Mobile Commerce 101: What Is It & Why Any Successful Business Needs To Know About It
Mobile commerce can be one of those mysterious marketing terms. Both words are familiar, however, you’re not quite sure if you got the concept right. Don’t worry, we’ve got you here. No complicated explanations involved, just whys and hows of the business.
What Is Mobile Commerce In A Nutshell?
Mobile Commerce vs eCommerce: Does One Have To Win?
mCommerce is a broad term that is only part of a bigger picture, electronic commerce in its entirety. It’s not about mobile commerce vs eCommerce, it’s more about them meshing together.
The industry already plays by its own rules, nonetheless, they are still the ones inherited from the “parent”. And there are own sub-branches in this eCommerce mobile variant as well. Its three pillars are mobile shopping, payments, and banking. All of them utilize the same type of devices with a different purpose in mind while operating in the same system. Often they even intertwine to create the most satisfying mobile shopping experience.
Mobile shopping is an activity that we’re so accustomed to, from clothing to food delivery, everything is within a single swipe. Remember the comfort of paying for the iTunes album with an Apple Pay? That’s what we’re talking about. Whether it’s done through the adapted website, an app, or social networks like Facebook and Instagram, one click and you’re a happy owner of the product.
Mobile payments are these systems that help to proceed with the transaction quickly and safely. They cut down on time spent with no security sacrifices. Modern technologies facilitate such a contactless approach and make up for the clear step-by-step instructions.
Mobile banking is an industry that develops slowly but steadily. This is an understandable situation considering the banking specifics. Most of the large financial institutions already enable operations through a responsive web design. The most progressive ones organize everything in such a way that you don’t even need an ATM. Simply install one of the mobile commerce apps – and go on through the steps as usual.
How Far Must One Look For Examples Of Mobile Commerce?
mCommerce examples aren’t hard to find. Actually, we don’t notice them anymore.
Familiar examples of mobile shopping. How long ago did you open a T.J.Maxx tab? Or browsed through the holiday decor on Etsy? We won’t even mention scrolling Target assortment to buy some of the household items. That, probably, isn’t the full list of your favorite websites since shopping on mobile is a lot of things. It both saves time and money and works as therapy or distraction on a long commute. Effective precisely because of its accessibility. Besides, almost every kind of good can be found online, from books to pet clothes or high-end jewelry. At the one-stop marketplace like Amazon or specifically curated platforms like Anthropologie, the choice is dictated only by your tastes and preferences.
Mobile payments examples: Apple and Google Pay substitute cards and cash, PayPal and Payoneer connect partners all over the world and aid the idea of remote/freelance work. Creating an account usually doesn’t take much time.
Mobile banking software can be a bit trickier and have a steep learning curve. Still, the pioneers of the field such as Revolut and Wise are revolutionizing the domain and creating a market for the new companies to enter. The alternative mobile commerce apps Chime and Varo make them keep up the game as well.
Mobile Commerce Strategy For Brands & Retailers
Now that you know what is mobile commerce, you can understand why it is useful for business.
Working on the mCommerce strategy pays off greatly. Yes, you need to invest some resources but they won’t go unnoticed by the customers. The efforts that result in the client’s satisfaction convert themselves into profits. Over 50% of millennials would confirm it with their online shopping history.
A good eCommerce mobile strategy isn’t the same as a good commerce strategy in general. It builds on that and enhances focus on the user’s experience. Let’s see what the experts advise.
Optimized App is Key for mCommerce
If you have an app, it has to be aesthetically pleasing and make up for effortless navigation. It isn’t necessarily about the minimalistic look instead of the bright colors. That may work though.
The point, however, is that an app should be easy to use. The pickier mobile shoppers become, the harder it is to capture their attention. Comprehensible menu and filters, high-quality images, and decent loading speed are the bare minimums for an eCommerce retailer. Making sure that everything works smoothly in terms of the phone’s operating system is another must-have. The leaders like Ikea and Sephora have already moved beyond and included AR into their mobile commerce growth plan.
Great UX Comes by Trial and Error
The term UX intimidates even the designers themselves but they mostly agree on two things. This is a whole framework that consists of many details with the main intention of influencing a person. We’re used to associating it purely with the visual and that’s not always the case.
Disney Magicbands rely on sensors and still perform amazingly. The commerce strategy, on the other hand, deals with things like email correspondence, employee communication with customers over the phone, marketing messages and notifications, product release notes, and more. The basic law is simple: to influence something, one has to be aware of its levers.
Thus, it all starts with research and engineering the desired emotional trajectory. From the perspective above, you can define the needs and the ways of meeting them. Brainstorm, choose one option and test it. Study how it feels to use it, gather the feedback, and improve upon it.
Examine the rising trends to be the first who bring them to life in users’ eyes. Elegant neomorphic elements marked 2021 and continue to conquer the hearts. Or to be more precise, the fingers since they imitate the touch (thanks to the realistic textures). Such a feature enlivens the flat design and serves as the means of connection in a virtual environment.
UI: Less is Better
UI design is more of what we imagine when thinking about the user-friendly interface. That’s what we see and interact with. The common primary pull is to stuff it with all the goodness at disposal. The great composition (an alpha of UI), however, thrives on the smart minimalism that is the future of mobile commerce.
Its goal is to build a visual hierarchy and separate the main from the secondary by contrasting size, color, objects grouping, alignment of the elements, and other parameters, as well as creating modular grids that work well on a small screen.
Less is more, that’s why “negative space” is a crucial thing here. According to design trends in 2021, you can play with abstract and simple geometric compositions, inspired by vintage magazines and newspapers. Look up also the modular grids with the so-called “gaps”. They attract attention and add air and lightness for pleasant shopping on mobile.
