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Mobile commerce explained
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What you should know about mobile commerce

With more people owning smart devices and more access to information, communication, products and services than ever before and all in the palm of your hand, it’s no wonder mobile commerce, also known as m-commerce, is on the rise, but what exactly does it mean, and how does it affect your business?

By identifying the key considerations of m-commerce and understanding its value, your business can apply this technology to start reaping the rewards.

M-commerce defined

M-commerce refers to the use of mobile devices, such as cellphones and tablets, for online commercial activities, such as buying and selling products, online banking and making payments and transactions.

M-commerce is a form of e-commerce, but while e-commerce focuses on all purchasing and payment activities online, m-commerce focuses on purchasing and payment journeys only on mobile devices, which also includes apps, social media and digital wallets. As a result, you can shop, pay or transact anywhere, anytime in a few simple clicks, as long as you have an internet connection.

M-commerce is the future of e-commerce, having created an interconnection between customers’ communication, infotainment and shopping experiences. By enabling purchases directly from apps, digital wallets and social media platforms, consumers enjoy more accessibility and convenience, and brands can have an extended reach.

Advantages of m-commerce

Using m-commerce provides some enhanced efficiencies and opportunities for your business.

  • Convenience
    It removes purchasing friction points for customers, such as having to go somewhere and swipe a card. Customers can make purchases quickly, conveniently and directly from the app or site they’re on, anytime.
  • Reach
    More people using mobile devices means you can reach a broader audience and create more opportunities for potential sales.
  • Innovation
    Mobile device capabilities and features are growing, and innovative payment solutions, such as digital wallets and mobile payments services, make it easier, faster and safer to shop.
  • Connecting with your audience
    The portability of mobile devices means you can reach customers wherever they are and can help you better target customers and tailor offers.
  • Speed
    Quicker browsing and faster transactional experiences provide buying convenience for customers.
  • Customer insight
    M-commerce platforms provide insightful data analytics so you can better understand your customers and position your products and services in more effective ways, which could not only increase sales but also help you be more efficient with your budget.
  • Supports omnichannel retail
    It benefits traditional retail because customers might still want to see or experience a product in the flesh, and m-commerce gives customers a chance to browse, check stock availability, read product reviews and see where the nearest stockist is.

M-commerce and your business

It’s forecasted that by 2025, mobile devices will be the main access channel for internet users (Handley 2019), and with m-commerce’s compelling benefits, it’s a trend that businesses can’t ignore. Not using m-commerce will leave you trailing behind your competitors and missing out on market share.

The good news is that just like e-commerce, m-commerce doesn’t necessarily replace the traditional shopping experience; it’s an opportunity to enhance it. However, for it to be successful, it’s imperative that you have a responsive and well-functioning mobile site or app that provides the user with streamlined content and an efficient and safe shopping journey that accommodates the user’s shopping habits.

Click here to easily apply for Standard Bank’s m-commerce payment solution and take your business online.

Reference

Handley, L. 2019. ‘Nearly three quarters of the world will use just their smartphones to access the internet by 2025’. CNBC [Online] Available https://www.cnbc.com/2019/01/24/smartphones-72percent-of-people-will-use-only-mobile-for-internet-by-2025.html (Accessed 14 July 2022).