Did you know that 61% of customers prefer buying from mobile websites that offer a custom experience for customers? In fact, considering that 67% of the global population has a mobile phone these days, it’s perfectly understandable that more and more businesses are working on their m-commerce marketing to stay ahead of the competition.
What is M-Commerce Exactly?
It’s straightforward, especially if you are familiar with e-commerce. In its purest form, it is the transaction of funds via a handheld smart device such as smartphones. Although there are different types of m-commerce, the most common one that people are familiar with is buying and selling through apps developed for mobile devices.
The differences between e-commerce and m-commerce are few. In fact, m-commerce (mobile commerce) is more of a branch of e-commerce. What makes it different is that through mobile commerce, you give consumers mobility, reachability, and faster and more convenient transactions. Also, a business can collect a lot more detailed information on consumers to better cater to their needs.
Types of M-Commerce
There are three main types of m-commerce that people use daily. It ranges from paying your bills and transferring money, to making a purchase online and paying for it.
- Shopping – Anything you buy or sell online using your mobile device is considered m-commerce. This includes grocery shopping, buying a pair of shoes, purchasing an album from the iTunes store, etc.
- Banking – Any time you use your mobile phone to transfer money from your bank account through your banks’ mobile app is m-commerce.
- Payments – Every type of payment done through your mobile device, including using share apps such as CashApp to send your friend half of the check at dinner or paying bills online, is an instance of m-commerce.
Today, 58.9% of the world’s economy depends on mobile shopping. This statistic will continue to grow, and expectations are that by 2021, 53.9% of all e-commerce sales will be made up of m-commerce.
Advantages and Disadvantages of M-Commerce
Before we continue with how to stay ahead of the game, it’s essential to know the benefits and drawbacks of adding m-commerce marketing for your business.
- Faster payments – Your customers will not have to wait for data to be pulled through the server, resulting in faster transactions.
- Experience – Everything is built into the app that consumers download, offering a combination of speed, interaction, convenience, and exclusivity.
- Connect – Send direct notifications to customers directly to their mobile devices.
- Tailoring – Due to more in-depth analytics, you collect a lot more information about a customer, thus presenting her only with products and services she actually wants to buy.
- Optimization – Mobile commerce marketing is ever-changing, so you have to optimize and stay on top of the latest advances continuously.
- Privacy – You will be collecting a lot of consumer data, and much of it is very sensitive. You have a responsibility to protect this data, so it is vital that you hire a privacy professional to keep you on top of the latest regulations.
- Competitive – You may have a wider audience, but your audience can easily compare you with your competition. If you slack even for a second and overlook their prices and products/services, you could lose customers.
- Brick-and-Mortar Business May Suffer – There is a very thin line between boosting your brick-and-mortar business through m-commerce and destroying it. You must find a way to expand your current business without damaging it.
How to Make Mobile Marketing Work for You
It’s not just making your current website mobile-responsive. With m-commerce, you will find you have a competition, so you need to work on your marketing and functionality continuously.
Here are a few key points to remember:
- App – Don’t just make your website responsive; take it a step further and turn your e-commerce store into an m-commerce app. This allows you to reach your customers anytime through personalized notifications. Also, statistics show that if you have an app, there will be less cart abandonment. Just don’t go overboard – the app must be straightforward and similar to your website for those transitioning to it.
- App Purchase Integration – By integrating in-app purchases, consumers will have a faster, smoother, and more comfortable experience, resulting in more purchases. Even if they come to your store, they can avoid the line by paying directly in the app.
- Speed – One of the most critical things to keep in mind is load time. If your app takes too long to load, pictures aren’t showing quickly, or customers have to wait for transactions, they will leave. The reason they are using the app is to save time and convenience.
- Content – This is a well-known fact, but the photography of products is absolutely crucial, even more so with m-commerce. The product must be described well and be accompanied by enough photos to give the customer a realistic view of what she is The more information and visual stimulation she sees, the higher the chances of completing a purchase.
- Adaptive – This is to help you stay organized, as well as reach more consumers. Your content should be comprehensive and easily managed on any platform. It would be best if you didn’t have to keep track of each platform and update across the board. All information must be connected. Your app should also be available for users of every platform and mobile device, including 30% of consumers that don’t use Apple or Android.
- Different – The market is saturated, meaning you have to deal with the challenge of standing out. Study your competition, find out what you can do differently to attract the eye, and always push your selling points in a visible area where your users can see them.
The facts are in. Statistics speak for themselves that the only direction m-commerce is going is up. There’s no doubt about that. If you haven’t already, consider it. If you are already taking steps to get your business on mobile devices, do your research and don’t stop there. You will need to research and grow with the market at all times, or you’ll be left in the dust.
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