Mobile Commerce

What is Mobile Commerce?

Mobile commerce, also known as or m-commerce or wireless E-commerce, is any transaction conducted through the use of mobile devices and wireless technologies. Simply put, involves Mobile Commerce the provision of E-commerce-functions via smartphones and other mobile devices.

The development of mobile commerce

The term Mobile Commerce was first introduced in 1997 by Kevin Duffey at the opening of the Global Mobile Commerce Forum used. The concept was implemented by Coca-Cola in the same year. In Helsinki, the company installed two vending machines with mobile communications capability that enabled payment by SMS.

The idea of the concept was further confirmed in 1998, when the sale of digital content such as ringtones on mobile devices was enabled by Radiolinja. After 2000, there was no turning back. M-commerce facilitated payments and transactions related to parking, train tickets, voting for popular reality show contestants and more. In 2004, there was even a shift from wallet to mobile with the introduction of GCash.

And then the iPhone appeared, which shifted mobile trading from SMS messages to real applications. Smartphone operating systems like IOS and Android enabled mobile trading as we know it today. We can now buy and rent products, services, stocks, cryptocurrencies and other assets through our cell phones. Moreover, conduct all banking transactions through the smartphone and even use the cell phone as a prepaid wallet for such transactions.

M-Commerce: Today more important than ever!

Retail had undergone a transformation with the rise of eCommerce. However, it was still waiting for the next true change. Namely, the concept that brought the shopping experience into the hands of the customer.

Welcome to the era of the Mobile Commerce.

The rise of the mobile Internet has finally opened more doors for the shift of the E-commerce opened on the cell phone. With it grew the Mobile Commerce proportionally even faster than E-commerce.

Several industry giants and government agencies have taken advantage of the concept and launched many new services to facilitate mobile commerce. Amazon has launched its prepaid wallet service - Amazon Pay. The National Payments Corporation of India has brought the simpler version of IMPS to mobile in the form of a unified payment interface. Google has launched Google Tez to promote transactions through UPI. Many companies like Venmo and Wechat have built their business models on the concept of m-commerce and many ideas are still in the works.

With over 80% of internet users now owning a smartphone, mobile commerce is something that cannot be ignored.

However, the rise of mobile shopping does not equate to usage. In the third quarter of 2017, smartphones accounted for 58 percent of global retail website visits, but generated only 38 percent of e-retail shopping sales. Fashion and luxury retailers saw the highest share of mobile transactions, followed by mass merchants, while the share of mobile transactions was lowest in the home category.

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FAQ

What is Mobile Commerce?

Mobile commerce, or mCommerce for short, refers to the sale and delivery of digital goods and services via mobile devices such as smartphones, tablets and other portable devices. This approach enables companies to offer a wide range of products and services to their customers, and consumers can use mCommerce to buy products and services conveniently and directly from their mobile device.

How is mobile commerce different from eCommerce?

Mobile commerce and eCommerce are both forms of e-commerce, but the big difference is that mCommerce is done through mobile devices such as smartphones and tablets, while eCommerce is done through a stationary desktop or laptop device. Mobile commerce also offers a higher level of convenience by allowing consumers to purchase products on the go.

Why is mobile commerce important?

Mobile commerce is important for companies because it is an easy and fast way to reach new customers and introduce new products while strengthening customer loyalty. Mobile commerce also offers many benefits for consumers, as they can conveniently purchase products from their smartphone or tablet.

What technologies are required for mobile commerce?

There are several technologies that are required for mobile commerce. These include secure payment processing, a functioning mobile website optimized for different mobile devices, mobile advertising and push notifications, a mobile commerce application available on different platforms, and security measures to protect customer data.

What are the advantages and disadvantages of mobile commerce?

Some of the benefits of mobile commerce include a higher level of usability, greater reach, improved customer service, an increase in sales, and the ability to attract new customers. Disadvantages of mobile commerce are that it can be costly for businesses, as they must invest in technology to support mobile commerce, and it can be difficult for businesses to reach potential customers who do not have a mobile device.

What payment options does mobile commerce offer?

Mobile commerce offers many different payment options for consumers. The most common payment options are credit/debit card payments, mobile wallets, mobile bills, and mobile coupons, but some companies also offer other payment options such as PayPal or Bitcoin.

How can companies use mobile commerce?

Businesses can leverage mobile commerce by developing a powerful mobile website that allows consumers to purchase products and services quickly and easily. They can also use mobile advertising, push notifications, and social media to reach new customers, spread the word about their offerings, and promote their brand.

What is responsive web design?

Responsive web design is a technique for creating websites that automatically adapt to different screen sizes. The technique optimizes a website so that it displays correctly on the screen of a mobile device and also works well on the desktop or laptop computer.

What security measures do companies need to take to make mobile commerce secure?

Companies need to take various security measures to make mobile commerce secure. These include the use of encrypted connections to protect customer data, robust authentication procedures to prevent fraud, and the use of secure payment processing solutions such as in-app payment or Apple Pay.

How can companies strengthen customer loyalty with mobile commerce?

Companies can strengthen customer loyalty with mobile commerce by sending personalized push notifications to customers to alert them to offers and new products. They can also use cloud-based services to keep customers informed and collect customer feedback.