Thanks to modern technology, mobile and web apps are turning into an irreplaceable part of every business to be accessible for more audiences. The use of smartphones has become a daily part of our lives. Communication has been made easy, and people use various applications to communicate with one another. While online shopping remains popular among consumers, businesses are constantly innovating their technology to find new ways to provide the best customer experience.
Having a mobile or web application brings many benefits to the table, such as 24/7 accessibility, access to new markets, and improved user experience, enabling consumers to buy products on the go without stepping out of their homes. Mobile commerce allows buyers to purchase goods and services from their mobile devices from anywhere, at any time. Here is everything you need to know about mobile commerce.
What is Mobile Commerce?
Mobile commerce, also known as mCommerce, refers to the browsing, purchasing, and selling of products and services through mobile devices, such as smartphones, tablets, or other handheld devices. Mobile commerce includes individual retailers and digital marketplace apps. Mobile commerce also involves products or services, such as fashion items, business software, among others.
The retail approach allows consumers to purchase online goods from anywhere at any time, without needing access to a desktop computer. The release of new phone technologies, such as the 5G network, is accelerating the adoption of mobile commerce across the world. Society is currently mobile-inclined and more dependent on digital devices, which sets the stage for mobile commerce to grow rapidly.
Mobile commerce is not only convenient for shoppers on the go but enables a business to sell online and deliver content to consumers faster. By increasing their exposure, retailers can boost impulse buys and overall sales. With multiple applications, mobile commerce has the potential to turn into a leading method of marketing and selling.
What is eCommerce?
eCommerce, also known as electronic commerce, refers to transactions conducted via the internet. Every time individuals and companies are buying or selling products and services online, they are engaged in eCommerce. The term eCommerce also encompasses other activities, such as auctions, internet banking, payment gateways, and online ticketing. eCommerce is not only based on mobile shopping but other digital platforms as well, such as desktops and laptops. E-commerce has come a long way since 1994, and it's growing as more shoppers turn to devices and computers as the primary tools for discovering and buying new products.
What are the Differences between Mobile Commerce and eCommerce?
If you're running or interested in an online business, you should understand how mobile commerce differs from eCommerce. Here are some of the differences between mobile commerce and eCommerce:
E-commerce is done over computers and laptops with internet connections. Such technologies were once groundbreaking, but with users turning to mobile phones, computers have become perceived as lacking in mobility. It is tedious to flip open your laptop just to order a pair of sneakers online. However, shoppers can easily access their mobile phones and start browsing for the right products on an m-commerce app.
The difference between the ability to make purchases easily on the spot versus logging into an e-commerce website later favors retailers with a mobile enabled e-commerce presence. Impulsive shoppers are also better served by means of instant access to the shopping cart.
Potential customers can have their needs met anywhere they go as long as they can access the internet on their smartphones, which allows a transaction with just a few taps on the screen. Compare this accessibility to traditional e-commerce, where their transactions are performed on the computer. Users have to look for a place to make their purchases because it is not as easy to use a laptop anywhere, let alone being on the move.
Security is the most essential factor in online shopping, be it in eCommerce or in m-commerce. Along with the regular security features, a mobile commerce app additionally offers two-factor authentication as well as multiple level authentication such as face recognition, retina scans, fingerprints, that are native to smart phone security. These features reduce the risks of fraudulent transactions in the process of purchasing and selling online.
The Impact of Page Speed on Mobile Commerce
Page speed has always been an important consideration for websites, and it is even more important when it comes to mobile commerce. Google has been encouraging developers to optimize for mobile page speed ever since they noticed that more than 50% of search queries were happening on mobile devices. Page speed has long been a ranking factor, but Google has always only considered the speed of desktop versions of websites. That means websites or storefronts that are mobile optimized are organically getting preference in the ranking algorithm.
Factors Driving Mobile Commerce Growth
Mobile commerce growth can be attributed to the convenience of mobile shopping. The increase in mobile payment options is proving to be a huge boost for customers' mobile experience. In fact, three out of four consumers say they carry out purchases on their mobile devices because it saves time.
However, there's always room for improvement. As many as 90 percent of shoppers say that their experiences with mobile commerce could be better. Research shows that mobile commerce will grow by 68 percent by 2022 as more people shop on their phones. The two most common concerns hindering mobile shopping are pages and links that are too small to click on and security issues. At least half of shoppers also indicate that they would like online retailers to provide more product reviews and information.
At Harlo Interactive, we work hand in hand with you to ensure that your mobile commerce and eCommerce business is on consistent growth. Whether you are building a new website, fine-tuning an existing site, or in need of a digital strategy for your next big idea, we are your digital partner. Contact us to learn more and get started.