Mobile Commerce: Spearheading the Future of Ecommerce
Innovation marks the demarcation between the market leaders and the rest. With a market saturated with more than 500 retailers, the factor that defines growth buds greatly from infusing ecommerce into marketing strategies.
Today, ecommerce has evolved into mobile commerce or m-commerce (or mcommerce), an invaluable marketing device to propel commercial growth. Companies that are apprehensive about shifting their focus towards mcommerce will invariably come second to startup enterprises that operate on the mobile platform. Market projections hint at m-commerce monopoly by 2017 with over $180 billion sales in the East alone.
Data from the 2016 reports indicate a swift transition towards digital commerce as the number of internet user’s increase. According to an online survey conducted by an American marketing agency on trending behavior of the consumer, use of internet and mobile is the driving factor of digital commerce.
Online shopping trends:
Most adults now rely on their smartphones to shop online. With so many online retail stores, it is but natural to sit at home and pick out favorite outfits. Penetration of smartphones into the market is at an all-time high. If it continues like this, there will be no difference between an internet and smart phone user in the future.
Increased internet connectivity from 3G to 4G has also played a crucial role in the conversion from retail to online retail. A study on the average amount of time spent online via smartphone devices revealed that countries like Indonesia and China spend as much time on their computes as the phones for online connectivity. The data is indicative of a shift in focus to m-commerce.
Almost 80 percent smartphone users use their devices to check their emails. The statistics for other applications are- social networking sites 70 percent, general browsing and web usage 73 and 57 percent, directions 64 percent, picture sharing 53 percent, games 60 percent, TV shows 37 percent and news updates 44 percent.
m-Commerce as the future of ecommerce
The above statistics comes as no surprise for all smartphone users are involved in most tasks. The main aim of all retails must now be towards channelizing potential customers by making a mobile platform available. A simultaneous increase in the number of mobile app development Singapore is testimony to the power of smartphones in attracting customers.
Mobile commerce sales forecast for 2016
The rise of mobile commerce industry is predicted to maintain its momentum in 2016. The forecasted increase in sales is expected to be $142 billion. Sales projection is based on the most evident trend of 2015: 30 percent of retailer web traffic was attributed to phones which accounted for one ninth of total sales. Online retail mammoths like Amazon and eBay are bringing in the most quantifiable change in the perception of mCommerce.
The future of mcommerce looks very lucrative because the current business forte is restricted to only three categories. Extrapolating the present trend in terms of deeper market penetration into other categories, the increased revenue is colossal.
The success of mcommerce is closely related to the incoming web traffic. It comes as no surprise that most retail outlets apart from having an exclusive online store also advertise their merchandise on social networking sites like Pinterest and Instagram.
The future of shopping is multiscreen
m-Commerce at present is restricted to apparel, media and consumer electronics. The methods of holding a customer’s attention are varied. Most shoppers compare prices on the desktop while they add items to the cart or vice-versa. Concepts like eBags allow the customer to transfer the items on the mobile cart to their emails. They can then access and proceed to payment on the desktop.
Another popular concept is a symbiotic environment where there are two or more distinct apps working on the same platform. An example of the same is integrating a food delivery app in an online restaurant searching app.
The final verdict on mobile commerce is that the customer tolerance is high for slight imperfections giving more room for improvements. If you have your eyes on the future, mcommerce will drive you there. As CEO of eBay Mr. Donahoe put it, mobile commerce is currently leading the world towards a retail revolution. Get involved if you do not wish to be left behind!