Mobile commerce is growing at a rate surpassing almost every forecast over the past 2 years and we are confident this will continue for the foreseeable future.While the volume of M-commerce keeps on rising – up almost 116% in April 2014 versus a year back as per Branding Brand keeping in mind smart phone visits to mobile streamlined sites were up 83.8%, but there’s a whole other world to mobile applications than simply purchasing an item or an administration.
Physical stores versus online retailers
M-commerce is still a tiny rate of the general retails pie, so online retailers still need to view mobiles as a basic part to their general promoting procedure.
Online retailers are flourishing with a huge part of their business originating from smart phones. That is the reason the physical retailers see a greater potential part for versatile applications and m-trade as only one bit of the riddle.
The right M-commerce approach
- Convenient Shopping Across All devices– Thanks to their “carry it anywhere, everywhere” convenience and accessibility, mobile phones are passing laptops and PC’s to become the medium of choice for accessing the web. Mobile shopping based on convenience is happening across the globe in three forms:
Sequential Usage: The process of moving from one device to another at different times to accomplish a task like shopping online from your tablet then finishing your purchase on your mobile phone.
Singular Usage: Using one device to complete an activity online, most common with the use of laptops or mobile devices since many actions are often performed consistently on one device or the other.
In the end, one of your main goals as an owner of an e-commerce store is to offer a simple, enjoyable and easy to navigate experience for your web visitors, especially since 30% of mobile shoppers abandon a transaction if the experience is not optimized for mobile. The more intuitive your store is the easier it is for a shopper to purchase what they were looking for on any device they may currently be using.
- Mobile Re-targeting– Mobile re-targeting, similarly to display advertising on a desktop or laptop computer, serves ads to individuals who have recently visited your website to entice them to return and purchase items they either looked at onsite or checkout the items they placed in their cart. The major difference with mobile re-targeting is that these ads will follow a user on their other devices like their mobile phones or tablets as opposed to just on the laptop or desktop computer.
- Growth of Mobile Payment– There’s many paths to take when it comes to mobile payments as an e-commerce merchant but overall, it is being where the customer is and providing them with easy solutions to their needs. Many customers find mobile payment solutions very effective at quickly completing a purchase and therefore, making mobile commerce all the more profitable for your business.
- Mobile Improves the Retail Shopping Experience– When approaching mobile, many businesses often disregard the connection they can make between their mobile presence and their in-store experience but there’s lots of potential for impactful collaboration. Syncing these two interactions for the customer can help lead to higher sales and long-term loyalty.
- Analytics– To be able to improve the service we need understand how customers are using the service today. Look at the top user flows through the website or app, click-through rates and fall-off rates between pages, understand behaviour differences between web and mobile or mobile web and app and more. The key to analytics is to plan for logging and reporting to be implemented from the start.
This means now, like never before, both etailers and physical retailers must view mobiles as a basic part to their general showcasing technique and see it as a value-based channel. Besides, your portable application needs to give a drawing in and associating mobile application encounter that will position your organization in front of the opposition and keep your dedicated clients returning for additional.
The SEA Retail Expansion Summit is an annual feature in the Indonesian e-commerce market. The event caters to the most prominent industry leaders, retail owners, investors, architects, local and public authorities, and service solution providers from across the region providing informative and inspiring discussions to discover new strategies, retail technologies, retail designs and in-store marketing.
Solveda having launched the Yamaha Music e-store last year is aggressively foraying into the South East Asian markets. Indonesia with its young and growing e-commerce market is a likely destination for Solveda to partner companies to fuel their online growth story.
As a part of the expansion to South East Asian markets, Solveda participated as an Exhibit Sponsor for the Summit , where it showcased its expertise in e-commerce technologies viz. IBM WebSphere Commerce, Bigfish (based on Apache OfBiz) and Magento. Here are few pics from the Summit.
The consumer behavior with respect to retail has changed considerably since the advent of internet. We see the consumer spending more time online, in order to research on a product. Even if the consumer is planning on purchasing the product offline, they tend to research on the product online.
In this multi-device world, e-commerce and m-commerce are gaining popularity. Consumers find it easy to search and buy the products that are relevant to them in the most convenient manner possible.
Let’s have a look at both e-commerce and m-commerce to understand how they rule consumer behavior. It is also important to consider the transition of consumers from e-commerce to m-commerce and map their journey.
E-commerce: Tracing the Journey
E-commerce has become quite vocal in the present times. We have seen that e-commerce has taken over major spaces, bringing in convenience. We can perform banking transactions at any hour; shopping and other e-commerce solutions are at our disposal at all the odd hours possible. E-commerce has spread its wings across the different sectors, and made things easy for you. Conversions and profitability for the companies have improved with e-commerce solutions. E-commerce has the capability of ringing in the best possible consumer insights on the desk. We are connected to consumer purchasing behavior, and we can offer the best solutions based on the insights.
But, as with all solutions, e-commerce comes with limitations of its own. It is not really mobile in the way it conducts itself. There are security and privacy concerns associated with e-commerce. The platform is not yet perceived as complete secure, despite including some of the best security solutions on the platform. The telecommunication bandwidth for the solution is insufficient to solve the purpose. For e-commerce, the software development tools are still in the evolution stage. Internet and e-commerce cannot be combined into some of the existing applications and database with ease. Compatibility issues also prove to be a limitation.
The Paradigm Shift towards m-commerce
There has been an increase in the number of smartphone users in the past year. From, 10.8% in 2014, it has reached 11.3% in 2015. Multi-platform has risen in retail from 53% in 2014 to 57% in 2015 (Source: Comscore Data)
This shift is ideally the primary reason for increasing shift towards m-commerce. Retail is multi-platform, as people consider a particular platform to choose and another to buy from. Most often than not, mobiles are considered for research and selection purposes.
M-commerce offers the stores mobility, that was absent in e-commerce. M-commerce applications tend to be more location specific and are more personalized offerings. It offers an intimate store-user relationship which can pull the audiences towards it. It offers time sensitive transactions, which can benefit the user. It is real time, and offers to be real fast, which is what the mobile customer needs in today’s time and age. M-commerce is absolutely great when it comes to location specific outputs, as against e-commerce.
The Road Ahead..
Currently, the shift has just moved from e-commerce to m-commerce. But, the future seems to be more of a combination. The contextual commerce, as this will be called in the future, relates to the situation the consumer is in, and the device that would attempt to solve the purpose. The completion of the purchase will depend on the context, and the way the purchase needs to be made. If online research, and offline purchase is what the context calls for, this is what the customer will perform with the multiple devices. This contextual future will call in for a combination of devices and services.
Solveda is a leading e-commerce, web development, custom software development & m-commerce solution provider that offers customized solutions to suit the customer needs. Get in touch with your requirements at email@example.com