How is mCommerce Keeping the Retail Industry on a Continuous Move?

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Look at these statistics and imagine the extent to which mCommerce has spread its wings:

Mcommerce sales are predicted to make up 44.7% of total US e-commerce sales in 2019, up from 39.6% in 2018

In 2021, mobile e-commerce could rake in some $3.5 trillion and then makeup almost three quarters (72.9 percent) of e-commerce sales

95% of mobile internet users look up local information on their phones for the purpose of calling or visiting a business

Such is the soaring popularity and demand for mobile commerce, the world over. mCommerce development has been accelerating market growth and overtaking eCommerce. After all, it’s a mobile, mobile everywhere!



mCommerce in Retail
http://www.cbre.us/real-estate-services/real-estate-industries/omnichannel/the-definitive-guide-to-omnichannel-real-estate/by-the-numbers/what-is-the-role-of-m-commerce-in-retail-sales

mCommerce has been impacting almost all industry segments heavily, one of which is the retail industry. The mobile app development trends for the year 2019 focus on the increase of mobile devices in every nook and corner of industry segments. It also shows the increased rate at which customers depend upon mCommerce for their retailing, shopping experience, etc.

The question that arises is the rate at which mCommerce is penetrating the retail market, are the retailers and other stakeholders ready for it? Are they able to match the pace? Is mCommerce profitable for the retail industry or is it turning into a disruption?

For sure, mCommerce has had a positive impact on the retail industry. It is just that the retailers need to be proactive and pick up the pace to be at par with the technological advancements. How is mCommerce impacting the industry and how should they match along, is what this article is all about.

Before we plunge into that, let us quickly see what mCommerce is about:

mCommerce – The Modern-Day Mobile Shopping Era

Definition

“The delivery of electronic commerce capabilities directly into the consumer’s hand, anywhere, via wireless technology” – Wikipedia

“The use of wireless handheld devices like cell phones and tablets, to conduct commercial transactions online, including the purchase and sale of products, online banking, and bill paying” – Investopedia

Basic Focus Area

  • Mobile money allocations
  • Mobile shopping
  • Electronic tickets and boarding passes
  • Digital content acquisitions and delivery
  • Mobile banking
  • Contactless payments and in-app payments
  • Location-based facilities
  • Mobile marketing, coupons, loyalty cards
  • Key Advantages

  • Enhanced the global experience for customers
  • Outstanding growth potential
  • Accurate omnichannel involvement
  • Diversity of payment choices
  • Impact of mCommerce on the Retail Industry and Relevant Actions Needed

    Alternate Payment Modes Are Getting Popular

    Gone are the days when customers prefer to pay in cash. With mobile devices getting on the high and mCommerce coming in, customers prefer to use alternate payment methods like credit cards, debit cards, net banking, Apple Pay, Pay Pal and many more. Many mobile apps now have payment integration as a priority in their applications, to the extent of even having a wallet integrated within.

    Retailers Should

  • Accept all payment modes within their mobile apps
  • Ensure seamless execution and security of payments
  • Offer different gift card schemes/coupons etc
  • Keep up-to-date with the latest payment methods
  • Customers Will Want Everything on Their Mobile

    Thanks to mCommerce, customers will want all options on their mobile. Even accessing emails, taking printouts, etc. are fading away. Its all on the mobile devices, a few clicks and it is done. Customers are getting used to it and tend to get loyal to those retailers who offer these facilities in a fine manner. They are keen to use the entire process of shopping, tracking, complaints, reviews, returns, etc. via their mobile device.

    Retailers Should

  • Adopt a mobile-first approach
  • Offer accessibility anywhere, anytime
  • Provide the latest facilities like live chat, video reviews, etc.
  • Make customers participate in community-related discussions
  • Increase the budget for mobile marketing
  • Offering an Omnichannel Shopping Experience



    There are chances that customers may want to leverage the in-store experience to a certain extent and then move on to the mobile experience. They may want to use multiple channels to go through their shopping experience. In such cases, it will be a blend of using the mobile app as well as the in-store app. mCommerce is all set to offer such kind of experience. mCommerce has the potential to increase upsell and cross-sell quotient.