Varied Payment Options Increase Conversions
Over the next five years, the mobile payments market is expected to grow by 25%. mCommerce is directly linked to this forecast. More and more shops accept a wide range of digital wallets, from PayPal to Samsung, Google, and Apple Pay.
QR-codes are also popular thanks to reducing the cost of accepting payments and a phone camera or scanner as the only requirement. Saving the payment information on the site for quick registration of the next order is another alternative.
The variety is important, no disappointment harms eCommerce more than going through the extra motions. Besides, customers would rather not add credit card information. One-click integrations with digital wallets offer flexibility without the tolls on safety. Uncomplicated billing and payment lead to higher conversions, sales, and repeat transactions.
Excellent Service Wins Over
The quality service spiced up with the human touch philosophy earns loyalty. It’s happening on the emotional level and that’s what keeps people coming time after time. Digital is convenient but it doesn’t have to be soulless. mCommerce companies have a lot to learn from traditional businesses as well.
Remember your own flashes of delight after somebody exceeded your expectations? That’s not that hard to pull off in the mCommerce companies. Here’s a list of strategies to get you started.
1. Let people touch it.
Give them a chance to feel the item before purchase. If opening a showroom is pricey, negotiate with mail services for a try-out session. Warby Parker, the famous optics brand, engages a customer into the fun quiz, gets him/her acquainted with the assortment, and delivers 5 pairs of glasses straight to the doors. All for free to spread the hashtag #warbyparkerhometryon and get seen by potential buyers.
2. Be mindful of small gestures.
Allocate money for the little things that are nice extras for the customer: handwritten notes, small gifts, or discount promo codes. Inspire your employees to do something nice for customers and use their creativity.
3. Share the values.
More than half of customers think it is important for a brand to have a strong stance on social and political issues. Therefore, companies should not be afraid to speak out and serve the customer outside the commercial sphere as well. Engage customers through fundraising and charitable programs like Treats from PetSmart.
Advantages of mCommerce
Mcommerce doesn’t only call for extra efforts, it offers value in exchange. And there’s no way to escape its rapid coming to the forefront, thus, it’s way more beneficial to join the ranks.
Mobile Shopping Is Already Here, Ready Or Not
And it’s no more just a trend, it’s a business development direction to be reckoned with. More than half of the online traffic is from smartphones, and 79% of the phone users shopped online in the six months period.
And they aren’t content with little. The standards are changing, from a simple mobile presence to a specifically mobile-designed application, functional and visually appealing. eCommerce marketing strategy for mobile devices also differs from that for desktop computers, both in terms of design and in terms of targeting.
Staying Close To The Customers Aids
This type of commerce allows customers to purchase your products or services virtually anywhere, anytime. This ability removes the question of whether a customer can make a purchase and leaves them wondering whether they want to make a purchase. Tactful ad targeting allows you to reach customers with their smartphones to close the deal.
Don’t forget the ability to target your marketing at the right time so that customers get the final push just when they need it. The time can be set at a certain time of day when your store gets more traffic, or, better yet, it can be triggered by a pop-up in the shopping process at a time when most customers are leaving.
Mobile Commerce FAQ
Let’s sum up everything in the clear and elegant answers to the burning questions.
What Is Meant By Mobile Commerce?
It develops in three directions: mobile shopping, mobile payments, and mobile banking. They can be attained with a website, adapted for a phone or tablet, or with separate mCommerce apps. mCommerce examples are Amazon, PayPal, Wise. Their main focus is efficiency and ease of use (mobility, accessibility, and safety).
What Is The Role Of Mobile Commerce In Business?
Indeed, the percentage of the mCommerce app traffic grows rapidly and doesn’t seem to slow down in the future. The higher conversion numbers and ROI are the target of the retailers investing in mobile apps and they’re likely to hit the target.
How Does It Enhance Efficiency?
More consumers feel comfortable shopping with mobile devices. And there are several reasons for that:
- fewer security concerns;
- new consumers are increasingly moving into the “digital age”;
- push notifications on mobile devices reach consumers much more easily than the eCommerce messages, which depend entirely on customers being at their computers.
What To Consider When Using Finance Or Shopping Apps On A Mobile Device?
The lightweight interface and high loading speed are of the highest priority, otherwise, 14% of mobile shoppers will go elsewhere and 79% of online shoppers would not return to the site at all. Just to note, 40% of consumers don’t wait longer than three seconds for a page to open.
Mobile commerce growth thrives on rapid responsiveness to the market demands. Today, any website or online store should have a mobile app, but that doesn’t mean your business is automatically ready for it. How can we ensure its viability?
The product data distribution is able to make it or break it, especially when working with large organizations that already built their own system. Imagine integrating with more than one of such platforms and you’ll be overwhelmed with the amounts of data to manage.
Gepard PIM helps brands to automate manual data entry and distribute validated and adjusted product data to multiple marketplaces and sales channels.
At the same time, the platform helps retailers solve the problem of collecting accurate product information from brands and face numerous other challenges, such as data standardization and content enrichment.
Gepard offers a single place from which the product info is distributed through various channels. The workflow will be suited for each separate eCommerce retailer, with a minimum of manual attempts. Once the data-related processes are automated, it releases attention and energy resources for other business issues. The data moves freely, which minimizes the chances of errors and provides brands with retailer-specific content. Meaning that it displays appropriately, in a way that is appealing to the eye and wallet. This would be a gold standard of the future of mobile commerce.
To learn more details from one of our attentive specialists, request a personalized demo of Gepard PIM. You’ll be surprised how much of a right optimization can step up your business game.
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