The Internet has changed our lives and this is apparent in our use of eCommerce. Mundane tasks such as paying bills, ordering food and money transfers can now be completed at the click of a button and are no longer an inconvenience. There was a time when individuals could conduct commerce only in person or over the phone. The advent of mobile devices, such as smartphones and PDAs, have removed these limitations.
Apps are bringing online stores to the mobile world, giving shoppers a whole new experience. Buyers can easily browse through thousands of products, compare prices, share favourite products with friends, and do much more, all from the convenience of their mobile device. Mobile commerce represents a natural progression of eCommerce and allows people to do business, conduct transactions, and analyze financial data anywhere and anytime.
What Is mCommerce?
mCommerce or Mobile Commerce refers to the use of handheld electronic devices to conduct commercial transactions via wireless telecommunication networks and other e-commerce technologies. It enables online banking, bill payments, and the purchase and sale of goods and services with the use of gadgets, such as mobile phones and tablets.
The Different Types of mCommerce
Mobile Banking
Mobile banking is one of the most popular forms of mobile commerce because it allows consumers to check their bank account balances from anywhere. The mobile banking experience is similar to online banking, though you might find that some transaction types are restricted or limited on mobile devices. The majority of mobile banking is handled by a dedicated app, and some banks are now experimenting with chatbots and messaging apps.
These apps can notify depositors when money starts to run low and allow them to transfer money without having to go to the bank.
Mobile Shopping
Mobile shopping is largely similar to e-commerce, but accessible through a smartphone. Nowadays, mobile shopping is possible through mobile-friendly websites, dedicated apps, and even social media platforms. Today, a shopper’s presence in-store is less important than a store’s ability to provide services whenever and wherever a shopper requires them.
Mobile Investments
Technology allows investors to monitor their success or failure in real-time wherever they are,
Mobile phones are used as a convenient way to conduct transactions and check stock prices on the stock market since they fluctuate constantly. Smartphones often come with pre-installed applications for checking stocks and additional functionality is provided by third-party software.
Mobile Payments
Mobile payments represent one form of mobile commerce that has become its own industry. It now includes Mobile wallets, also referred to as digital wallets, contactless mobile payments, money transfers, mobile point-of-sale (POS), closed-loop mobile payments, and carrier payments.
What Is The Future Of mCommerce?
Today’s consumers rely on digital devices more than ever before, and research predicts that within the next five years, mobile will become the preferred channel for online shopping among consumers.
In order to maximize profits and reach as many customers as possible, retailers must be ready to accommodate the growing number of mobile purchase habits. App usage will continue to grow, especially with the massive spending power of Millennials and Gen Zers. These tech-savvy consumers have the ability to boost volume since they are likely to do more shopping on their smartphones.
