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