Mobile commerce, or M-commerce, is rapidly growing in popularity, and it’s not hard to see why. With the rise of mobile devices, consumers are increasingly turning to their smartphones and tablets to make purchases, access services, and engage with businesses. For industry experts, CEOs, and entrepreneurs, it’s important to stay up-to-date on the latest trends and developments in m-commerce to stay ahead of the curve. In this article, we will explore everything you need to know about m-commerce in 2023, including its definition, trends and statistics, key players, challenges and opportunities, and best practices for success.
What exactly is m-commerce?
M-commerce is a subset of e-commerce that makes use of tablets and smartphones. Mobile applications and responsive websites are the primary distribution channels for this branch, allowing for smooth operation. It has served billions of buyers and dealers all over the world. Its popularity grew as a result of its mobility. Simply put, this is a mobile-friendly digital shopping counter.
M-commerce vs. E-commerce
Almost everyone is aware of the dominant e-commerce player known as Amazon. The revolutionary approach and last-mile connectivity were the driving forces behind e-commerce. After two decades of service, a new branch of e-commerce has emerged that is elevating the shopping experience to new heights. M-commerce is a cutting-edge technology that has the potential to serve every industry. E-commerce, also known as electronic commerce, is nothing more than online buying and selling on a computer or laptop. While mobile commerce (m-commerce) is done through wireless devices like smartphones or tablets.
|Flexibility||Accessible on wireless devices like smartphones or tablets with low-speed internet connectivity.||Less flexible, as you need a desktop computer or laptop with speedy internet connectivity.|
|Ease of use||Carry all the necessary information in compact resolution. Mobile-optimized websites and applications make it more convenient.||Contains more information and heavy images that need high-speed internet and may take time to get the full page loaded.|
|Security||It is a product of cutting-edge technology. As a result, it includes all of the necessary security features, such as biometric locks and app locks. Even the device’s constant security updates equip it with antivirus.||Given that the browsing device might have a hidden virus, the likelihood of cyber-attacks and data breaches is high. Even fake websites are difficult to spot. As a result, active antivirus software must be installed.|
Trends in M-commerce
As technology upgrades, new trends start revolving in the market. Here are a few of the m-commerce trends for 2023 that must be followed.
Millions of people are utilizing m-commerce services across the globe. The data published by Statista showcases a great hike in smartphone mobile subscribers since 2016. As the search volume increases, it gets more difficult to answer every query. Therefore, chatbots stand at the forefront to ease the process and make the response quick. Even the adaptability of AI is helping chatbots operate more efficiently.
2. Voice Command Search
Upgrading AI and voice command together is highly promoting voice command searches. Won’t you enjoy telling your phone to search for a t-shirt for you while doing other tasks? Of course, there’s a lot more you can make your phone do with voice commands. However, this is getting better and better with new updates from the developers to enhance your search process.
3. Retail Mobile Apps
The covid-19 pandemic made every normal life standstill. It gave a spark to retail shop delivery services. Now, people expect everything to get delivered to their doorstep. They want everything to be easily available. Only m-commerce makes it easy for them to place an order for grocery items and get them delivered in minutes. Since 2021, m-commerce has accounted for almost half of the e-commerce sales in the USA. The numbers are encouragingly rising in the USA and UK, with 7.3% and 15.6% of retail trade in mobile commerce, respectively, in 2021.
4. Augmented Reality and Virtual Reality
Would you enjoy designing your favorite car on your cell phone? Or will it be better if you get a personalized paint application to design your walls? Well, the major players such as BMW, Volvo, and IKEA provide this kind of service. The best part is that people are widely accepting such concepts. Imagine being allowed to choose your car’s color, interior, and even its alloy designs. This virtual garage is one of the most enjoyed places for the automotive enthusiast.
5. Payment Options
Carrying cash or making payments through credit cards is getting replaced by digital wallets or mobile wallets. It is safe, secure, and quick to pay. The interesting part about mobile wallets is that you, as a merchant, need fewer infrastructures to receive payments as compared to a POS (point of sale) machine. Mobile payment apps like Google Pay and Apple Pay are among the most used for merchant payments.
Challenges and Opportunities in M-Commerce
A list of negative and positive aspects of m-commerce is mentioned below. Here are a few selected ones that are highlighted in the initial stages of development.
- Device Limitations
Have you ever installed an application and later discovered that it was not working properly? When you have an outdated phone with the latest software programs installed, this occurs. Unlike software, older hardware does not receive OTA updates. As a result, people who do not upgrade tend to delete apps that appear to be less important to them. Even having a small screen limits the user’s ability to have a seamless experience.
- Experience Optimization
There is a chance that the mobile website or app has not been optimized for smooth operation. Even if the user resolves the handset issue, the negative user experience may harm the reputation of your brand. As a result, your mobile website and the app must be regularly updated and optimized.
- Personalized Experience
Everyone appreciates personalized services. Mobile applications streamline and expedite the purchasing process. As the end users, everything will be at their fingertips, from searching for a product to making a payment. Personalized offers and discounts make it even more appealing. As a result, several studies have found that users who receive discounts make frequent purchases.
- Higher Engagement and CTR
According to market statistics, the higher the level of engagement, the more likely a customer will buy a product. Mobile apps with personalized offers and discounts encourage users to stay on the app for a longer period of time. As a result, the likelihood of higher click-through rates increases. This eventually leads to increased revenue.
This was just a short, explanatory blog on m-commerce that covered its initial stages. It is a vast topic to be discussed and worked on. The earlier you enter, the better off you are. Therefore, we have a simple suggestion for those market experts, CEOs, and entrepreneurs: get your hands on m-commerce before the market gets flooded with other big players. We hope this piece of our efforts filled your valuable time with useful information. We keep publishing such knowledgeable blogs at regular intervals. Stay tuned for the next blog.