Mobile commerce is nothing new which is coming up but it is already happening all around us. Without understanding what mobile commerce is all about, different businesses and startups should not think about getting into it.
According to data, in the year 2019,m-commerce made almost 67.2% of the e-commerce sales around the world which would amount to $2.32 Trillion which is projected to increase to $3.56trillion in 2021 or 72.9% of the e-commerce transactions globally.
The owners of businesses would wish that their ever increasing growth rests on mobile commerce transactions or else they would be drowned or finished due to being obsolescent. The bigger brands have been taken over by their rivals by the comparatively new companies if they are unable to give a proper response to this big shift in the ongong trend in the retail market.
Mobile-Commerce and its meaning
The term mobile commerce is used to define or refer to transactions which we do over a mobile phone or a similar mobile device. It is not a new technology, but it is more like an extension of e-commerce which exists for the last 10 years roughly. It is more like a reflection of the progressive technology naturally, as mobile and computer usage is becoming more and more prevalent.
Mobile commerce and its types
Mobile shopping-The shopping done on mobile devices whether we shop for our daily needs or buy a new gadget, it all comes under mobile commerce.
Mobile Banking-To make financial transactions at the bank, they offer very efficient mobile services whether it is to pay the bills or to transfer money and carry out any other transaction in a few clicks.
Mobile Payments and Digital Wallets-QR code, NFC and better mobile security features have made it easier for the mobile users to switch to mobile payments instead of physical cash. The concept of digital wallets like Google Pay and Apple Pay have completely revolutionised the digital payment process.
M-commerce is growing at an extremely fast rate because the internet usage is increasing day by day. Smartphones are available at affordable rates, therefore high speed internet is easily accessible an people are switching to widespread usage of mobile devices therefore the bigger brands too, are evolving according to the demands of the customers and bringing their own versions of digital payment processes to maximise their sales.