2 min read
Our mobile phones have become as intrinsic a part of our lifestyle as our clothes, shoes or keys. Indeed, in the age of the Internet of Things, we can gain access to our homes and vehicles via our smartphones without even having to break stride. Through today’s smartphone technology we can pay for transactions with a mere wave, and buy virtually anything from groceries to garden furniture.
In an era where smartphones are ubiquitous, merchants are perpetually looking for ways in which consumers can access their products through their mobile devices. This has given rise to a new form of commerce known as mobile commerce or m-commerce.
What is mobile commerce?
Mobile commerce goes beyond accessing e-commerce platforms through a mobile device. It is the umbrella term used for the purchase of goods and services through a mobile device like a smartphone or tablet. Every time you use Apple Pay or Google Pay to make a contactless payment, use your banking app to send a payment or add a plane ticket to your phone’s native electronic wallet, you’re participating in m-commerce.
Mobile commerce examples
As we see, mobile commerce is a broad church. Each example creates an opportunity to generate value for the customer, improve convenience and increase the security of the transaction. Some commonly-used examples include:
Making contactless or in-app payments
Using ecommerce apps or responsively designed websites
Using e-tickets and electronic boarding passes on public transport
Using location-based services to find nearby stores, restaurants or cafes
Using mobile banking and money transfers
Using mobile marketing tools like digital loyalty cards, apps and coupons
Advantages of mobile commerce
If your business has not already embraced mobile commerce, it may be missing out on opportunities to not only sell but build value in its brand, improve the customer experience and engender customer loyalty.
Let’s take a look at some of the advantages of mobile commerce.
Enhanced customer experience
Mobile commerce offers unsurpassed convenience to the consumer. In an age where we instinctively reach for our mobile devices to do pretty much anything, m-commerce provides ample opportunity to develop the customer relationship and build value in your brand. With location tracking, push-notification and SMS messaging, there are more opportunities to reach customers and position your brand in front of them in the intent-rich moments when they reach for their devices.
Moreover, the intuitive nature of mobile device use helps to facilitate frictionless customer experiences that create positive associations with your brand.
Facilitates business growth
By improving the customer experience, brands build the loyalty that provides a framework for sustainable growth. And with mobile devices accounting for around 50% of all internet traffic, it gives brands a much wider reach than desktop ecommerce. Mobile commerce also encompasses multiple channels, enabling brands to create a consistent customer experience across numerous channels from e-commerce sites like eBay or Amazon to social platforms like Instagram and Pinterest.
M-commerce also provides businesses with a wealth of in-depth analytics to guide and inform their UX and marketing strategy.
Variety of payment options
Mobile commerce empowers consumers to choose from a variety of payment options including credit and debit card, bank transfer ,or e-wallet. This may also prove advantageous for businesses as open banking-powered services like Instant Bank Pay enable customers to make instantaneous transactions with fees far lower than if a credit or debit card is used for the same transaction.
We can help
GoCardless is a global payments solution that helps you automate payment collection, cutting down on the amount of financial admin your team needs to deal with. Find out how GoCardless can help you with one-off or recurring payments.