Mobile commerce or M-commerce is a way to conduct business through mobile phones. Gone are the days, when businesses had to rely on websites to sell their products online. Now they can easily develop an application and reach faster to their target audience. You must have been living under a rock, if you never shopped via a mobile application. Whether it’s shopping or banking, all these activities are conveniently availed on a palm-sized device. Even though, in 2023, the rise of Mcommerce is everywhere, people still can’t differentiate between e-commerce and M-commerce. Popular commerce exemplary is way different from the E-commerce business model. In today’s blog, we will cover facts that showcase how beneficial M-commerce is and has simplified the process of running a business.
Difference between Mobile commerce and E-commerce
Before we dive into the benefits of M-commerce, let’s explore the core differences between the two types of commerce models. E-commerce is a way of selling and buying goods online but isn’t only restricted to hand-held devices. You can sell/buy products via mobiles as well as computers. Whereas M-commerce is a sub-category of the electronic business model and can be accessed via phones and tablets only. Some of the popular examples for E-commerce would be Amazon.com, while Mobile e-commerce examples include Samsung Wallet or Google Play Store. Since M-commerce is a new technology, it has improvised the way people shop. Here are some reasons why many businesses choose M-commerce instead of E-commerce:
Portability: Since E-commerce is restricted to desktops or laptops, it discourages consumers to shop while on the go. Whereas, in Mcommerce, the consumers can conveniently purchase whatever they want, whether they are on a metro or a beach.
Location Tracking: With M-commerce, you can easily track location via GPS, while it can be a tedious task to execute on e-commerce.
Security: M-commerce proves to be a better-secured method than E-commerce as it offers the consumers, two-way authorization methods, which include fingerprints and face recognition.
User-friendly: Compared to E-commerce, M-commerce is much user friendly as it takes less effort to navigate and choose the products.
Push Notifications: These notifications are exclusively found in mobile applications, which alert the consumers quicker about the latest products making it a better shopping experience for the user.
Types of M-commerce
The types of M-commerce that are booming:
- Mobile Shopping
- Mobile Banking
- Mobile Payments
Mobile shopping is one of the biggest reasons behind the growth of mobile commerce as it provides a comfortable user experience to consumers. Whether you want to order a cab or a delicious meal, you can complete the activity with minimum hassle. Some of the prominent marketing platforms are social media posts, mobile push notifications, and location-based SMS Ads.
Another notable feature of M-commerce is the capability to access bank services on mobile. A lot of the banks offer services such as transferring funds and viewing account balances through their own mobile application. Not only it gives the consumers a personalized experience but also makes the banking process convenient for them.
This particular benefit of M-commerce has helped many businesses to make money transactions easily. The use of digital wallets is proven to be a safer option compared to credit cards. Whether it’s an online or offline purchase, consumers can pay without fear or doubt and complete the shopping procedure happily.
Mobile Commerce Trends to Watch Out for in 2023
Voice searches have gained popularity over time. Whether it’s Siri or Alexa, you can shop smoothly by giving out a single voice command. Initially, people used the feature to explore weather updates but with the enhanced features, in 2023, people shop for their desired objects within the blink of an eye. Life hasn’t been this good, isn’t it?
ChatBots are not exactly a new addition to the technology. People have been using them for years on e-commerce websites and other platforms. However, so far, they were not integrated into M-commerce, which is going to change in 2023. In the near future, chatbots are all set to provide impeccable customer service to consumers, on handheld devices, apart from websites.
One of the mobile shopping strategies that really benefited businesses during Covid was social media posts. Not only brands gained more exposure but also made healthy sales. Fast forward to 2023, the integration of shoppable posts on Facebook and Instagram has enhanced the user shopping experience as it leads the consumer directly to the product. Also, the new feature, which allows tagging a product has been a prominent reason for brands to earn proficiently.
When shopping from an e-commerce website, you need to fill in a lot of details before completing a purchase. For a lot of customers, it turns out to be a deal breaker. This alone leads to more than 80% cart abandonment. But with one-click ordering through M-commerce, both parties benefit from it. The number of conversions is likely to go higher and the client gets a hassle-free buying. They can quickly and easily use a mobile commerce app to find what they need and make a purchase. In the upcoming year, we'll witness an increase in the adoption of this technology by e-commerce companies which will definitely lead to mobile shopping optimization.
Mobile Commerce Statistics 2023
Similar to E-commerce, M-commerce is definitely here to stay. According to the latest statistics of 2023, the business model is likely to have an increase in sales up to $510 Billion in the current year and $710 Billion in 2025. Mobile commerce faced a major boom in 2020, as due to Covid, the majority of people shopped online. So far, the future of M-commerce seems dominating compared to the electronic model, but how things will turn out, that only time can tell. However, with Farosh, you don’t need to worry about this, as we not only offer you a chance to make an online store but also access the benefits of social media integration. Meaning, you will be earning not only through e-commerce but also through M-commerce, which takes you closer to success in just a few clicks.