Ease of Access
M-commerce increases accessibility to products on sale. Rather than make way to a physical store to purchase them, customers can make purchases from the comfort of their mobile devices.
Better Customer Service
With m-commerce, online stores can offer their customers seamless shopping experience. This, in turn, increases revenue and conversion rates.
A mobile app that is fast, interactive, and convenient attracts more customers. Businesses can even offer better customer service by providing discounts and coupons for retaining existing and gaining new customers.
Security, ease, and convenience are enhanced when it comes to payment via mobile. Through mobile apps, customers can make payments for the products purchased without reaching for third-party payment gateways.
The development of mobile wallets also helps conversion rates. These wallets allow customers to hold a prepaid account from where they can be debited whenever they choose to make a purchase. These developments in mobile payments have, in turn, attracted customers to buy products or services on a subscription basis.
Good Feedback System
With m-commerce, customers can reach out to brands and businesses much more quickly. Through live chats, toll-free help desk, and one-click closing feature, customers can get instant feedback on the challenges they face.
These days, customers can even get instant help through social media channels like Twitter.
M-commerce has a broader scope than other e-commerce applications. This is because a considerable fraction of the world population owns or has access to a mobile phone.
M-commerce presents a host of benefits to businesses, one of which is a better customer experience. Consequently, businesses that hope to increase their conversion rates should adopt it today.
Check out the infographic below for more information.