M-commerce is short for mobile commerce, which involves using cell phones, tablets, and other wireless handheld devices for online transactions. It is most commonly used for online banking, shopping, and paying bills. Read on to learn more about what m-commerce is and its benefits.
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What Is Mobile Commerce?
Mobile commerce, a form of digital commerce in which paid transactions primarily happen over mobile devices, is quickly growing its footprint in enterprises and small businesses alike. The m-commerce market is expected to grow to $425 billion by 2025, according to research by IndustryARC. The increasing popularity and use of m-commerce have resulted in several companies, including Google and Apple, launching their own m-commerce services.
M-Commerce vs E-Commerce
E-commerce is short for electronic commerce, which is the activity of buying and selling goods over the internet. While e-commerce transactions can be conducted over a laptop, desktop, tablet, smartphone, or any other device that uses the internet, m-commerce is specific to mobile devices like cell phones. Typically, m-commerce transactions are completed with fewer clicks, as the mobile app, or the mobile-optimized website, is designed to be simpler to navigate than an e-commerce transaction.
What Are the Benefits of Doing Mobile Commerce?
More effective customer targeting
There are several advantages to m-commerce. For businesses, it is a way to reach their target audience at the right time and place. Using features such as geotargeting, push notifications, and in-app rewards, businesses can achieve better customer engagement.
Higher adoption and repeat customer rates
With m-commerce there is also a higher adoption rate, as customers are more likely to buy again from apps they have installed on their phones compared to websites they have used for e-commerce on their computers.
Improved user experience for customers
From the customer’s perspective, m-commerce offers faster load times and checkout experiences. They also get to personalize these mobile apps for a smoother user experience. According to Google, customers are more likely to buy from brands that offer quicker transactions. The accelerated buyer journey offered by m-commerce is a benefit for the seller and the buyer.
How to Get Started with M-Commerce in Your Business
To get started with m-commerce in your business, you have to set goals and make a strategy. Optimizing your website might not be enough, but it is a good starting point.
You should focus on having a great onboarding experience for customers, which means delivering a great first impression. Whether you go with an app or a mobile-optimized website, it should load quickly, offer easy product search, and provide a streamlined checkout process.
Once you have a solid foundation, you can focus on collecting first-party customer data to set up KPIs, investing in advanced cybersecurity solutions, and finding ways to engage your m-commerce target audience at the right time.