M-commerce, or mobile commerce, refers to the exchange of products and services via wireless mobile devices.
Is M-commerce different from e-commerce?
The answer is no. M-commerce is a part of e-commerce. E-commerce, as defined, is the exchange of goods and services on the internet, whereas M-commerce is doing the same but on a mobile device.
Types of M-commerce
M-Commerce can be narrowed down to many types, but all can be specified under these three heads.
Mobile banking applications allow you to perform all banking transactions that previously required a trip to the bank at your fingertips. In order to prevent a security breach, the mobile applications were carefully designed on protected servers.
Digital payments have been a boon as they have become the alternative payment method other than cash, credit or debit cards. Digital payment is another type of M-commerce. With this, you can buy products and pay bills for services without swiping any of your cards. You can simply do it from your mobile payment applications like Apple Pay, or Google Pay, or directly from your banking mobile application.
Shopping on the go:
Do you consider offline shopping to be a task? and prefer online shopping any day. Well, then you should say thanks to M-Commerce. With its help now, you can scroll through your phone and browse products. You can do both window shopping and actual shopping on an online shopping application like Amazon.
The Future of M-Commerce
M-commerce’s future is looking to be bright with the rise of mobile phone users in the world. As per a Statista report, mobile phone users have now exceeded 6 billion worldwide, and that number is set to rise more in the coming years.
The more sets of hands using smartphones, the greater the chances of businesses making revenue through M-Commerce.
M-Commerce in Marketing:
Mobile marketing has seen its share of growth over the past few years. Nowadays, people do not need to look at their television screens or big billboards. Ads based on recent web searches find their way to users, prompting them to make a purchase.
As long as I can recall, I do not remember the last time I went to a movie hall and bought tickets. I, like many users, now quickly check on movie ticketing applications to check for ticket availability, select preferred seats, and book tickets.
Mobile payment applications have made paying bills easy. You do not need to carry extra cash. If you ride a cab, you can pay them through your mobile, you eat at a restaurant, and you can pay by scanning a QR code from your phone. If you purchase something at a shop, you can pay for it online using your mobile device. It has been made too convenient to not use it.
For all the above-mentioned reasons, M-Commerce has spoiled us by providing convenience over complexity, and yet the future of M-Commerce is bright and it is here to stay.