The global impact of M-Commerce

Nandakumar | September 18 - 2017

There are officially more mobile devices than human beings in the world, and if you are one among the billion users, you clearly understand the way mobile has penetrated into your life. As a marketer or an entrepreneur, you’d want to keep up with this mobile revolution or risk being termed as ‘outdated’.

Unraveling the m-Commerce trend

The tremendous dominance of mobile has influenced various sectors, including e-Commerce and Mobile commerce (m-Commerce) has been steadily climbing to the top. In fact, the retail sales in the US made through m-Commerce will reach $480 billion in 2019.

One of the pivotal reasons for the growth of smartphones, wearables and handheld device users has been the ease and convenience it offers. The anytime-anywhere access and easy information sharing capabilities have attracted billions of users.

Let’s explore the user audience responsible for the growth of m-Commerce.

The Millennials are a generation of technology-lovers and they desire quick, instant access to almost everything. This has translated to more than 57 percent of Millennials using their mobile devices for researching about a product, analysing reviews, finding discounts and making the final purchase. Pay heed to their needs and buying patterns as they are your current and future audience.

Apart from the Generation Y, it is important to understand the rest of the users. These are the ones who depend on their mobile devices to research, but end up purchasing from an offline store. Businesses can hope to capture this segment only by providing a consistent omnichannel experience.

Conquering the promising future

m-Commerce is here to stay. In fact, mobile payment transactions at terminals are predicted to increase by around 11.6 percent in 2021, along with online banking transactions.

This trend has impacted both B2B and B2C and to survive, businesses need to adapt to this situation.

Businesses can make a start by providing a seamless experience across mobile and desktop, alike. As for retail, businesses should ensure that the customers’ buying experience remains consistent across all channels, including mobile devices and offline stores.

Apart from the mobile penetration factor, businesses must bolster their social networking and marketing strategies. When it comes to mobile shopping, social media comes hand-in-hand for raising awareness about products and services and strengthening the brand image in the minds of the customers to instill brand loyalty and goodwill.

Understanding the customers’ expectations and willingness to change according to the current trend will be a major factor in surviving the intense competition of Mobile Commerce.