Just a few years back, nobody would have imagined that E-Commerce would become a major part in our life. Rightly said technology is a short version that keeps changing with a new technology and the recent one making the rounds is the M-Commerce, popularly known as Mobile Commerce.
Thanks to the mobile phones, where at the age of living in a fast-paced lifestyle is becoming a survival kit more than just a path to communication accessory, where we may tend to forget our wallet but never our cell phones, clearly defines that mobile world is quickly taking the new heart of business. With busy schedules and People being always on the move, marketers and companies are fast catching them up through smart phones.
The tremendous success of smart phones has led to the creation of several apps that has resulted to the growth of M-commerce apps. Players are getting lured to enter into the market of commerce with a huge revenue opportunities and the potential for customer attainment and retention.
Why there is a demand for m-commerce?
Mobile commerce or m-commerce is an easy way to demeanor business transactions through a mobile device. Various market research depicts that Mobile commerce, or m-commerce is going to play a vital role with huge profit and will be seen as a rapidly growing market with all its rounds making it the hottest sectors right on. The e-retailers are able to reach their audience due to app stores that offers more digital channels. With smart phones growth, the m-commerce growth is widely seen with improvement in mobile infrastructure across the globe.
Mobile Apps for Shopping:
PayPal reports that 64% of smartphone users are using an app for purchases as against to the 52% who use mobile browsers. The users felt it was convenient and speed with instant payment confirmation and having a reminder in the app to use a discount or coupons helped them to go for m-commerce. This creates a merchant to take advantage of going for m-commerce apps, as more people are increasingly buying from an app.
The Growth of Mobile Commerce
The pace at which m-commerce is growing is impossible to ignore with more and more people turning to their mobile devices for shopping, making it only get bigger and better with mobile orders rising this year in America, with states like North Dakota, Arkansas, South Carolina, and Louisiana making it the highest growth of m-commerce.
The mobile commerce sales in the US is expected to reach more than $100 billion this year. Forrester Research projects sales from consumers shopping for mobile phones will increase to $38 billion this year. As per Statista,(Statista.com)the mobile retail revenue is expected to amount to $133.35 billion up from $42.28 billion in 2013. Statistics also reveal that the mobile retail commerce revenue worldwide to reach $626 billion in 2018.
Research by ABI estimates that by the end of 2015 shoppers from around the world will spend nearly $119 billion on goods and services bought via their mobile phones. The mobile shopping at the US saw tremendous growth from $396 million in 2008 to $1.2 billion in 2009.
Taking advantage of m-commerce:
Mobile commerce is definitely growing and this directly relates to the amount of mobile marketing that companies are investing in with nearly 74% of online retailers either having in place or are developing mobile commerce. According to PayPal’s report, upon surveying on a third of online shoppers, the smartphone shoppers were between the age group of 18-34 giving an advantage of increased sales.
Mobile commerce without mobile traffic is just like chicken and the egg. It is important to turn the traffic into billion dollars and if you haven’t yet got serious with m-commerce app, it’s high time you need to think about increasing your traffic for your e-commerce businesses.
Get in touch with Space-O, who has worked on m-commerce apps like Ingubo, who will surely assist with the creation of your own M-commerce apps or turn your Magento, WooCommerce e-commerce store into an m-commerce app.