Today most of us stay hooked to our mobile phones, you can just do anything with the click of a button without having to go anywhere or step out. This is what led to the rise of Mobile Commerce or what we term as M-commerce and this is the reason why most of the online stores and websites are accessible on mobiles today. So, M-commerce basically includes any monetary transaction completed using a mobile device. It enables people to buy and sell goods anywhere using their mobile devices.
Types of mCommerce
- Mobile shopping- You can easily shop with your smartphone through mobile dedicated apps, websites that are optimized for mobile, and other social media platforms like Instagram.
- Mobile Banking- It is similar to online banking, which usually involves a dedicated app where some transaction types are restricted on mobile devices.
- Mobile payments- The best thing about mobile commerce is that you get a variety of payment options including mobile wallets that makes the checkout process easier for the customers.
Benefits of mobile commerce:
- It ensures a better overall experience for the customers: Ecommerce already ensures that the customers are given access to Competitive pricing and a wide variety of products and services without having to step out, and with m-commerce, this experience has been improved even more with new applications that include chatbots and augmented reality. For example, Sephora uses the augmented reality app to ensure a great customer experience.
- Growth factor: It has phenomenal growth potential and with m-commerce, you can expect a higher Return on investment.
- Multiple payment options: It can be time-consuming to manually add your credit card details every time you want to shop online. To make the checkout process easier, m-commerce offers a variety of payment options including mobile wallets that help you to complete the transactions with just one click. Some of the popular mobile payment options include Amazon Pay, Apple Pay, and PayPal.
- Great omnichannel experience: When stores sell both offline and online, this is when the term omnichannel comes into play. It is about being where your customers are and making it easy for them to buy from every possible channel.