What is M-Commerce? Everything About Mobile Commerce
You may be familiar with the idea of e-commerce, the method of selling product or services via the internet. M-commerce isn’t all that different and looks to meet the same goals through an alternative channel. We have seen exponential growth in the use of m-commerce over recent years and many analysts consider it to be the future of conversion-driven marketing strategy; as is the case with e-commerce, however, implementing a succinct and efficient m-commerce strategy isn’t always simple and there are a multitude of factors to consider when looking to put together a solution that seamlessly fits your brand.
M-Commerce vs E-Commerce
The difference between the two mediums is a small – yet vital – one. The focus of e-commerce is purely on transactions carried out online; something such as loading up a browser, visiting the HMV website, adding an album to your basket, and checking out is a prime example of an e-commerce website and its conversion funnel. Now say you’re a repeat customer of HMV, you will have noticed that they have an app through which you can make the same purchase. You open up the app, add an album to your basket, and check out. Even though the purchase you’ve just made is only slightly different from the same one you made earlier, this one is classed as m-commerce due to having been carried out through an application or mobile friendly alternative.
Other Forms of M-Commerce
At its most fundamental, m-commerce is the purchase of goods/services via a handheld device (mobile phone, tablet, etc). As such, there are a whole assortment of mediums that come under its umbrella. Due to being able to facilitate a transaction or purchase, mobile banking is classed as m-commerce, alongside digital wallets, electronic ticketing, virtual marketplaces, in-app purchases, and many more.
Advantages of M-Commerce
There is a plethora of benefits to integrating m-commerce within your sales strategy with many monopolising on consumer retention and customer satisfaction;
- Convenience: a major factor behind the fervent popularity of the mobile phone is its sheer versatility and convenience, switching between apps to read reviews and compare pricing is made simple through efficient m-commerce systems.
- Transaction Speeds: specialist apps are frequently far faster than a regular website, this allows for speedier purchases and browsing. This frequently leads to higher conversion and retention rates.
- Link to Physical Sales: Have you ever used the IKEA app to check if your local store has item stock? This happens fairly frequently with m-commerce apps and while not leading to a direct mobile conversion, it does usually seal a sale for the physical store.
The world has changed a great deal over the last several decades, pretty storefronts no longer guarantee sales and many businesses new and old are picking up e-commerce strategies to diversify their lead sourcing. M-commerce is a natural evolution that further hones this strategy and offers a way to directly engage your audience.
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