Mobile Commerce is exploding exponentially as you read this. Every segment in retail had a double-digit year-over-year growth in sales from mobile. And the leading 25% of mobile retailers saw 50% of their sales from mobile (Criteo). Hence, a mobile commerce strategy is more important than ever in order to stay competitive in today’s market.
First, let’s define what mobile commerce is.
What Is M-Commerce?
Mobile commerce (or m-commerce) is a subset of e-commerce and refers to the device on which one is doing the shopping. This doesn’t just mean just mobile phones, but any kind of internet connecting device like tablets, smart watches, apps, mobile sites, etc. The impact of buying items is no longer restricted to desktop computers. Rather, it can happen anywhere due to the power of IoT (Internet of Things). Now we can all shop anytime and anywhere with our connected devices.
If you have doubts about m-commerce, let me ask you this. Do you shop or have shopped online via websites? Granted, it wasn’t too long ago, early-2000s, those traditional retailers, and consumers didn’t think buying shoes, clothing, or anything for that matter, online would work. Shopping certainly has changed since then.
Considering mobile-commerce, we’ve already seen the top retailers take off with success if they execute m-commerce right. In some countries like Korea, China, India and Japan, conversion rates on mobile are around 50% (App Annie). And in the USA and England, the average conversion rate is 30% on mobile.
Even if most of your consumers convert elsewhere and not mobile, much of the product research occurs on mobile. According to Google, “70% of customers pull out their phones to research when shopping in stores”
Therefore, you as a brand must be mobile-friendly and available to users. Even if you only have a mobile site, it is a start. However, an optimized mobile site doesn’t suffice for mobile commerce success. In addition, setting up a powerful location-based mobile campaign taps into customers who shop in stores.
Bridging Mobile Between Your E-Commerce Data & Offline Activities
Rather than only focusing on making your mobile site friendly, you must turn to mobile commerce. By connecting your e-commerce data and mobile activities with the MobileBridge platform, it will unlock opportunities that help you understand your customers and therefore, engage them better. Watch the video below to find out more.