Is your business ready for the rise of mobile commerce?

When you think about today’s market, mobile commerce and e-commerce are two of the fastest growing business concepts. According to Google, 67% of people are more likely to buy from a mobile-friendly site. However, if they are not able to find what they need 61% are just as eager to leave the site. It is critical that your website is responsive and mobile optimized. Customers are more likely to browse longer and buy more if the experience is easy-to-use. In effect, now is the time to have a mobile optimized site.

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A Rackspace survey of 2,009 smartphone and tablet owners said that 71% of people state simplicity and ease of use as the main factor that influenced their decision to buy on a mobile device. Due to these results, any mobile commerce developed for your business needs to be as easy as possible. Be sure to remove any barriers to a seamless experience.

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What is Mobile Commerce?

Mobile commerce, as defined by Wikipedia, is “the delivery of electronic commerce capabilities directly into the consumer’s hand, anywhere, via wireless technology.” Basically, it is the ability to shop from your mobile phone. It gives the shopper the ability to carry a retail outlet in their pocket. When growing your e-commerce business, it’s important to also consider m-commerce or mobile commerce. The difference is that mobile commerce involves shopping through a mobile device, a smartphone. However, e-commerce involves shopping through a computer.

With the increase in technological advances, mobile commerce is moving into the mainstream and making it even easier for people to shop on their phones. Due to the dizzying rate of growth and advancement in technologies, smartphones are an integral part of everyday lives.  We all use them for everything from internet browsing, online banking, social networking, research, shopping and much more. It’s rare to meet someone who is not managing their life through the use of a smartphone. In effects, mobile apps are playing a huge role in engaging people with services and each other; therefore, mobile commerce is gaining even more popularity.

What are the types of Mobile Commerce?

The most common types of mobile commerce include:

  • Banking – It’s never been easier to manage your finances. Mobile banking allows customers to interact with their bank in any number of ways.
  • Information and location-based services – User who may not be interested in making a purchase, will use it for information and to find out about location-based services like the weather.
  • Advertising – Companies have realized that consumers use their phones more than a laptop and have taken advantage of using this to market is straight to the phone.
  • Mobile tickets and vouchers – Often a purchase of tickets or vouchers are created and scanned right from a smartphone.
  • Money transfers – Transferring money is now as easy a click of a button on a mobile device.

In conclusion, mobile commerce usage is high among e-commerce merchants. 80% of merchants currently offer or plan to offer m-commerce. Many e-commerce merchants have invested heavily in technology. In effect, mobile would be the next logical step for them. Mobile commerce is now responsible for a large portion of internet traffic. As an e-commerce business owner, ignoring this trend will lead to the loss of a great deal of opportunity.

 

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