With mobile connections reaching over 7 billion, which is almost matching the global population figure of 7.2 Billion (source www.gsmaintelligence.com). It is now changing the way we do our business today. Having developed and seen the growth of many eCommerce internet marketing platforms over the years and now into more and more development of mCommerce platforms due to increasing demand and appetite from the user community, I want to explain why most B2C businesses will be forced into considering mCommerce in the near feature.
Just before I start, here are the definition of mCommerce for eCommerce for novice reader of this article:
What is mCommerce?
Many choose to think of mCommerce (Mobile Commerce) as meaning of “Shopping on a portable device rather than a traditional desktop or laptop computer, and this portable device is most commonly a smartphone or tablet.”
The delivery of electronic commerce experiences directly into the customer’s hand, anywhere, through wireless technology.
What is eCommerce?
Performing or enabling business on the Internet is called eCommerce. Ecommerce is short for “electronic commerce.”
Electronic commerce draws on technologies such as Mobile Commerce, Electronic Funds Transfer, Internet Marketing, Online Transaction Processing, Electronic Data Interchange and etc.
mCommerce vs eCommerce
Uses mobile devices/ portable devices for business transactions
Uses desktop computers or laptops for business transactions
Available anyplace you go, even if there is no Internet
You need to go to a place where there is Internet to access your online transactions
Very handy and easy to carry
You cannot always bring your computer or laptop everywhere you go
Charged through the caller’s rate, deduction of user’s credit, and mobile banking
Charge through the use of credit cards that are swiped in credit card machines
Revolutions of the past
mCommerce – 2010’s
37% of eCommerce sales were done from a smart mobile device in 2013
$119 Billion in expected sales through mCommerce worldwide by end of next year (2015).
eCommerce – 1990’s
Created an easy way for customers to shop and compare
Allowed venders to connect with more consumers
Mobile Evolution for Consumers
Price comparisons on the fly
Access to discounts & coupons
Product reviews & product info
Offers a single payment device
Feedback from friends & family
Less clutter, more organised
Mobile Evolution for Businesses
Greater Knowledge Base
New Communication Channels
Purchase behavior insight
Location based service; relevant communications with consumers
Location & time awareness
Near field notifications; in store communications with consumers
Understanding consumer patterns
10 latest deliveries that have flashed with ongoing mCommerce evolution
Rise of smartphones
Mobile optimised sites
Mobile Apps for iOS and Android
Mobile coupons and discounts
Barcode, QR and NFC Support
Global Positioning System (GPS) based services
Current leading industries that have adapted mCommerce
Fashion & Beauty
Food & Beverages
The growth of mCommerce
As per the list above, B2C businesses like airlines and retailers have already adapted to this very well. In my view we are going to see a tremendous growth in mCommerce and it will become the way of doing business for many. Your consumers have the appetite and are ready for this. Is your business ready for this? Some B2C business may not have a choice other than quickly adapting to this technology.