mCommerce: The Decade’s King of Online Business
26 Jun 2023
Ann Mary David
Business Analyst
No more ‘ifs’! With the magic wand of smartphone wishes can very much be horses now. Just a few touches on the mobile phone screen, anywhere at any time, and you can fulfill any of our wishes instantly. The real moniker of this magic is Mobile Commerce or mCommerce, which Kevin Duffey, father of the term, calls “a retail outlet in your pocket”. It typically connotes the transactions done via mobile devices, including smartphones, tablets, and the like.
Some important mobile commerce stats –
· Smartphone usage is projected to exceed 7 billion by 2024 and 7.5 billion by 2026. (Statista)
· 51% of online shoppers worldwide use mobile phones to make purchases, with mobile traffic consistently exceeding half of total website traffic. (DataReportal, 2023)
· mCommerce is expected to be the primary shopping channel, with a year-on-year growth rate of 33.9%. (Merchant Savvy)
These stats highlight the need to prioritize a positive mobile experience for consumers.
As more and more shoppers turn to smartphones to shop, eCommerce brands of all sizes are revamping their on-the-go experience with eCommerce apps.
Here is a list of the shopping apps that dominate their share of mobile commerce in 2023:
Sephora: With its AR feature, the Sephora app has attracted millions of visits and allowed customers to try on various cosmetic shades.
ASOS: The ASOS mobile app offers a vast selection of fashion brands and incorporates “Style Match,” a visual search tool that has boosted in-app sales.
Boxed: This online wholesale retailer’s app provides curated shopping lists and utilizes machine learning to predict and remind customers when to reorder products.
Nike: Nike’s app combines physical shopping with smartphone technology, enhancing the overall shopping experience.
These apps highlight the significance of mobile commerce and the benefits of a mobile-centric approach for eCommerce success.
Digital transactions are now the norm, replacing the need for physical currency. Mobile payment apps for Android and iOS have made transactions quick and effortless. It is predicted that mobile payments will become the most common payment method by the end of 2023, according to Worldpay’s Global Payment Report. With mobile payments, all you need is a smartphone and internet connection.
Advantages of mobile payment –
· Lets you easily pay stores (with NFC), sites, and people
· Most functions work on Android, iOS, and web
· Simple, clear interface and easy to set up and use
· Deposit money into your bank account
· Works internationally
· High payment limits and no fees
The current eCommerce industry with a mobile-first mindset means that you’re serving 6.95 billion mobile users worldwide – that’s an enormous number of customers! This is why eCommerce players are now transforming the online shopping experience into a unified one so that the user experience remains the same – consistent, seamless, and streamlined.
Social networks are a strong shopping channel, with 43% of internet users researching products and 28% discovering brands through social media ads. Integrating your business app with social media offers limitless marketing potential.
Here are some key benefits of the integration –
· Easy content creation and global brand promotion.
· Understanding customer opinions and preferences.
· Increased user engagement and app growth.
· Valuable insights and brand awareness leading to more customers.
· Strategic impact on online sales and potential viral marketing.
· Direct consumer interactions through promotions and targeted ads.
· Improved website traffic and search engine ranking.
· Monitoring social media sentiment for customer service insights.
Secure handling of sensitive information, such as personal and financial data, is crucial for the growth and survival of mCommerce businesses. The average cost of a data breach reached a record high of $4.35 million in 2022 and is expected to increase to $5 million in 2023. Investing in mobile commerce security is a clear decision. While mCommerce faces vulnerabilities like internet connections, mobile devices, and apps, implementing best practices can protect all parties involved, including app owners, mobile merchants, and customers.
To enhance mobile commerce security:
· Implement Transport Layer Security.
· Employ service-side authentication.
· Develop threat models for data defense.
· Utilize biometric authentication.
· Address binary safety concerns.
· Employ cryptographic algorithms.
· Regularly update libraries.
· Ensure safety of third-party dependencies.
· Validate user-generated input fields.
· Obfuscate and minify files to prevent reverse engineering.
The future of mCommerce is promising with these game-changing technologies:
Image Search: AI-powered image search revolutionizes online shopping by simplifying product discovery.
Virtual Reality Stores: Transformative VR experiences provide futuristic shopping encounters.
Voice Shopping: Increasingly popular voice searches disrupt the mCommerce landscape.
Metaverse: A convergence of physical, augmented, and virtual reality for immersive real-world shopping experiences in sectors like fashion, beauty, and home.
In a world where everything is getting progressively more convenient, mCommerce shines bright for its seamless ease and comfort. This is why more and more eCommerce brands are successfully implementing mCommerce solutions. We hope that your eCommerce store will join them soon. If you happen to be a store owner, looking for implementing mCommerce solutions as a way to expand your brand’s presence, “ShopSphere” the cutting-edge, API-first, Cloud-native, and Headless eCommerce solution stack that fuels and fulfills the idea of next-gen commerce is well equipped and assist you in the journey. This latest offering by Mozanta is designed to drive eCommerce growth and innovation, and the solution uses best-in-class technologies to provide intuitive digital experience for the end customers. The product is fully customisable by a feature rich backend making the platform ideal for multi-brand rollouts. Make your brand vision a reality with the ShopSphere – a 360-degree eCommerce solution – by your side!
Good luck!