What is m-commerce?
M-commerce, also known as mobile commerce, involves using a mobile device (wireless medium) to conduct commercial transactions, including the shopping and sale of products.
As a form of e-commerce, m-commerce creates shoppers to make online purchases without needing to use a desktop (PC). With the help of m-commerce, shoppers can purchase anywhere provided there's a wireless internet provider available in that area.
Mostly is expected that the majority of orders will be made using mobile devices and in the coming few years it will be a boom. So, many online e-commerce businesses have already moved to the smartphone platform to boost their revenues and generate more sales.
What are the 3 Key things in m-commerce?
1. Browsing and buying: Similar to e-commerce shopping on a desktop, this source of m-commerce involves the shoppers browsing apps, clicking around the website through mobile, and making a purchase. Mostly, Nowadays this typically happened via particular apps or websites, but can also take place as a social media purchase on different platforms.
2. Convenience: Many of the orders that take place on smartphones aren’t just retail-related, and m-commerce is not restricted to e-commerce shopping. These orders include buying online food or delivery of some glossary items etc.
3. M-commerce payments: There are many ways to actually done an m-commerce purchase, and many times digital app wallets are growing in use for this. This purchase can be done with a single click or by putting in a pin.
Types of Mobile Commerce
Mobile Shopping: This type of deal makes online purchases like looking for Groceries, Daily essentials, and electronics.
Mobile delivery: This type of m-commerce with services related to ordering things.
Mobile Payments: This type mainly focuses on making payment transactions through apps.
Mobile P to P: This type involves sending money from one consumer to another, be it for purchasing a product or sending it to someone in need.
Advantages of M-commerce
- Provide a better user experience.
- It provides flexibility and an easy-to-use platform to conduct online transactions.
- Increases the number of shoppers' retention by being easily accessible to them.
- M-commerce has a very broad reach to customers.
- M-commerce also helps eCommerce stores target customers according to their location and the type of device they use.
- Convenient for shoppers to compare the pricing, and product reviews.
- The costs of the store were also reduced.
- M-commerce allows e-commerce businesses to reach shoppers at the right time, rather than every time.
Disadvantages of M-commerce
- Existing technology to set up an m-commerce little expensive.
- Mobile payment is still not available across many places in the world.
- Sometimes there is the issue of security.
- The possibility of a data leak.