The concept of E-Commerce or Electronic Commerce has boomed over the recent years due to the rise in the use of Internet worldwide. Quick, instantaneous and fast E-Commerce has paved the path for online buying and selling. With the increased use of Smartphones, Mobile focussed commerce or M-Commerce is becoming increasingly popular. A study conducted by LexisNexis confirms that it is on the verge of becoming the most common method of shopping in the coming years.
Over 1.2 billion people access the internet daily using their Smartphone, according to a Trinity Digital Publication. Thus, it is clear why Mobile commerce is also becoming globally accepted. Interestingly, more than 60% online consumers research about the product via their Smartphone, states a Neilson report. Consumer purchase behaviour has also become very complex.
Advantages of M-Commerce
- With easy access to customer status and location, services can be customised to suit user needs.
- Convenient on-the-go accessibility without the need for Wifi or fixed modem setup.
- Various Mobile payment gateways ensure quick and secure payment.
- 24/7 Constant and continuously customer service can be provided.
- It removes the need to visit the shop physically and increases the comfort of home delivery to the customer's doorstep.
Sites like Pinterest and Instagram have become a key touchpoint for consumer inspirations. A study conducted using more than 1,000 US merchants demonstrated that 16% have a mobile shopping channel. Due to the increasing trend, 32% are deciding to add one to increase their sales over the next year. Big E-Commerce brands such as Amazon and eBay have already created mobile-friendly shopping apps.
According to the data from US Census Bureau and ComScore, M-Commerce contributed to 11.6% of the US E-Commerce total in 2014. This number is growing increasingly as Smartphone usage has also increased. It is forecasted to hold a staggering 45% of the total US E-Commerce market by 2020, stated BI Intelligence, the premium research service by Business Insider. At the exponential penetration rate of E-Commerce via mobiles is predicted to grow 300% according to numerous resources such as Statista and Internet Retailer.
To conclude, M-Commerce allows quick transactions, better shopping opportunities and more options from the comfort of your house. Due to the above reasons, M-Commerce is gaining more recognition as more companies try to utilise social media and user-specific apps to increase easy and comfortable shopping options.