What is Mobile Commerce?
Mobile commerce also referred to as m-commerce it is an upgraded version of e-commerce where shopping is done through mobile devices and all transaction is performed through mobile devices. With the growing rate of usage of smartphones majority of people is dependent on smartphones so eventually m-commerce drives higher conversion rates and revenue. As more and more customers are leaning towards m-commerce (mobile commerce) it’s the next step in the evolution of eCommerce. It’s no secret that consumers prefer to shop on mobile phones and put the entire retail world at consumers fingertips. Through mobile commerce, they get the benefit of shopping from anywhere at any time with ease.
Types of Mobile Commerce
Today mobile plays a majority role in mobile shopping because the majority of customers prefer using mobile devices for online shopping and every customer expects that every brand has an option where they can do shopping online through mobile devices for their convenience.
Mobile banking is a part of Net Banking and mobile banking is popularly used by customers. Through SMS, apps, and chatbots financial institute send out alerts or bank activities to their customers. Using mobile devices customers can view their account balance, bank statement, fund transfer, and many other transactions.
The world is becoming more digital; customers prefer digital payments rather than traditional payments like cash and cheques. Due to physical distancing, customers prefer to use contactless payments, and that is where mobile payments come in handy.
Builds a global customer base:
M-commerce has the potential to retain a global customer base as customers can purchase at their convenience. It constructs a better channel for the customers for shopping as they can shop anywhere and at any time according to their convenience.
Provide access to user data:
Mobile commerce allows the brands to access the information of the costumers this makes it easier for the brands to give personalized campaigns and they can have feedback through customer data. These collected data can help them to know what product is mostly purchased and according to that they can send messages to their customers.
Better User Experience:
Providing a better UX can retain your customers. Customers can log in to the app and check what they want to have and check out at their convenience. M-commerce can also drive impulse purchases to customers with different sales and offers, they can give discounts according to the season and all this information can be shared via push notifications or sending personalized messages.