Mobile Commerce Strategy 2020
Did you know that 75% of smartphone users abandon sites that aren’t optimized for mobile? The hype in mobile commerce is somewhat understandable: the role smartphones play in our lives is getting overwhelming. This insightful article will help you gain better insight into the mobile commerce arena, and provides an essential strategy you can implement to stand out from the competition.
From e-Commerce to m-Commerce
Today, mobile commerce is making headlines. But how did we get here? What happened to electronic commerce?
Well, first, let’s make it clear that m-Commerce is not a separate entity from e-Commerce. While e-Commerce is simply a broad term for selling and buying online, Mobile commerce, on the other hand, is a developed sub-branch of e-Commerce. This sub-group focuses on the buying and selling services and products with the use of internet/cellular data, via wireless handheld devices(mobile phones, tablets, smartwatch, etc.)
While e-Commerce activities are limited to desktop computers and laptops, mobile commerce allows users to access their services or products from virtually anywhere. At pwrteams, we understand that modern businesses are mobile-driven. That is why to help organizations ensure smooth and convenient interaction with their mobile-savvy customers. We made mobile app development a key area of our expertise. And that is why we’re one of the World’s Best Mobile App Developers in 2020 according to SoftwareWorld.
Types of mobile commerce
Over the years, mobile commerce has transcended from merely being a shopping convenience into three main branches:
- Mobile shopping
This is a direct sub-branch from e-Commerce. The only key difference is that, in this case, the buying and selling of products and services are conducted via a mobile device. With the advent of mobile shopping, today’s customers can now access services or products through dedicated apps, mobile-optimized websites, and even social media platforms.
- Mobile banking
Gone are the glory days of online banking. Today’s customers want to keep up with their bank accounts every minute, and often online banking doesn’t make the cut. Unlike online banking, which requires the user to use a desktop or laptop, mobile banking usually provides a dedicated app. The app offers users vast functionality, whether they are at home or on the go.
- Mobile payments
This branch of mobile commerce involves progressive innovation in payment options provided by mobile devices. This allows users to freely choose a convenient and safe payment option like Apple Pay or Google Pay. Unlike online banking, whereby they are often forced to use a credit card.
Why a mobile-unfriendly website drives customers away
“Three-quarters of brands could disappear, and no one would care. If you look 15 or 20 years back, people were seeking reassurance from their brands. Today, there are so many choices. It’s a different kind of fight,”— said MasterCard CMO, Raja Rajamannar.
This is a sad reality. Due to an infinite number of options, today’s customers are increasingly growing impatient. As soon they realize that the website is mobile-unfriendly, they’ll leave at lightning speed. Even as early as 2012, mobile-friendliness was a critical determining factor in buying decisions. According to a study conducted by Google, 67% of the subjects indicated that a mobile-friendly website would make them more likely to buy a product or use a service. Of the surveyed individuals, 61% also reported that a bad mobile experience was a dealbreaker, and it made them quickly leave the site.
How to provide a mobile experience
Now that you understand the consequences of a mobile-unfriendly website, you probably want to avoid them. Below are a few guided steps on how you can create an amazing mobile experience for your customers.
- Build an app
A mobile app establishes a 24/7 relationship with your customers. It’s a win-win for both you and the customer. You will rarely miss a sale, and your customers get access to their desired products or services, anytime anywhere. All they will need to do is log in to an app, select their desired products or services, and make the payment.
As you build your mobile app, make sure the experience is closely similar to the one on your e-commerce website to avoid confusion. Consider mobile commerce as an extension of your other buying channels and implement mobile best practices that separate you stand out from the rest. Additionally, we have highly experienced m-commerce experts at pwrteams Mobile Lab, and they are ready to guide you through the development requirements for your mobile commerce project.
- Integrate in-app payments:
With the advent of in-app payments, mobile commerce has seen a surge in overall sales. This is because consumers are more willing to trust payment options such as ApplePay and GooglePay, offered by large, established companies. These services allow for a trustworthy, smooth, efficient, and speedy monetary transaction.
Furthermore, with in-app payments, customers can pay through an app on their phone, instead of waiting in a long line. Today, even if every aspect of your business is equal to or worse than your competition, the focus on the customer can give you a leg to stand on—if not stand apart.
- Optimize the app or website:
When was the last time you waited on a site which takes ages to load? Most probably, you don’t remember. Mobile commerce is meant to address the inconvenience of waiting in line at a store, and if your website takes forever to load, you haven’t solved the primary problem.
If you don’t want your customers to leave as quickly as they came, you must constantly optimize and update your app or website’s mobile experience. This is an essential bad customer experience trait you should avoid at any cost. By the way, you can reach out to our mobile experts for assistance with your new or old mobile app. More about pwrteams mobile expertise you can read here.
6 Reasons businesses are investing in m-Commerce
Did you know that about 42.63% of the human population is now using smartphones? That means that businesses leveraging the mobile commerce domain can interact with a large user base and enjoy more potential sales leads. Today, most customers prefer to access all their services packed on a mobile app instead of navigating numerous web pages or having to travel to the store.
- Save time and effort
This is probably the primary advantage provided by m-Commerce. Modern customers dread commuting to brick and mortar stores and will instead order their services or products from a mobile device in the comfort of their home. Mobile users can now escape traveling long commutes and save both money and time. All the more, users using native mobile apps can load content 1.5 times faster than e-commerce sites, further reducing the effort and saving time.
For some brands, the problem is not in acquiring customers but in keeping them. Mobile commerce apps keep customers engaged through personalized promotions and offers. Furthermore, users can fill their carts in a single tap, and in case they have to leave the app accidentally, they can always come back and take it from where they left. It blurs the line between getting a sales lead and losing one.
- Diversified payment options
Mobile commerce presents users with a variety of payment options. They are not limited to using their precious credit cards, whereby they risk large sums of money. Moreover, with new reliable mobile commerce payment options like GooglePay and ApplePay, users are more likely to make a purchase without a second thought.
- Improved customer experience
The mobile development arena is just getting better by the day. Almost all mobile commerce apps come packed with the power of AR, Predictive Analytics, and other similar technologies. Using these cutting edge technologies, brands can now gather user insights and understand customer behavior. Moreover, these technologies provide an enhanced mobile shopping experience as well.
- Improved brand reputation
With even the smallest businesses investing in mobile apps, modern customers have come to expect that every successful business should have an application. For instance, most users today avoid banks that do not have a functional mobile app.
What does the future hold for mobile commerce?
Mobile commerce is the future! With all its skyrocketing clout, it’s a no brainer that m-commerce is the rising star of the e-Commerce world. Even numbers back this claim. Did you know that two out of every three dollars spent on online purchases today are done using a mobile device? As of 2018, the m-commerce spending totaled 501 billion, and it’s expected to grow to 740B by 2023!
As a savvy entrepreneur, keep your tabs on where mobile commerce is going. Position yourselves in the best state to take advantage of all it has to offer. With the advent of mobile commerce, brands can now form intimate bonds with their customers. When you know exactly what your customers want, there’s an increasing opportunity for you to make a sale. Last but not least, pwrteams is ready to help you out with any of your mobile needs, don’t hesitate, drop us a line!