    Retailers Should

  • Adapt a 360-degree approach
  • Attempt to bring multiple channels together and simplify the buying process
  • Ensure flexible and instinctual mobile apps
  • Attempt to predict what the customer likes and needs
  • Harmonize mobile app integration actions with in-store POS systems
  • Virtual Assistance like Chatbots Are in Demand

    With the use of natural language processing, one technology that is getting accepted is the dependable chatbot technology. Acting as a communication channel between the customers and retailers, chatbots ease out the entire buying process, marketing activities, shopping carts, client care, etc. Chatbots are establishing their presence in multiple industries world over.

    Retailers Should

  • Imbibe the fundamentals of chatbots and adapt to it through their mobile applications
  • Understand the possible challenges that could arise
  • Have a thorough training of chatbots to those responsible for the execution
  • Be prepared for a helping mechanism as needed
  • Centralized Execution of Loyalty Programs

    Prior to the entry of mCommerce, loyalty schemes were executed via different mediums such as emails, SMS, loyalty cards, etc. Of the multiple modes, promotions used to be done through some of them and offering rewards through some others. With mCommerce, things are getting centralized between the customer and the retailer. This offers easy and immediate access to incentives, loyalty rewards, and discounts at a single place.

    Retailers Should

  • Modify mobile apps to satisfy customer needs
  • Centralize all modes of loyalty programs under one roof
  • Ensure its implementation and training by relevant stakeholders
  • Alter loyalty programs so that they can be accessed and operated centrally
  • Any Device, Any Location Approach

    Although smartphones are high in demand, other mobile devices like tabs, laptops also have a big market. There are customers who prefer these devices to smartphones. mCommerce has carved a niche for itself in all these mobile devices. Customers, who visit retailing sites, possibly look for a shopping experience that works well with any of these devices, irrespective of the location they are in. And when they get that, there is a high conversion of visits into actual purchase.

    Retailers Should

  • Ensure that their mobile applications work in all devices at any location
  • Increase their opportunity of electronic shipping into actual purchases
  • Have thorough testing of their mobile apps on all relevant types of devices
  • AI and AR Showcase Their Potential in mCommerce

    There are barely any industry segments that haven’t been affected by the two popular technologies – AI and AR. The retail segment is no exception. Owing to mCommerce, AI & AR have been playing an important role in the retailing business. AI helps retailers understand client behavior, forecast their choices, implement schemes and meet customer hopes. AR offers a visual conversion to the shopping experience. It gives them an almost real-life feeling while they shop and makes their experience an enriched one.

    Retailers Should

  • Understand the AI and AR technologies in depth as they are cutting-edge ones and tough to implement
  • Ensure seamless integration of their existing portals/apps with the AI/AR experience
  • Inform customers about the inclusion of such experience in their portals, well in advance
  • Assignment of mCommerce Responsibilities to Taskforce



    mCommerce calls for a lot of additional responsibilities for the working staff. The way it has added advantages, there are a certain set of added activities that the retail industry people must master, in order to get the optimum out of these advancements. It needs a cultural and technical shift, from the traditional way of working to the modern one. All relevant stakeholders need to perceive the change and act accordingly.

    Retailers Should

  • Train their staff appropriately so that they are well-informed
  • Equip their staff sufficiently with proper gadgets and training
  • Uplift the level of their taskforce so that they can offer value-added services to clients
  • Align organizational goals with that of the salesforce for better business
  • As We, Witness mCommerce Rule the Retail Industry

    eCommerce application development and now mCommerce application development has a lot in store, for the future. It is interesting to observe the rate at which mCommerce is affecting the retail industry, of course, for the better. But, ask the retail industry, the feedback isn’t going to be that rosy. Retailers must be on toes to cope up with the trends that have moved on in the mobile arena. Keep your eyes open to witness the impact of mCommerce on the retail industry.

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