There’s a valid argument in saying that mobile commerce — which goes beyond shopping to mobile banking and payments — is becoming popular partly because it’s demolished barriers that can discourage consumer engagement, making for fewer high-friction interactions.
With commerce constantly evolving, how can your business keep up with the latest trends and plan for the future? We've got you covered.
Mobile commerce is the use of a smartphone or other handheld wireless devices like tablets and cellphones to conduct commercial transactions online. These transactions including buying products and services, paying bills, and banking online.
Mobile commerce is also called m-commerce or mcommerce.
So isn’t it m-commerce just e-commerce? Sort of, but there’s a difference. E-commerce is the broader term for the buying and selling of goods and services via the internet. It can be conducted via a desktop computer, laptop, or mobile device. M-commerce uses smartphones or other handheld device, which makes it supremely flexible.
The phrase “mobile commerce” was coined in 1997 by Kevin Duffey at the launch of the Global Mobile Commerce Forum. He defined it as “the delivery of electronic commerce capabilities directly into the consumer’s hand, anywhere, via wireless technology.”
Today, it’s often broken down into three types: Mobile shopping, mobile banking, and mobile payments (for example, using ApplePay to buy an item at a store).
Mcommerce is available through websites optimized for mobile devices, dedicated apps, and increasingly, social media sites.
Mobile commerce, or m-commerce, is rising fast as more shoppers are shopping, paying, and banking on their small screens, with expectations for the same seamless experiences they've come to expect when shopping on their laptops and desktops.
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These digital payment solutions reduce friction at the most important part of mobile commerce – the actual transaction.
By remembering your credit card information and easing input of that information into the system, in-app purchasing reduces checkout speeds to mere seconds.
How do Gen Zers, millennials, and boomers compare when it comes to generational payment methods? New data reveals intriguing insights that can help you provide smarter payment experiences.
The best ways to speed up mobile e-commerce website include development, the use of 3rd party services, and a balance of design and function.
Nearly 40% of the world’s population engages in some form of social media, and much of that engagement takes place on mobile devices.
Social media has revolutionized consumer behavior, driving growth of social commerce. where brands use sites like TikTok, Instagram, and Facebook to drive sales.
Today, social media advertising, influencer marketing, and community building (via social channels) are major customer acquisition strategies for leading brands.
And for good reason. According to Retail Dive, 80% of Generation Z and 74% of millennials report that social media influences their purchases.
Take Glossier as a quick case study.
“Glossier harnessed the power of user-generated content as part of a successful social media marketing strategy,” writes Springwise in their 9 Trends for Retail report. “By reposting images, videos and product takes from their social media followers and offering other incentives like free product giveaways to brand loyalists, it has created an army of what are known as ‘Glossier Girls.’”
Social media platforms from Instagram to Snapchat are merging the line between discovery and purchase, with the goal of making purchases easier. Shoppers don’t have to leave the app to make a purchase.
Shopping on social media platforms is expected to increase three times as fast as traditional e-commerce, but brands need to build customer trust to boost adoption.
With so much growth ahead, mobile commerce will continue to transform the way we shop. Here are some trends to keep an eye on:
Mobile commerce can be leveraged as a catalyst for dynamic and personalized consumers experiences. To do so, brands need to think beyond their own mobile site or social media to elevate and incentivize super fans as micro-influencers within the community. Provide these brand fans with the tools to build an audience and monetize their expertise.
This is the type of blended thinking you need to have for a smart brand strategy on mobile and beyond. It’s about brand and product discovery, as well as consumer elevation for the word of mouth marketers they are.
“Global brands are embarking on unconventional partnerships that blend worlds to create innovative retail discovery experiences for a young cohort of mobile-first and digital-native shoppers,” reads Wunderman Thompson’s Future 100 2020 report. “Successful retailers will meet Gen Z’ers and millennials wherever they are, whether it’s in a virtual game or on new streaming platforms.”
M-commerce is becoming the preferred path to purchase thanks to convenience. With their wide adoption, mobile devices democratize information, individuals, and brands.
How you leverage that democratization and empower your customers as fans on all mobile channels will define the future of your brand.
