It is safe to say that the technological leaps over the past few years are indisputable. These advancements in tech are omnipresently evident on the physical front — but the an area that is less prevalent in our day-to-day has to do with eCommerce. More specifically, what we are now calling mCommerce.
For the most part, the two are almost identical. mCommerce is a natural evolution of the eCommerce ecosystem and is generally seen as any monetary transaction that is completed using a mobile device.
mCommerce allows people to buy/sell goods or services anywhere, anytime. And the strength & empowerment that comes with that is the biggest strength that this ecosystem now provides.
The rise of mobile commerce is unprecedented. To give you a better image, it has surpassed previous forecasts for 2021 not once, but two times, this year alone.
At the start of the year mCommerce was expected to make up 54% of total eCommerce sales. Now, in a report published around a month ago, it is expected that by the end of 2021, 72.9% of eCommerce sales will be attributed to mCommerce use.
Strictly speaking, mCommerce use falls under 3 general categories:
To add further specificity, this use (& mCommerce use in general) is related to these types of transactions. Not only that, it has also helped usher in new industries and services as well as allow existing ones to develop further:
Think of the effect that services like Apple Pay and Google Pay for example, have had on your everyday life. Half of us are now using our phones for something as trivial as our daily commute.
The mCommerce boom comes as no surprise when you consider that 67% of the global population owns a mobile phone or tablet in 2021.
To give you a little more insight, it is expected that mCommerce sales will reach $3.56 trillion by the end of 2021, with mobile activity accounting for 67.2% of all eCommerce. The mobile wallet market alone is expected to reach $3.5 trillion in 2023 and judging from this year’s forecasts, we predict that number will be much higher in reality.
The numbers don’t lie and are a key factor in the rapid adoption of mCommerce as the de facto ‘E-Transaction’ solution. Though, growth potential aside, lies the fact that this transition has a large number of advantages with very few, very trivial barriers to implement.
Augmented reality, for example, is quickly becoming more widespread in its implementation towards consumers. Companies like IKEA allow you to set up and view their catalogue in your own space, simply by using your phone’s camera.
Chatbots & messenger apps are now being adopted by a number of different sectors, which, engagement aside, are mostly linked to the concept of, ‘now’.
Everything has now become ‘instant-ised’, and these methods sort of act as a pseudo-solution to the consumer/user attention span problem. Though frankly, this looks to be a stepping stone. We suspect that this system will evolve into something much more effective and meaningful in the coming years, possibly with the help of machine learning and artificial intelligence.
Because of this novelty, the mCommerce ecosystem comes with its own set of challenges, which, I feel are for the most part simply related to optimisation. Rather, the constant need for optimisation., which brings challenges to an already established way of thinking – and even now, we still have a lot to figure out.
We find that one of the largest factors attributed to the growth of mCommerce stems from the omnipresence of the eCommerce ecosystem. The fact that more and more users are flocking towards mobile is because of the unparalleled ease-of-use, or rather, ease of information.
Because of this, mCommerce offers a true omni-channel experience.
What this refers to is the all-around presence of both online and offline channels. Being everywhere and allowing your users to access information about your company, your products, your discounts, everything.
It’s important to list your products and be active wherever customers are already spending their time, which is what we call, contextual commerce.
Omni-channel means zero doubt. By being everywhere – especially where your customers are – and making it possible to buy what they want. Now.
Setting up a true omni-channel solution can be incredibly taxing however, but luckily, services such as EshopswithIQ, allow you to streamline this process & become even more effective in your marketing strategy.
EshopsWithIQ is a marketing automation and data feed management & optimization platform, designed to promote your products across multiple eMarkets automatically. Without any digital marketing know-how, you can increase your sales and grow your eCommerce business with an all in one platform!