How can mCommerce Make Your Business – Future Ready?

Do you know that mobile commerce or mCommerce grew about 150 percent to 200 percent last year according to TBI Research? Moreover, with the current growth rate, it was projected by Coda Research that mobile commerce will increase 65 % annually to reach a mammoth $24 billion industry in 2015. If you are astonished with these data, be assured there’s more to startle you! An ABI Research estimates that with the continuation of the current trend in mobile buying, in 2015 alone, $119 billion worth of goods and services will be purchased via mobile phones. This is just an indication of how things are going to change drastically in the coming years. The average buyer who used to call up their neighborhood grocery store for supplies or even a fast food joint for home delivery would no longer do so! With mobile shopping application available, smartphone users can shop around from the best destinations, use their credit cards for mobile payment, and even avail customized discounts on their purchase.

For business owners mobile commerce opens up a vista of opportunities. No more are the business owners required to call up their prospective customers, advertise in conventional media channels about their businesses, look for a good display location for their products, or even bargain with the customer. With mobile technology now available, the whole shopping experience is redefined. Customers looking for particular goods need not to search for that product in huge departmental stores or shopping malls. Simply you need a smartphone. Mobile eCommerce application makes it increasingly easy for the shoppers using smartphones to search, locate, and select the desired product from the virtual product gallery. You can also compare prices, check for stocks, and make your purchase using a credit card.

Mobile transactions are fast and convenient as well. A recent statistic from Internet Advertising Bureau shows that in the UK 2.1% of the total population bank on mCommerce for their day-to-day shopping needs. The survey also shows that 51% of smartphone owners have used their mobile devices to make any form of payments, redeem coupons, or even search for products as well as services on the mobile web. Researchers are of the view that while mobile phone users are adopting mCommerce channels rapidly, the same cannot be said for the business owners. There is adoption among businesses but it is not rapid. Moreover, the study showed that only 7% of the small business owners in the UK optimize their business portals regularly for mobile browsers. These are few indicators of how businesses are still lagging behind when it comes to utilizing mobile eCommerce application.

Businesses that still prefer not to venture into mobile commerce opine that mCommerce is not much paying in the long run! Contrary to such notions it can be said that with conventional media talking a backseat with the advent of mobile technology. Almost everything from buying groceries to exotic chocolates and from sending presents across continents to booking air tickets or cruise trips or paying medical and energy bills, almost every other type of transaction today is possible, through mobile-commerce channels. This certainly leaves huge opportunities for businesses to utilize m-commerce to their advantage.