M-Commerce Deep Dive: Trends
M-commerce is rapidly gaining popularity and flourishing at a high speed. It is expected that in the coming years, m-commerce will graduate from a trend to a dominant commercial force.
As shoppers spend more money than ever buying products online, m-commerce companies continue to invest in new ways to surpass competitors, catch the attention of prospective buyers, increase conversions, and win customer loyalty.
Each year, new trends emerge that define how m-commerce companies operate, promote on the market their products and interact with their clients. In this article we define the top mobile commerce trends that you need to be aware of.
What Is Mobile Commerce?
M-commerce is the buying and selling of goods and services through wireless handheld devices such as tablets and smartphones. These days, you can buy almost anything with a mobile phone, including but not limited to food and movie tickets. You can open a bank account and even apply for a home loan, all in the palm of your hand.
M-commerce matters because mobile is quickly becoming the principal way customers shop online. Whatever your business, your customers – in every demographic – are mobile device users.
The Future of Mobile Commerce
The next decade promises to be the era of m-commerce. Here are some of the m-commerce trends we believe will prevail.
Multi-channel retailing means selling goods across multiple online channels (e.g. a web app store, a marketplace or social media). It is a new approach to commerce that focuses on creating coherent user experience for customers at every touchpoint. It is different from traditional marketing, where companies optimize individual platforms without the whole experience actually being taken into account. For instance, if you sign up through a store’s website, you would expect the same login information to work on the app.
According to a study published in the Harvard Business Review, 73% of customers shop across multiple channels. According to Salesforce, 75% of buyers expect consistent experiences across multiple channels (web, mobile, in-person, social), while 73% of buyers will likely buy from another brand if they don’t get it.
Mobile commerce is the one channel that stays with a customer wherever they go. According to a survey from TD Bank, 6 in 10 US internet users have used digital tools to compare product prices while shopping in-store. Moreover, nearly half of respondents shared pictures of products to get feedback from family and friends.
The number of customers who use their mobile devices to shop online is constantly growing. This leads to a decline in paying for goods with physical cards. Instead of asking buyers to enter a string of numbers and an expiration date, you can let customers check out using one of the popular mobile payment platforms, such as PayPal, Apple Pay, and Google Pay.
While you certainly need to have a mobile-friendly website it isn’t enough to make your business thrive. For starters, 85% of customers prefer mobile apps to mobile-optimized websites. Secondly, mobile apps have continued to convert at much higher rates than mobile web experiences.
E-commerce website owners have recognized this trend, and are adapting accordingly. Many businesses have realized the significance of targeting mobile users and are starting to develop apps for their e-commerce websites.
Apps are the future of m-commerce growth. You need to have a mobile app in 2021 to stay on top of the competition. Building one now puts you in the early adopter category. However, if you wait too long to make this decision, you’ll quickly lag behind your competitors.
AR & VR
The key advantage of brick-and-mortar is that they provide an opportunity to see and touch products up close and try them on. Conversely, one of the major benefits of e-commerce development is the possibility to ship orders quickly, try them in the comfort of your own home, and return them easily.
Augmented Reality and Virtual Reality help retailers bridge the gap by “augmenting” real-world images and environments in real-time with digital information.
Smartphones and tablets are the perfect instruments for delivering augmented reality experience. They’re portable, they’re equipped with high-definition cameras and increasingly powerful processors, and everyone has one.
For instance, a company that sells furniture online can use AR to demonstrate what a sofa would look like in a buyer’s home. This allows the buyer to select a color to see if a product will actually fit in the desired space.
AR is a great option for online commerce. Without AR and VR-powered mobile apps, consumers would have to make purchases with trial and error, which is never flawless. The last thing anyone wants to do is buy a product online only to find out it doesn’t match their expectations.
Initially, mobile phones were created for better voice communication. Now, given that the majority of online traffic comes from mobil