Have you recently come across the term ‘M-commerce’ and wondered what it entails? If yes, you are in the right place, as this post will give you valuable insight into m-commerce, its benefits, and trends. So let us explore it together.
However, before you collaborate with a mobile app development company for an m-commerce solution, let us learn more about the solutions.
What is M-Commerce?
M-commerce is an acronym for “mobile commerce.” This term includes the use of wireless/mobile handheld devices, including smartphones, tablets, etc. Mobile commerce also involves commercial financial transactions online, such as the sale and purchase of products, paying your bills, and online banking.
The m-commerce industry has been building its case rapidly, and research suggests its market size to surpass $33,153 billion by 2030. That is the reason some of the biggest giants in silicon valley have already invested a considerable sum into the mobile commerce sector of their business.
Companies such as Amazon, Facebook, Google, and Apple are already offering their own versions of m-commerce services. You must have heard of Google Pay, Apple Pay, etc.
The best part is that m-commerce is one of the most secure online financial infrastructures. Whether a regular user or a corporate user, you can carry out financial transactions anywhere in the world. All you will need is an internet connection and a device.
M-commerce is a part of a larger electronic commerce domain. This technology is a model that allows companies to conduct online business remotely via the internet. Millions of people own a form of a mobile device now; this allows you as a business to reach your customers and target audience on the go.
With a powerful m-commerce service, you can create a seamless and enhanced user experience for your clientele. Your company and customers will be able to carry out various monetary transactions, including the following and more.
- Buying and selling products and services
- Online banking
- Investment
- booking travel and tourism packages
- ordering online food
- booking rent-a-car services
- downloading music and movies
- subscribing to streaming services etc.
Difference Between M-Commerce and E-Commerce
You may wonder that m-commerce sounds like e-commerce; however, both terms have several differences. What are they? Let’s find out.
E-commerce
e-commerce or electronic commerce is all about purchasing and selling products and services via the internet. However, in this financial solution, you can carry out financial transactions via not only mobile apps but also laptops and desktop PCs. All your customer needs is any form of device with an internet connection to carry out an e-commerce business transaction.
M-commerce
In mobile commerce, you strictly need a mobile device, such as a smartphone or tablet, to conduct a transaction. You can be anywhere in the world, and all you need is a smartphone with an internet connection to indulge in m-commerce transactions.
While e-commerce may require a desktop or laptop with more steps, you can carry out an m-commerce financial transaction in a few taps on your mobile phone device. In most cases, you will have a mobile app to access the m-commerce service and execute your desired transaction quickly.
However, it is entirely up to you whether you want to build an IOS m-commerce app or Android m-commerce app.
5 Benefits of M-Commerce
If you are a company wondering if adopting an m-commerce solution is a good idea, here are some benefits to help you decide.
1. Competitive Edge
If your competitors are still using an e-commerce solution, you can build an m-commerce solution and gain a competitive edge in the market. This will be your unique selling point (USP) as you offer a pure mobile solution to the customers providing added value and a better customer experience.
2. Enhanced Security
Mobile commerce enables your company to offer highly secure solutions with multi-factor authentication protocol, including biometrics in the form of retina scans and fingerprints.
3. Increasing Your Outreach
Introducing m-commerce services may allow your company to increase its outreach in the market. You may be able to target newer markets and a bigger audience using mobile devices and generate higher yields.
4. Leveraging GPS Technology
With m-commerce technology, you can use a GPS location tracking feature allowing your customers to find your business, stores, etc.
5. Rapid Growth in the User Base
With the growth in the mobile market and its users, companies are increasingly offering m-commerce solutions. You may have heard of big companies offering digital wallet services, such as Google Pay, Apple Pay, Amazon Pay, etc.
This allows the users to avoid the hassle of swiping credit cards and store cards at the stores. Furthermore, with Web 3.0 and metaverse around the corner, investing in an m-commerce solution now may earn you an early bird advantage in the near future.
3 Trends in M-Commerce
Whether you have a mobile commerce solution or are thinking about building one for your business, here are three tips you must consider.
1. Need for Speed
Always remember, the upload speed of your mobile apps and their features are going to be the critical factor in the success of your m-commerce solution. Consumers hate to wait and will not think twice before jumping ships in case your application takes longer to execute.
2. Focus on Digital Marketing
Print marketing is an old-school approach. Modern-day customers prefer to consume data visually and on the go. Therefore, you must deploy a robust digital marketing strategy incorporating videos and animations.
3. A Mobile and Web App Combo
While mobile commerce comes with a promise to attract a broader audience, it is always a good idea to launch your m-commerce strategy in combination with web app solutions. This will give your existing and potential customers flexibility to use a solution as per their convenience and preference.
Ready to Build Your M-Commerce Solution?
If you are a business thinking about creating an on-the-go financial transaction solution, m-commerce is the right technology for you. It is entirely up to you if you wish to develop a solution by employing an in-house team or hiring a mobile commerce development company.
If you have an idea about an m-commerce solution and want to start your project, feel free to speak to our mobile app development team today!
