M-commerce is gaining immense popularity day by day. It has been considered as one of the most effective ways to boost sales and revenue. With the increase in mobile users, we can only expect to see m-commerce growing further.
As a result, the e-commerce market is expected to increase as well. Since m-commerce is one of its major contributors, e-commerce growth will likely rely even more on mobile transactions in the near future.
To highlight how important this fact is, how fast it is growing, and why businesses should start using it immediately, consider the following stats.
E-commerce stands for electronic commerce, which means that transactions are carried through electronic devices in general, while m-commerce conduct transactions through smartphones or tablets. Customers usually prefer m-commerce because it’s a lot easier to pay with mobile on the go than using computers
63% of users prefer mobile devices over desktop computers for accessing the internet, businesses can reach their customers anywhere and anytime. This makes mobile commerce reach far more widespread than e-commerce.
Average Abandonment Cart Rate
M-commerce allows users to make transactions anytime and anywhere provided they have internet access. Whereas, in some cases, e-commerce requires a desktop computer. As per stats, the latter could be devastating for any business because the average shopping cart abandonment rate is the highest with desktop users.
The most common form of payment for e-commerce purchases is credit and debit cards. However, many users are insecure while entering their credit card details on a website. Whereas, Mobile commerce provides top-notch security. Users can have a multi-level authentication, such as two-factor authentication, biometric authentication, fingerprint and retina scans, or face identification.
E-commerce and M-commerce have played a key role to ease the hassle of shopping from physical stores. According to the latest reports, 1.6 billion people use their mobile devices to shop online. Generally speaking, this has greatly contributed to mobile e-commerce growth. With so much screen time, brands are leaving no stone unturned to improve their online presence to boost their sales. Undoubtedly, M-commerce will play a significant role to boost the growth of an e-commerce store in the future.
Check the complete article here.