Mobile commerce took the center stage in 2017 and will continue to evolve in upcoming time as Gartner already predicted in their report. With the advent of increasingly sophisticated technology, shopping habits of people have drastically changed. Online shoppers now fond of m-commerce and the trend enforce businesses re-designed strategies in terms of merchandising, marketing and more. According to Criteso’s State of Cross-Device Commerce report, in the year, approximately one-third of online transactions involved two or more devices. Customer’s mobile engagement behavior drive several sectors to migrate quickly to accepting mobile payments and promoting mobile commerce.
Since Search Engine Giant ‘Google’ penalizes sites that are not mobile-friendly, means such sites will appear lower in search results than their mobile-friendly competitors. You need to make a switch from an e-commerce site to mobile-friendliness.
Following are four key m-commerce trends, along with the opportunities they present for online merchants.
- Digital Wallets
Digital presence has caused the payment industry to evolve rapidly to maintain current with technology and trends. Among many global payment processing systems, one of the most prominent trends to come forward is the use of mobile wallets. If you own a brick and mortar store, you will need to update your store that accepts payments via mobile devices. Many giants are already there with digital wallets, including Google Wallet, Apple Pay, Android Pay, Samsung Pay and PayPal. Digital wallets appear to be win-win for both merchants and consumers, with most apps (except for PayPal, which charges businesses) free of added fees. Merchants may, however, incur third-party costs to implement Masterpass on websites, apps or in stores.
- Think of it as MMM-Commerce
Facebook through a study revealed that Millennials, moms and multicultural shoppers are driving the future of mobile shopping. Being completely versatile, still such audience segments share a common ground i.e. they are prone to diversity and more focused on the usage of mobile. Gone are those day when people carry cash in wallets. Millennials use their mobile to pay for food, car rides, parking and you name it.
Facebook in its study found:
- 33% of mom’s online purchases are on mobile
- 67% of moms anticipating buying more products on their smartphones in the year ahead.
Moms, particularly millennial moms, are applying their tech-savvy to decision making.
Thus, act like a smart online merchant and keep in view such consumer segments in mind when determining their product assortments specifically for mobile websites. However, if you need to change the product assortment, consider how you can merchandise your existing products. You may need to reconfigure product categories based on these demographics.
- Card Readers for Mobile Phones
There are merchants who sell at street festivals, farmer’s markets, and other outdoor venues. If they employ their mobile to technology that helps them accept credit card payments wherever they are selling their wares. “Square” being a top rated vendor by PC Magazine is providing card reader capabilities via mobile devices. With this pocket-sized hardware, merchants are able to accept near-field communications payments as well as old-school credit card swipes. Another option also there such as PayPal hardware and mobile.
- Monetization of Apps
Developing a mobile application is easy, but monetizing it is the biggest job as given how saturated the market is with free options. Moreover, potential customer is unwilling to pay. In that scenario, there technology comes which allows merchants to sell their products on other apps like “Stripe’s Relay“. App developers enable merchants to sell products on their own apps. However, all such associations are possible due to API that supports direct sales from apps and social media platforms. It is easy to strengthen customer base through offering products on mobile apps that provide direct access to clients. With this technology, it is also possible to make available your products to those who use specific mobile apps.
- Location Analysis
With technological advancement, technologies such as geo-targeting, geo-fencing and beacons have become more efficient than ever. With these three technologies, it is possible to locate consumers via their mobile devices. Merchants can utilize such data to design and deliver targeted messages to mobile phones covering a particular geographical radius. Whereas, geo-fencing made it simple to set up a virtual fence around their location that further enable customers to receive the push notification. Beacons additionally, serve up coupons and different offers once the client is physically in a store.