M-commerce
The average US person spends about 5 to 7 hours of their day on their phone, checking it 96 times in a single day. So, if you had to guess, what do you think is the easiest mode to reach your customers?
Yes, it’s through their phones or other handheld devices. This means it is known as mobile commerce, or m-commerce.
Mcommerce strengthens your connection to your audience, as you can deliver a convenient and speedy shopping experience directly to their phones, tablets, and other wireless electronics.
What is m-commerce (mobile commerce)?
Mcommerce is a type of ecommerce that involves purchasing and selling products online using mobile devices. Although desktops have been leading the charge among shoppers for years, we’re now seeing a decline in the margin as more of us complete transactions through our smartphones. In 2024, 85.38% of internet users in the US accessed the internet through their mobile phones. This constant surge in the switch to mobile phones and increasing web traffic through wireless devices has led to the boom of mcommerce.
M-commerce enables you to conduct a wide variety of transactions for nearly all types of products and services. Whether you’re buying a dress, booking flights, or ordering food, every purchase is made easy via your mobile phone. This in turn has led to the launch of several wireless computing devices and mcommerce applications. The most popular mobile commerce apps in 2024 include: Temu, Shein, Amazon, Walmart, Nike, Etsy, and eBay. Amazon marketplace is currently top performing in mcommerce, selling more than 8,600 products via mobile every day.
M-commerce vs. e-commerce
Ecommerce is an umbrella term that refers to selling and buying products online via electronic devices. Whereas, mcommerce is a category of ecommerce that involves selling and buying products across the web using wireless handheld devices, like mobile phones or tablets. Although both ecommerce and mcommerce follow the same fundamental principles and aim to make online commerce experiences simple for customers, they come with a few differences.
Mcommerce allows customers to make transactions from anywhere and anytime, provided they have access to a stable internet network. Meanwhile, ecommerce involves shopping on the internet through desktop computers, laptops, etc., making it difficult to make a transaction on the go.
The limited portability of computers and desktops restricts their location-tracking capabilities. Whereas, mobile phones and tablets can track location more precisely using GPS technology. This allows ecommerce marketplaces to provide discounts and product recommendations that are relevant to customers.
Security is the most important concern of a consumer while carrying out an online transaction. Both ecommerce and mcommerce provide extensive security measures for the privacy and security of users. In addition to the common security measures for ecommerce, like two-factor authentication and multi-factor authentication, mcommerce provides biometric authentication, like fingerprint, face ID, etc.
Social commerce and m-commerce: A powerful duo
A significant driver of m-commerce is the rise of social commerce – the practice of buying and selling directly through social media platforms. Users can discover products through their social feeds, shop directly from those platforms (like Instagram Shopping, TikTok shop or Facebook Marketplace), and even complete transactions without leaving the app. This seamless integration of social media and shopping has made m-commerce even more enticing for consumers.
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Here are a few stats to help you understand why you should include mcommerce as part of your ecommerce business strategy:
Every year, we’ve seen a steady rise in the number of mobile phone users. Currently, there are 5.61 billion users globally. Over the last year, there have been 138 million new mobile users. Hence, it is important to tap into the mcommerce market to widen your target customer base.
Mcommerce sales in 2023 were recorded to be $2.13 trillion. In 2024, we are expected to witness an increase of 16.3%, hitting sales of $2.52 trillion. This undeniable growth in the mcommerce market invites more ecommerce businesses to invest in it.
Today’s online customers expect a hassle-free and quick shopping experience. Over 75% of online shoppers use smartphones for their ecommerce activities to save time.
Social media plays a significant role in influencing the purchasing decisions of online customers. Today, 55% of online customers buy products they discover on social media. Moreover, 88.4% of social media users access social media platforms via their phones.
While shopping online or making online transactions, customers constantly worry about their privacy and security. They are reluctant to share their credit or debit card details, often leading to shopping cart abandonment. Mcommerce provides mobile wallet options to ensure safe online transactions. By 2026, more than 54% of online payments are expected to be made via mobile wallets.
Today, 77% of online shoppers are willing to pay more for a personalized shopping experience. Mcommerce offers your customers the luxury of shopping from anywhere at any time, with recommendations relevant to their browsing patterns and search history.
The impact of mobile commerce extends beyond ecommerce into physical retail stores – 56% of customers conduct research online on their mobile phones, even before they shop in a physical store. Your online presence influences your overall sales, which is why maintaining a good mcommerce image is essential.
Mcommerce comes with numerous benefits for both your business and your customer's sake. Discover how Productsup can help you better manage your product content to drive success across all types of mobile devices.