E-commerce is a continuously growing industry, and so is mobile commerce. Contrary to what some people believe, the two are different from one another. E-commerce is the purchasing and selling of goods or services via the internet. Mobile commerce or m-commerce, is more specific; it is referred to as the delivery of electronic commerce capabilities through the use of wireless hand-held devices such as smartphones and tablets.
According to Coupify.com, global mobile commerce is predicted to grow by 42% in the following years. Does this mean that all transactions will be made through mobile devices in the near future?
The growth rate of m-commerce
Well, first let’s discuss its growth rate in the past few years. Between 2013 and 2016, it was estimated that mobile commerce has grown over 50%. Countries like Denmark, Norway, Sweden, and China have favored the use of mobile than any other medium.
In the United States, Amazon is the top company with the highest mobile commerce revenue, generating 16.8 billion dollars in 2014. Amazon is then followed with large companies such as Apple Inc., Google Play, Walmart, and Sears Holding Corp.
It is also said in the report that mobile commerce generates an average order value of $96 for smartphone users and $132 for tablet users. And more than 70% of these users are male, with the female population taking up to 30%.
Why mobile commerce is popular
There are several reasons why users, especially millennials, prefer to purchase using an app on their smartphones. First and foremost, apps provide a fast and convenient way to pay. This simplifies the payment process, allowing users to instantly receive confirmation of their payment. Apps also keep track of orders, receipts, and exchanges that the user made.
Mobile commerce apps also provide several payment options such as Google Wallet, Stripe, Paypal, Apple Pay, Square Cash, and Samsung Pay. This is important especially in the US market where most users prefer to use such payment methods when purchasing products online.
How to use mobile commerce to increase sales
Although some may suggest building your own app where customers can purchase your products, it is a smarter move as recommended by the best internet marketing consultants to use existing retailer apps instead. Some of these retailer apps are Amazon, eBay, and Waltermart. Instead of spending money on creating your own app, upload your product listings to these popular marketplaces.
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