Embracing m-commerce: The rise of a new frontier in retail

Smartphones, the core component of the new digital commerce growth, are shifting the field of action to m-commerce.

M-commerce, or online transactions using handheld devices, is taking over the e-commerce industry simply because they offer easy access to products/services. As physically the closest devices to potential shoppers, mobile phones are the driving force behind the m-commerce explosion hitting the Indian digital shopping arena.

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A PayPal report says that seven out of 10 customers in India prefer to shop on their mobile devices. And four in five business respondents say they are already optimised to take mobile payments.

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Backed by the launch of 5G and even the tier-2 and -3 population lapping up the smartphone phenomenon, India is expected to have an estimated one billion smartphone users by 2026. Statistics are proof positive that the trend is already here in India, and there is no stopping it.

Brands are always in hot pursuit of prospective customers and their shopping behaviours. It follows suit that brands on mobile commerce apps on customers’ devices are offering easy-to-flip-and-browse catalogues and hassle-free checkout/ payment processes.

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The key elements that go into making m-commerce such a champion trend include the convenience of scrolling through products and making purchases while on the move saving customers’ time and effort.

While it’s becoming the norm rather than the exception, it is more than just mobile shopping. M-commerce covers a wide variety of transactions like mobile banking, mobile payments, as well as, digital wallets.

That is why handy payment portals and bank apps have been released by banking and financial institutions that have hopped on board. Customers are increasingly making all of their daily transactions on their mobile devices and that’s where businesses also need to be!

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M-Commerce: Packed With Pros

While flexibility and convenience top the list of benefits for customers, businesses also enjoy better reach and visibility on mobile apps. There’s something in it for everyone!

M-commerce has the potential to transform customers’ lives and businesses with some major advantages, including:

• Faster transactions, easier payment: No manoeuvring nasty traffic snarls, no waiting time at the checkout, or even the need to reach their desktops. If customers can buy their favourite brand of skincare products while they wait at the traffic signal, then the technology that allows them to do it makes immense sense. This positive experience is completed when the purchase is supported by competent payment apps that come with quick and convenient systems.
• Seamless and omni-channel experience: A brand’s success is largely determined by how seamlessly it allows customers to move from one channel to another, wherever, whenever, and however they want to, thus making it easier for them to buy the things. Businesses that opt to provide an omni-channel experience using multiple channels in a cohesive manner are always going to ace the loyalty game. Mobile commerce opens the magical door to communicating with customers through the channel of their choice, whether it’s SMS, chatbots, or push notifications.
• Increased product discovery: Every person who owns a mobile device is a prospective customer, and such a broad user base provides numerous chances for creating and nurturing sales opportunities. If all customers need to do is download your app from an app store, then accessing your offerings will be significantly simpler for them.
• Better pool of data and insights: Gaining a deeper understanding of their consumers’ browsing trends, habits, and behaviour can be easily enabled using mobile analytics.

Therefore, consumer brands can benefit from these kinds of insights by offering their customers unique and personalised deals like segmented specials, and suggested items.

So, the richer the pool of insights, the more brands can positively influence the bottom-line numbers. Brands of all sizes, big conglomerates as well as the smaller ones, need to start keeping m-commerce at the centre of ways to enhance the customer experience.

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Utilising such channels effectively to engage with end consumers has the ability to supplement the retailer’s effort to drive not just conversions but also a resounding, positive sentiment toward the brand.

If not, the alternative isn’t very positive, where the risk of getting left behind in a sea of the outdated and outmoded is too large.

(The writer is CEO & Co-Founder, MoEngage)

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