Showing posts with label Mobile Commerce. Show all posts
Showing posts with label Mobile Commerce. Show all posts

Sunday, December 6, 2015

Radical Thoughts - The amalgamation of Mobile Marketing || Mohammed Fahd || IIM Shillong || November 2015 edition


The Amalgamation of Mobile Marketing

- Mohammed Fahd
IIM Shillong

“The 21st century is a digital book.” Incredibly true words stated by the character of Agent Jasper Sitwell in the popular Marvel movie Captain America: The Winter Soldier. However, while Hydra had taught the rogue SHIELD how to read this book in the movie, real world organisations have learnt it on their own & utilise it in a rather less sinister manner. The penetration of smart phones in the world will soon outstrip that of laptops & desktops. In fact, in many developing countries such as India a huge chunk of the population has already gained access to a smart phone, a large part of which never even owned a fixed landline phone. Thus, a large market has made itself available & with most of them being active on social media websites, every large company is looking for an efficient way to track & understand what these new customers, combined with their old ones, want & what they are saying about them. The contents of interest in this digital book are being made available on these social media websites & with the rise of mobile marketing a larger market is now available for marketers both to learn from & to provide to.

So how are modern companies embracing the feedback they receive? Well, the process they employ is relatively straightforward. A number of social media monitoring systems have been developed with every new system being more sophisticated than the previous one. However, they are also being integrated with Voice of Customer (VOC) data. This integration of social media with VOC data provides much more information as stated by Bruce Temkin, managing partner of the Temkin Group, “Companies are moving from just listening to their customers' moods to figuring out how to respond. It's one thing to know what people are saying about you, but it's another thing to know how to react and engage your customers.” This trend is now becoming apparent with more & more social media monitoring companies merging or acquiring traditional VOC companies.

And how is the growth of mobiles going to help everyone? Well, mobile marketing is the answer because it’s going to be huge. That’s why companies like InMobi are the next big thing because they can target these mobile platforms & help the big companies of this time & age reach out directly to their customers. As stated by GMR Marketing’s Senior Vice-President, Bryan Rasch, “Smartphones and tablets are taking over, as we get past more than fifty percent of people having smartphones, we're getting into the meat of consumerism, in which people will have a device that allows them to have a richer engagement with content. This presents lots of opportunities for retailers to introduce a full-blown mobile program.” Additionally, the campaigns can be even more successful if integrated with other channels, such as local & social.  Moreover, geolocation tools are emerging as an increasingly popular way to provide consumers customised information about a company’s products.

Thus, the 21st century & especially the last 2 years have provided a relative breakthrough for marketers to use the inter-connected world to their advantage & with technology advancements providing more & more insights, let’s hope that any further advances don’t go the rogue SHIELD/Hydra way!

Monday, November 23, 2015

Perspective - The mobile commerce buzz || Sakshi Sahni || SIBM Pune || September-October 2015 edition


THE MOBILE COMMERCE BUZZ

Leaving 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-Commerce

Here 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.