eCommerce itself is a booming, now we are looking a new trend that is Mobile Commerce or M-Commerce. Mobile Commerce will be a next big thing in future and the reason is people are doing more mobile commerce transaction because more people are started using the smart phone and mobile commerce is very convenient for them.
Mobile Commerce is also growing rapidly as people prefer smart phone for financial transaction due to mobile apps and many other platforms which is very friendly for the use on mobile phone specially on smart phone. We can say that eCommerce has less reach as compared to mobile commerce as more people are buying from mobile and that’s the reason mobile commerce is a hot trend in the world of ecommerce.
Lets understand in a better way, What is Mobile Commerce and how we are getting benefit out of it.
What is Mobile Commerce?
Mobile Commerce(-commerce) is buying and selling products and services using any wireless device such as mobile and tablets. In easy words we can say that it’s a advanced form of eCommerce, where in we doubt use any wired device such as desktop. Few examples of Mobile Commerce are
- · Mobile banking
- · Money transfer
- · Bookings
- · Location based services
Mobile Commerce is helping many industries to work smoothly specially in term of payments such industries are financial, telecommunications, retail, and information services.
Mobile Commerce is growing rapidly all over the world, nearly 70% online transaction are done by mobile phones and that a big number.
Types of Mobile Commerce
Mobile Commerce has mainly 3 types
- · Mobile Shopping
Most of the people like to shop online and mobile commerce is giving benefits of the people who love to shop from mobile devices. Shopping through mobile itself is possible because of many online applications and through social media apps as well.
- · Mobile Banking
Mobile Banking needs a banking applications where you can do the transaction as per your need, there are few limitations in the transactions, still we can say that its beneficial and east to operate and safe as well.
- · Mobile Payments
Earlier if we have to make the payments then we have to go to bank or in person we have to pay the money however after the mobile commerce it’s very easy yo make the payment as we just have to download mobile payment apps and make the payment from wherever you are.
Mobile Payment is very beneficial for business sector they can make the payment then and there and don’t need to save papers of those transactions. But overall mobile payment is beneficial for everyone.
- · Mobile Bookings
Booking for the hotels, ticket reservation is easily possible through mobile commerce. Mobile Commerce is so advance that once you make the payment t=you will receive the ticket on the mobile and you can get the boarding pass as well.
Advantages of Mobile Commerce
When new technology comes in the market business world and customers always look for the benefits of the same, here are few benefits of mobile commerce
- · Potential Growth
Ecommerce sale are growing day by day so online commerce is also growing rapidly. All major eCommerce companies see that 50% traffic to their websites are coming from mobile and this figure will rise in future for sure.
- · Payment Options
Mobile Commerce are giving various platforms to make the safe and secure payment transactions, the concept which is mobile wallet where in we can keep the cash and pay whenever is required.
In Mobile Commerce you don’t have to enter the detailed of your debit or credit card details and this makes it more secure way to make the payments.
- · Better Experience for the Customers
eCommerce already made the shopping very easy and mobile commerce made it more convenient as we can buy from anywhere means for buying and selling we don’t need a desktop.
Customers are getting benefits from others new technology which is integrated with mobile commerce such as augmented reality and chat bots.
- · Personalization
This is one of the best advantages of mobile commerce, you can track the customers’ activity and as per the time you can show him whatever he is looking for on your ecommerce website.
This may increase the customer engagement and they will keep in the mind about your business name whenever they want to buy something online.
Disadvantages of Mobile Commerce
Whatever comes with advantages has disadvantages as well, let’s take look
- · Existing technology for mobile commerce in on an expensive side, so setup cost may go higher.
- · When we use Mobile Commerce that mobile network has to be very strong however, in developing countries mobile network is not so strong to do transactions smoothly.
- · Mobile Commerce might face the security issue due to high online and cyber fraud.
Future of Mobile Commerce
As per the study on the future of mobile commerce by 2021 almost 51% of traffic on ecommerce will be from mobile and this number will get increased for sure as more and more people are buying start phones and they love to shop using mobile.
Last year during the festive time mobile commerce generated nearly $2 Billion of revenue for the retailers. Just by looking at this massive growth many business and big supermarket are implementing the mobile commerce to generate more sales and more revenue.
Many supermarkets integrated the mobile commerce into their system of billing and they are getting the benefit out of it.
There is no second thought in mobile commerce is growing and soon it will change the face of online shopping and online payments. Many companies have seen the opportunity and the convenience in the mobile commerce and they started integrating and implementing the mobile commerce with their billing systems.
This is a new technology and once the new technology comes it comes with t he advantages and disadvantages as well, if we are taking the benefit of the advantages in the same way we have to take care of the disadvantages of the mobile commerce and has to take proper precaution to do the safe and secure transactions.