Mcommerce: What is it and how can businesses take advantage of this trend?
One of the biggest businesses changes over the last decade has been the shift to eCommerce, a trend accelerated by the recent Covid pandemic. Unlike before, businesses can now operate fully online, only needing physical spaces to store and distribute their goods.
mCommerce is natural extension of this trend from static to mobile devices, and also a critical aspect in the future of eCommerce. Since people have their mobile devices everywhere, it would be a lost opportunity not to reach them there.
So, how can entrepreneurs take advantage of this trend and build mobile friendly businesses, or integrate mobile technology into an existing business?
What is Commerce?
mCommerce, short for mobile commerce, involves using mobile devices with an internet connection to perform business transactions. Examples include buying and selling goods and services and transferring funds.
mCommerce is categorised into three sections; mobile payment, mobile shopping, and mobile banking.
Utilisng mCommerce in entrepreneurship?
Entrepreneurs are trendsetters and disruptors, and timing is key to their success. They look for opportunities to provide their customers with the most convenient solutions to guarantee customer satisfaction. One way of doing this is to provide a smooth payment process. What better way than to allow your customers to pay through their mobile devices?
Digital payments through mobile devices accounted for 32% of all total payments made to businesses in the UK in 2020. Mobile payment was the most preferred payment method for most people.
What are the benefits of mCommerce to business?
1. Ease of access
With the increased reliance on mobile phones, mCommerce allows businesses to reach customers at the most convenient, spontaneous and thoughtful times. Customers don’t have to make the same effort as visiting retail outlets.
2. Fast transactions
Payment apps, mobile-optimised websites, and secure banking channels offer the fastest transactions to customers. A customer can touch and scroll through a smartphone screen and buy more goods than anyone could at a physical store.
3. Boost to traditional shopping
Mobile devices aren’t only suitable for transactions since customers rely on them to research products and services before buying. Once customers are satisfied with their research, they won’t waste time looking for your retail store; instead, they’ll head directly to the specific product and make their payments.
4. Low marketing costs
Social media illustrates this advantage perfectly. Customers will view your social media post faster than traditional advertising. They will engage with it and make a purchase decision. The cost of producing that post is a fraction of that of a television advert. Furthermore, customers will indirectly yet effectively market the products for you through their social media posts.
How to make your business mCommerce compliant
Optimise your website and apps for mobile consumption</h3>
People want to shop, pay and track their purchases through their smartphones. If your website is inaccessible, poorly organised, or lacking a great mobile phone experience, this will cost your business plenty of customers.
Deliver a personalised experience
Customers love the idea of continuity in their interaction with your business. They need to feel familiar with your website on their computers and smartphones. Each visit should feel like a part of the journey, not a fresh start. For example, all items in a customer’s cart should be visible across different platforms, and any changes reflected accordingly.
As you embark on your entrepreneurial journey, you must make it easy for customers to engage and transact with your business. mCommerce is currently the way to go.