THE MOBILE COMMERCE BUZZLeaving the smartphone at home today is like leaving the house without your shoes on. It’s peculiarly unnerving and anybody in this quandary would probably be lost till they get their mobile back into their hands. In the recent times users do not associate their mobile with just making calls, rather consider it to be transactional as they can message, they can shop or they can share something. It has certainly turned into a utilitarian device.
Few months ago Flipkart and Myntra announced that they would be adopting the app-only model. It is a drift which is catching on global brands rapidly. So, why is there a sudden shift towards mobiles, specifically for e-commerce? Does it have something to do with the ease and convenience that mobiles offer? Or is it because mobile is the place that your consumers prefer to be on? Through app the companies can provide more personalized results, leverage additional functionalities of the mobile like social media, and pinch to zoom, camera to create an app that appears profoundly unlike from its seemingly distant browser-based cousin. Moreover, targeting and communicating with consumers is more concentrating and direct.
As the e-commerce firms promote mammoth sales to fetch customers, mobile is a vital platform to retain them. As m-commerce market sets for take-off, an extended procedure could discourage customers from shopping off their mobile. The accomplishment of companies like Paytm, with its m-wallet may point to an easier track to accomplishment.
By now, giants like Google, Amazon and Facebook are spending hugely in mobile wallets, and
Indian companies could follow the same. M-Commerce Evolution Is Outperforming E-Commerce Everybody intuitively realizes that mobile commerce is rising and rising fast. According to current statistics, India is the third largest country when it comes to internet, and is definitely growing when it comes to e-commerce. A lot of users may or may not be comfortable shopping through their mobiles, but certainly research and select a product using their phone. Some people might prefer shopping on websites but certainly love browsing and exploring the products on their mobile phones. Big e-commerce firms such as Flipkart and Snapdeal, are also recasting themselves as m-commerce companies. With greater customized products the mobile platform helps firms provide better value proposition to the customer. So, how mobiles are contributing towards the success of e-commerce? Let’s try and understand the influence of mobile in the world of ecommerce.
Statistics Demonstrating a Change Some of the thought-provoking data that detail out the much spoken about swing towards mobile commerce
•1 in every 3 users, who gets mobile alert, inclines to visit the store. Of these, 27% of them end up creating a purchase in that store
•35% of the mobile shoppers access social media too while shopping
•75% users aim to take an action if they have received a place/location specific message
•43% of the shoppers have a propensity of downloading a retail app
The Shift to M-CommerceHere are some of the reasons why there is a movement towards mobile commerce
•Improves sales and conversions: Mobile is definitely contributing towards improving ecommerce sales and conversions. It aids in preserving users and adapt them into loyal customers
•Wireless Infrastructure: The wireless infrastructure has become cost effective. With this becoming cheaper and quite prevalent, e-commerce has decided to take the mobile plunge, thereby making the
whole involvement quicker and easier
•Access Anytime Anywhere: With an app, anyone can access the retail store anytime anywhere. A store that moves with you, supplies where you want it to deliver, and makes it easy for you to access it, is somewhat that only mobile commerce is able to promise
•Identifying Voice Centred Instructions: Many do not consider convenient to type while travelling. Smartphone has familiarized us with a new way of implementing our directions- the voice way. It is very helpful in searching or executing anything which the customers speak through their device when on a store’s website
•Improved Flexibility: One of the best advantages is that it introduced an easy to use functionality shared with knowledgeable users. With the ease to login, and communicate while on the go, many users use this medium
•Growth through higher visibility: With a mobile app, the reach to its target customers has become smooth and because of this, brands are grabbing this opportunity in order to grow and reach out to more and more audience. Thus gaining a higher visibility
•Personalize is the key: Why does the target audience fall for something like a mobile app? Ever thought of the reason? It is because a mobile app allows them to personalize it
•Advent of Start ups: M-commerce has led to huge emergence of start-ups which are gaining popularity and growing at a faster pace. For Example – Urban Ladder, PepperTap and many more
•Reduction in cost and tracking customer locations: Apart from reducing the costs related with staffing, mobile commerce will be helpful in allowing companies to track their customer locations and to offer them the inventory that is most readily available in that area.
With such advantages, it is just a matter of time for mobile commerce to surpass e-commerce and outline a niche for itself. Statistics and trends show that the moment is not far away, when mobile app would be the only desirable way of leading e-commerce. That does not imply that desktops and other devices won’t be favoured; it’s just that app purchases would be on the greater side as compared to any other forms of digital purchases. E-commerce stole market share from the in-store purchases. But m-commerce is adding more money to the pot – it’s driving almost all e-commerce growth. In other words, no matter what the size and scope of your business may be, assimilating mobile commerce into any business will give the customers a multichannel experience thus enhancing customer service and building customer loyalty.