Amid the COVID-19 crisis and the looming economic recession, the M-Commerce market worldwide is projected to grow by US$5.1 Trillion!
Well, that sounds promising, as the pandemic has led a situation, where businesses have accelerated and transformed their traditional operations and capabilities to be a part of NEW DIGITAL ERA.
Although, eCommerce has long been on the rise, but it couldn’t match the pace with physical store performance. But Covid-19 placed businesses under a trial and introduced social distancing aka physical distancing. This brought a phenomenal change for businesses to adapt to these changing dynamics and run the show on digital platforms.
Herewith this post let’s find out more reasons that made COVID-19 thrust m-commerce into the limelight. Let’s scroll the post further…
eCommerce and m-commerce; are they same?
Hmm, a very good question! You must know that eCommerce is an umbrella term for selling and buying online, while mobile commerce, or mCommerce, is a subcategory of eCommerce that focuses on purchasing via mobile devices.
What is mobile commerce?
Mobile commerce, or m-commerce or mCommerce, requires the monetary transaction using a mobile device. Calling it an advancement of eCommerce would not be wrong, letting users buy and sell goods or services from almost anywhere, simply using a mobile phone or tablet device.
Different types of mobile commerce
While m-commerce covers a wide variety of transactions, they can all be categorized as:
- Mobile shopping- Letting users shop just like eCommerce mobile-optimized websites, dedicated apps, and even social media platforms.
- Mobile banking- It lets the users perform mobile banking through a dedicated app.
- Mobile payments- different mobile payment options get covered in this category.
Early investment in the m-Commerce app will help you thrive during and after the pandemic!
Why your business must embrace m-Commerce?
Compare prices easily
m-Commerce has simplified the traditional way to do comparative shopping. Users can compare the process through their mobiles, under the roof of one single platform only.
A happy customer is what defines the success of your business, and to pick every segment of this strategy, m-Commerce is helping in abundance. It enhances the overall experience for your customers and makes the shopping more convenient than ever before. It lets users access a wider variety of products, receive competitive pricing, and above all, users don’t need to use their computer to shop. They can shop whenever they want, and wherever they are. Further, the integration of technological trends gives a boost to customer experience, where the integration of AR and AI-enabled chatbots just give users what they love most.
Promising phenomenal growth
As per a report, the global eCommerce sales are likely to reach $4.058 trillion by Q4 of 2020. And this will lead to a substantial growth of m-Commerce also. It is very obvious to see that today online retailers get more than 50% of traffic coming from mobile devices. This gives a clear indication that retailers are investing more in mobile commerce to ultimately give a boost to their conversion rate and ROI.
Encourages omni-channel experience
An m-Commerce solution is not sufficed to one specific platform only, but it encourages the retailers to sell through multiple online channels. This helps them to list their products everywhere, their consumers are spending their time and making it possible for them to make the purchase as per their convenience.
Multiple payment options
The m-Commerce solutions come with a diverse range of payment options, letting users move beyond cash or card, and use mobile wallets. These mobile wallets enable users to make one-click checkouts possible in more than one store.
Digital customer experience is a wise investment for your business!
COVID and m-Commerce
A few months ago, when the vicious claws of COVID-19 tighten its grip on the global economy, no one was certain about the future. And it goes without saying but ironically even digital transformation wasn’t ready for a sudden digital disruption. As the shift made in the business model fabrics, was overnight, that left every possible string of the business mechanism shocked.
However, looking into the current environment, it is surprising to see that every roadmap is reset well within every business, making immediate needs and unforeseen problems get addressed by technology.
Now, the digital platform has become the only safer means for consumers to shop. And this has exposed every type of business dimension to receive the digital transformation. It is a way for business verticals to implement new technologies and expertise to digitize and improve existing business methods. And give a reason to flourish once again.
Final thoughts at a glance
Our response today, is what defines our tomorrow!
Hence, it is very obvious for the businesses to take this NEW NORMAL as an opportunity and proceed towards the digital transformation. COVID-19 has brought a sense of urgency for businesses to embrace the digital mode as a part of their business identity, which has led retail businesses towards a new direction that is filled with absolute convenience.
Techugo team is here to translate all your ideas into reality. To get the quote and receive a rough estimation, just click on the contact us button and let the magic begin.3