The technology has evolved rapidly and various online mediums and methods are available to perform online transactions. Mobile commerce (mCommerce) and E-commerce have widely used terms in online commerce actively. Let’s explore each and every detail of this online commerce technology.
What is MCommerce?
Mobile commerce, widely known as mCommerce, is the process of performing online commercial transition online wirelessly via handheld devices like cellphone or tablets. In other words, M-commercial is a type of commerce where buying and selling goods, products, or services are made through the use of mobile phones rather than desktop. It allows the customer to access the online shopping platform without the use of a desktop computer and to purchase on the go.
The use of mobile commerce is rising at skyrocketing speed. According to recent estimates, mobile commerce sales account for 72.9 percent of global e-commerce revenues in 2021 which is 58.9 percent up from 2017 data. Mobile commerce sales in the United States are expected to reach $431 billion in 2022, according to industry research firm Statista. This data shows that mCommerce will be dominating all other forms of online commerce in upcoming years. Mobile commerce benefits businesses of all kinds seeking a new strategy to allow customers to purchase things. It offers several advantages for both businesses and customers. So, As a company, you must shift into M-commerce technology to compete in the global market.
Example of mCommerce:
- Mobile Banking
- Mobile Purchases
- Mobile Investment
- In-app purchases.
- Apple pay, Android Pay, and Samsung pay.
mCommerce Vs eCommerce?
Thanks to innovative business models, customers no longer have to wait in line for hours to buy a single item. Everything you need may be purchased via m-commerce and e-commerce, but the majority of people prefer to do so via traditional commerce. Both e-commerce and m-commerce are terms used to describe the commercial transactions that take place online, as well as those that take place through specialized devices. Despite this, there are a few key differences between the two.
Major differences between mCommerce and E-commerce:
M-commerce is more versatile as it used a mobile phone for transactions customers can order goods from anywhere with just a click whereas for E-commerce transactions location flexibility is limited as it is It’s inconvenient to use a laptop and desktop almost everywhere or on the go. Further, retailers can also reach users practically everywhere, allowing them to get more out of mobile commerce as a result of the larger audience.
The device used
Mobile devices such as cellphones, tablets, and palmtops are used for M-commerce transactions, whereas computers are used for E-commerce transactions.
An IP address is a major index used to track the location of the customer in E-commerce. The IP of the computer doesn’t provide the exact location of the shoppers in comparison to the GPS. So, it is difficult for the seller in terms of geolocation advertising methods. Due to the non-portability of computers, e-commerce’s location monitoring capabilities are limited.
Whereas M-commerce apps are integrated with GPS technology, Wi-Fi, and other methods to track valid and exact user locations. As a result, the seller can organize ads based on geo-target location. So, M-commerce apps can deliver content, and product recommendations based on the geo-targeted location of the seller. Which will benefit both the seller and the customer.
Security and Safety
Using a credit card to make an online purchase is one of the most used and common payment options. Users are reluctant to provide their credit cards and other sensitive information over the internet for purchase, according to a survey.
M-commerce apps are integrated with two-factor authentication and multi-level authentication such as biometric identification via retina scans, facial recognition, and fingerprints which is not available in E-commerce. So these security measure makes M-commerce more secure than E-commerce.
Why mCommerce over E-commerce?
Mobile commerce (M-commerce) is the quickest way to stay in touch with customers since it allows anyone with a smartphone, tablet, or laptop to receive automated direct alerts that keep them abreast of the latest trends and make online transactions simple.
Future of mCommerce
Although there are many commerce technology in practice, the major point is that M-commerce will undoubtedly benefit your business in the long run. Due to the existence of M-commerce, more enterprises and businesses have steadily grown with large followings and improved user experience as a result of M-commerce technology, particularly with the help of tablets, palmtops, and smartphones.
It is also estimated that By 2022, 6.9% of all retail transactions would be conducted through a mobile device. By 2025, it’s expected to be higher than 10%. According to research, about 15% of US adults are mobile users only, meaning their smartphone is their only internet-connected device. An M-commerce technology will help you reach them. This shows that M-commerce is going to be the future of electronic commerce. So, as a business owner, it’s time to shift and broaden your service to M-commerce Technology to withstand this competing world.
It’s a great idea to use M-commerce to improve your company’s platform. Remember that, even though they have the same names and concepts, mCommerce and e-commerce are two different things. M-commerce is growing more quickly than e-commerce. There are a lot of ways to grow your business on the internet. Because m-commerce is the future of electronic commerce technology, it’s the best thing to choose. That being said, hire a dedicated mobile app developer to skyrocket your M-commerce business.