M-commerce: Business Apps, Benefits, and Challenges

M-commerce: Business Apps, Benefits, and Challenges

October 25, 2022

M-commerce: Business Apps, Benefits, and Challenges

M-commerce: Business Apps, Benefits, and Challenges

The internet is full of businesses, but not all businesses on the internet are very successful. Fortunately, there’s a way to make your business online and reach millions of potential customers; it’s called M-commerce.

Mobile commerce is the growing trend of buying and selling products and services on the go. It has become one of the most important elements of digital marketing strategy, as it allows businesses to reach new customers and give them a better user experience. In this article, we will discuss what mobile commerce is, how it works and why it should be your next focus as a business owner or marketer.

What is Mobile commerce?

M-commerce is a type of electronic commerce (e-commerce) that is conducted via mobile devices. The term refers to the delivery of commercial services and products using wireless technology, including mobile phones and other portable devices such as tablets and PDAs.

It is a new form of business that uses mobile devices to conduct transactions and communicate with customers. M-commerce has become popular in recent years as companies have begun using mobile apps and websites to connect with their customers.

It can be broken down into three categories:

  • Mobile e-commerce: The delivery of electronic commerce capabilities directly into the consumer’s hand via wireless technology.

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  • Mobile transactions: Financial transactions on a mobile device.

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  • Mobile Marketing: The practice of marketing a business using mobile devices.

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Growth of M-commerce: 

Mobile commerce is bringing down the barriers to commerce and becoming a larger part of it.

Nowadays mobile devices are more frequently used by consumers to make purchases, making businesses accessible to everyone.

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The mobile commerce market is growing at an incredible rate. According to Statista, mobile commerce retail revenues via smartphones would be around 400 billion US dollars by 2024, which is almost double the amount forecast for 2021. Whereas M-commerce sales via tablets would be near to 70 billion dollars by 2024.

Why is M-commerce so useful?

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Many experts believe that the future of business will involve more focus on this type of technology, which can help companies reach potential clients more effectively than ever before.

There are many advantages of m-commerce for both businesses and consumers. Here are some benefits you may see from implementing m-commerce strategies:

  • Time-saving and efficiency: Allows customers to get what they need without taking time out of their busy schedules. And, since they can compare prices and products from different retailers quickly and easily, they are most likely to get the best deal possible.
  • 24/7 access: M-commerce also opens up a world of 24/7 shopping opportunities, not just during store hours which is great news for night owls and early birds alike.
  • Convenience and portability: Perhaps the most obvious benefit is convenience, we no longer need to be tied down to a physical store in order to make a purchase. With m-commerce, we can shop anytime, anywhere.
  • Increased reach: M-commerce allows businesses to reach a larger audience than traditional eCommerce.
  • Faster transactions: Mobile devices offer a faster and easier way to make purchases.
  • Personalized shopping experiences: M-commerce enables businesses to provide customized and targeted shopping experiences for their customers.
  • Improved customer loyalty: Customers who have a positive mobile shopping experience are more likely to remain loyal to your brand.
  • More accurate data collection: With mobile devices, businesses will be able to collect more information on their products and services with each transaction made through an app or website.
  • Saving money on marketing campaigns: Many companies today hire marketers and rely heavily on digital advertising for marketing purposes because it’s cheaper than traditional methods like television commercials or magazine ads..

Where does M- commerce work best?

M-commerce apps have applications in almost every facet of modern lifestyle, they bring a lot of ease and convenience. We can use them for managing and promoting businesses, budgeting, paying bills, making reservations, shopping, and basically all financial transactions on the go.

Below are some top-grossing m-commerce business mobile apps categorized in their respective industries:

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  • Entertainment and gaming:

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Challenges of Mobile commerce:

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Mobile commerce is growing at an incredible rate, but faces certain limitations that sometimes hinder their success.

  • Need for a stable Connection: Without a stable and secure internet connection m-commerce cannot function.
  • Security issues: the consumers are exposed to the risk of identify fraud or phishing attacks by certain business apps.
  • Scams: It is very easy to fool people online as there is no physical presence of a store. Mostly people get scammed by website that look good on the front but disappear as soon as they take order.
  • Inability to verify the product or service beforehand: On contrary to physical shopping, customers cannot touch, feel or smell their purchases before paying.
  • Credit card frauds: The most common risk of online commerce is monetary theft or credit cards scams. Consumers and businesses are both equally susceptible to it.

Takeaway:

  • M-commerce is buying and selling products and services online via mobile devices.
  • It can be categorized into; Mobile shopping, Mobile Banking, and Mobile Marketing
  • M-commerce app is a rapidly growing market.
  • M-commerce is the future of the business world and revolutionizing the way we way manage our finances.
  • Applications of mobile commerce are big and relevant to every sector.
  • Certain limitations arere needed to be tackled but the advantages and accessibility of Mobile commerce overpower them completely.
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