“Mobile commerce is the next big thing”.
We are in an era where e-commerce took-off and truly became a great revolution within a short-haul. With the use of smartphones for purchasing the products, Mobile e-commerce got its own path within a short period of time. Some think that e and m-commerce will fade quickly believe me that it won’t. Since people started to live with smartphones and online shopping. Every user has at least one m-commerce app in their smartphones. So that the mobile commerce business will stay for a long period and undoubtfully, you can develop your shopping business with Web and Mobile commerce.
With the massive increase in technologies, e-commerce growth has a wide range and not only for consumers, but retailers also have heavy potential. Since one merchant can reach their audience at any time and anywhere.
What is E-commerce?
Electronic commerce is the process of selling and purchasing goods over the internet. It can be done with smartphones, tablets, laptops, even with PCs. E-commerce brings out technologies such as
- Mobile Commerce
- Electronic Fund Transfer
- Supply Chain Management
- Internet Marketing
- Online Transaction Chain Processing
- Electronic Data Interchange(EDI).
Here, people like to purchase products through e-commerce, and e-commerce marketing creates an impact on the consumer’s life and social media becomes the best platform between them. Users spend a lot of time on the internet with their smartphones. It leads to M-commerce or Mobile e-commerce.
What is Mobile Commerce?
The term Mobile Commerce is defined as “The delivery of electronic commerce or e-commerce products directly into the customer’s hands, anywhere via wireless technologies”. It can be done through Mobile and Mobile applications.
Mobile Commerce Examples
The examples of m-commerce include
- Mobile in-app purchase
- Mobile Banking
- Virtual Marketplace app
- Mobile Investment
- Digital Wallets
Statistics About Smartphone Usage: How World Is Hooked With Smart Phones?
The rate of internet users increases
- According to the Statista report, nearly 59% of people over the world using the internet and 1 million active users help to increase the potential of the business.
- In 2005 for the first time internet usage hit one billion, after 5 years 2 billion active users are on the internet, and in 2014 3 billion users popped up and In 2020 4.6 billion active users are there and the total population rate is 7.7 billion.
- People spend nearly 100 days per year on the internet. This statistics clearly explains that the majority of people are using the internet. The internet becomes the pillar of every business growth.
Statistics About The Current State Of Mobile E-commerce
- Statistics state that nearly 67% of users like to do window shopping on mobile commerce app.
- In that, nearly 70% of people come again for purchasing their favorite products.
- In 2017 only 34% of user buy the product via smartphones all over the world but in 2018 it increases to 39.6% and in 2019 again it increases to 7% and has 44.7% and in 2020 it might go for 49.2% and in 2021 it is expected that the m-commerce purchasing users increase for 53.9%.
- But before that, the pandemic disease Covid-19 makes people maximum the essential product through the mobile application. So there will be a massive increase in mobile commerce shopping in the upcoming years.
Mobile Wallet Payment All Over The World
Here Top 10 mobile wallet usage countries are listed below…
|COUNTRY||MOBILE WALLET USAGE|
This information will help e-commerce retailers to plan their target location to grow their business.
- Nearly 2 billion people are using e-wallet and more than 2/rd (66%) of users from Asia- Pacific Area.
- 35% of m-wallet users are millennials, its possible by payment integrations like Google Pay and Apple Pay.
- It is expected that $3,338 payments will be done via mobile wallets in 2021.
- The mobile e-commerce revenue will be more than 3.56 trillion in 2021.
- It is considered that North America and Europe will become great players in the m-commerce revenue market between 2020- 2024.
Future M-commerce Trends
- Smart Personalization
- Crypto payment
- Voice Search
- Omnichannel Experience
- Social Media
- Augmented Reality
- AI Customer Support
- Faster Page load
Nearly 61% of users are purchasing through their favorite branding apps which provides personalized data. In 2020 m-commerce will be people’s treasure and “Smart Personalization” became the new domain.
This happens by the e-retailers to learn users demographically, previous searches, behavioral shifts, gender, age, device logged from and other factors help them to find out people’s wishes and show personalized products to them.
People were unaware of cryptocurrency, the growth in crypto payment will also continue in payments. Brands show more interest in multiple payment gateways with blockchain technologies in 2020- 2025. Advantages of having Blockchain wallets
- Faster Transaction
- Lower Transaction Cost
- Highly Secured.
- Anonymous Transaction.
- With the rise of digital assistance like Google Assistance, Alexa, and Siri. People like to search for products through voice.
- Nearly 50% of users prefer to get their business price through voice search in 2020.
- It is highly expected that nearly $40 billion voice-driven shopping market reach at the end of 2022.
There is a great competition arise in e-commerce retail shop. So the entrepreneurs are creating 8 -10 different channels to reach their audience but it difficult to reach the consumer expectation.
So within 2025, it is expected that both the online and the traditional shopping occurs by a single entity.
It is found that nearly 50% of consumers are willing to buy product after viewing that product on social media and 32% of users are ready to buy products on the traditional shops after watching its posters on social media.
Augmented Reality helps marketers to promote their products in a realistic way. It is anticipated that nearly $120 billion sales will be done by this latest technology in the year 2020.
AI Customer Support
It is found that nearly 85% of customer interactions will be handled by Artificial Intelligence. It’s possible with chatbot integration. Advantages of AI customer Support:
- High user engagement
- Better Analysis of user information
- Improved Customer satisfaction level
- Better Productivity
Faster Page load
People are using a 2- 3 e-commerce app so it takes 3 seconds to load an app. So to improve the loading speed is the next most important future m-commerce trend.
It is for both startups and branding businesses to execute this trend to get the audience attraction.