Did you know that in 2021, 72,9% of all retail e-commerce was generated from m commerce platforms? Well, it’s true, and there’s a pretty compelling reason behind it.
The surge in the manufacturing of smartphone devices and internet services has increased the penetration of modern companies. Hence, they can now connect with customers on multiple platforms and generate new leads.
This, sequentially, has prompted the present-day retail and e-commerce companies to embrace m-commerce strategies to increase their sales. This means you can search for any product on the platform, read its utilities, and purchase them.
It is a fast, reliable, and time-saving approach that caters to a modern-day person’s leisure and busy schedule. But, what do we really mean when we use the term: m commerce?
Let’s find more about it together.
What Is M-Commerce?
M commerce or Mobile Commerce involves shopping through the use of smartphones. It means all the financial transactions are commenced on the mobile platforms.
The innovation aims to enhance the customer experience, leading to a high generation of leads and conversion rates. And, it also enhances people’s approach to shopping from digital platforms by allowing them to make a purchase quickly.
There are three types of m commerce –
Mobile Shopping
One of the key aspects of the m commerce is the smartphone you use. In the last few years, the use of smartphones for shopping has increased.
Thus, allowing customers to get an omnichannel experience. They can find their preferred brand in various channels to purchase from.
Therefore, it gives the customers access to shop from anywhere they like and enhances their shopping experience. It is also helping the company cement its place in different platforms.
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Mobile Payments
After the invention of Paypal by Elon Musk, m commerce has taken its projection in the upward direction. Mobile payments allow customers to pay any amount they want through cards and applications.
Today, several platforms have added a mobile payment section to increase sales and allow customers to shop easily. You can easily pay the amount through the software by placing your camera on the QR code.
This way, the company, and the customer can maintain transparency regarding payments.
Mobile Banking
As more and more advanced technologies are entering the world, in some way or another, it has offered a helping hand to banks.
Today, banks have built their net banking software, which is available on smartphones, to increase the rate of transactions. It offers a solution to customers to pay big payments easily.
You enter the amount, and you pay. It is that simple. You don’t have to visit ATM or bank to take cash and then spend the merchant.
Further, the m-commerce application lets you view all the transactions and balance in your account.
For these multifacet characteristics, m commerce is gaining customer confidence and is growing significantly.
Therefore, let us understand a few –
Benefits of M-Commerce
As the application of m commerce is significantly growing, it is understandable it benefits consumers and their shopping behaviors.
Let’s figure out what are a few benefits of m commerce.
Better User Experience
Well, every business’s goal is to enhance the customer connection with the company or the product. This process enhances the user experience and allows them to have fun while shopping.
It means allowing them to scroll through different collections and products and manipulate their shopping behavior.
As a customer, you want the autonomy to purchase the product you like, and following that, you enhance their shopping experience. You can add a chatbot where customers can suggest their choices, and it presents those products.
It will have a positive effect on customers and increase the conversation rate.
This way, you can enhance customer retention and bring in new customers.
A Seamless Checkout Process
One of the aspects of the modern world is everybody is busy working. We all are engaged in something, and allocating time for shopping is difficult.
Therefore, m commerce application is a proactive way to engage people. They can shop for whatever they want and leave the site quickly by paying the amount.
Therefore, companies like Amazon focus on checkout, even if customers visit their retail stores. People can pay the amount by scanning the QR code and do not have to stand in the queue.
Further, on smartphones, you must select the address and pay the amount through cards, payment applications, or cash on delivery. These options provide a seamless checkout experience to users.
Thus, increasing the sales of the company.
Targeted Marketing
M-commerce has helped brands to create targeted marketing campaigns for specific customers and people. For example, you can see advertisements for Nike (Joga Bonito), which only catered to football fans and players.
The company uses users’ browsing and purchasing history to create effective consumer advertisements. It is crafted to make people purchase products and items.
This marketing type results in high sales and revenue for the company. Through personalized advertisements, you can carter users understand the dynamics of products and their usability to consumers.
Boosts Customer Retention
One of the importance of m commerce is that it helps the company to retain customers. They can create and design products or advertisements as per the requirement of customers.
Applying m commerce services is a cost-effective way for companies to retain existing customers. With this, you can also target new customers. This can further result in higher revenue and sales.
Customer retention is directly related to the company’s growth, as loyal customers make frequent purchases. Further, you can also offer loyalty bonuses or high discounts, resulting in a low customer churning rate.
More Channels To Reach Out To Customers
One of the benefits of m commerce is that it allows the food and clothing companies to meet with customers across different channels.
Today, a few prominent digital platforms are Amazon, Walmart, etc. They all are a medium for companies to meet their customers. It can be their existing consumers or newer consumer base.
Customers do not have to visit traditional sites anymore. They can see any platform and enquire about the product. Further, they can compare the prices and features, which helps the company to increase its sales.
Therefore, you can get more traffic on your product if active on multiple shopping sites. More presence can help you to target a wider range of audience worldwide.
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Bottom Line
In conclusion, we can add that m commerce is an important invention for the business world. It is cost-effective and results in higher revenue, sales, and customers.
This helps new companies compete with big players and create a customer base. Therefore, if you want to cater to customers, you must invest in smartphone strategies.
Positive results will follow.
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