Before knowing the advantages of Mcommerce, you should have an idea of M-commerce first. M-commerce is also spelled as Mobile Commerce, which means doing commercial transactions online such as online banking, paying bills, and purchasing something with the help of wireless devices like mobile phones or tablets. It is a similar term to E-commerce but the only difference is, it does not require a laptop or PC for this purpose. M-commerce examples include Amazon Mobile App, Google Pay, Samsung Wallet, PhonePay, and other mobile banking virtual marketplace apps. Let’s know the advantages of Mcommerce.
What Are The Advantages Of Mcommerce?
Here are some advantages of Mcommerce they will give you key information regarding mobile commerce.
- Valuable Customer Data
- Wider Reach And Accessibility
- New Marketing Opportunities
- Accelerated Buyer Journey
- Reaching Customer At The Right Time
- Personalized Content
- Direct Communication
- Better Customer Experience
- It Benefits From Traditional Retail Sales
Advantages Of Mcommerce
Let’s consider all the above-mentioned advantages of mcommerce and explain them individually in order to understand them.
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Valuable Customer Data
In a traditional retail setting, you don’t have an idea why the customer made the purchase or chose a specific product. Did they compare their purchase with other options? Like this, there is much information that you don’t know. But in m-commerce, you can get answers to all these and more questions.
Wider Reach And Accessibility
Every customer with a smartphone is a potential customer irrespective of his or her location and the shop location. In the traditional retail method, a customer needs to travel, walk, or take public transportation, browse items in the store, stand in a line to pay, and then make their way back home. But, the m-commerce application allows customers to browse your offers from anywhere, even on the go.
New Marketing Opportunities
In today’s world, companies are literally trying very hard to do marketing because vast brands of the same products are available in the markets. But, m-commerce has given them a new marketing tact and opportunity. It allows reaching your target audience directly with a mobile app. This way, you can reduce your marketing campaign costs.
Accelerated Buyer Journey
Do you know? M-commerce is 1.5 times faster when loading data and search results on mobile devices. And hence, they allow customers to browse and purchase products faster on their smartphones or tablets. Also, customers do not need to travel to the market or shops.
Reaching Customer At The Right Time
In a business, reaching customers at the right time is very important to increase sales of the products. Fortunately, there is m-commerce that helps brands to reach their customers with the right message at the right time.
Customers are more polite and focused when they get to know that the brand is keeping an eye on their preferences and wants them to experience more with their products. So, to expand your reach and increase engagement with your brand, ultimately driving customer loyalty and improving the conversation rate.
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The application of m-commerce including PhonePay, GPay, Paytm, etc provide a way through which customers can directly communicate with manufacturers or sales. Also, businesses can communicate with their audiences in many different ways.
One of the features of m-commerce is geolocation. They have a bunch of new features as they are part of mobile devices that come with their own set of helpful features. So, mobile commerce solutions can navigate users to the nearest stores thanks to GPS or innovative computing devices like beacons.
Better Customer Experience
Almost all companies are fighting to get new customers and sell their products. But, the advantages of m-commerce lie in the consumers’ familiarity with how their phones and other mobile devices work. Most people know how to navigate to the desired product in just a few clicks. Overall, it increases the experience of the customers.
It Benefits From Traditional Retail Sales
The importance of mobile commerce is higher because it benefits from traditional retail sales. Thus, m-commerce is developing day by day and it will keep on advancing, putting up a better outstanding position in the retail exchanges.
Disadvantages Of M-commerce
The disadvantages of M-commerce are,
- Privacy concerns
- High competition
- Excluding brick-and-mortar stores
- Online payment failure
- Need internet
- You need a smartphone
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What Does Mcommerce Stand For?
Short for mobile commerce, m-commerce refers to any commercial transactions that take place via apps or mobile sites. Mobile commerce can be understood broadly as a subcategory of e-commerce, or as the mobile version of e-commerce.
Is It Beneficial To Do M.Com Ignou?
The university is valued and has genuine worth in the market, hence, an MCom degree from there will hold credibility . IGNOU is also a really affordable university; it means that the courses offered here are at a reasonable cost.
What Is The Difference Between Ecommerce And Mcommerce?
E-commerce refers to the buying and selling of goods and services online. It includes any transactions between businesses carried out online. M-commerce refers to the buying and selling of goods and services online through a mobile device.
Is M.Com A Good Option?
MCom is a very versatile course and gives the students to choose their careers in various fields. Since M.Com is a specialised area in itself, only those candidates who have pursued B.Com or B.Com (H), can pursue the course. M.Com is also a good option for CA/CS candidates.
What Are The Benefits And Drawbacks Of M-Commerce?
Advantages of M-commerce
- Global Reach. …
- Hassle-free Store Access. …
- Quick & Hassle-free Large Order Processing. …
- Elevate Business Quickly. …
- Real-time Analysis of User Data. …
- Fraud Uncertainties & Security Concerns. …
- Lack of Familiarity With Product/services/brand in Rural People. …
- It Demands Technology Access.
How Many People Fail At Ecommerce?
E-commerce business has a failure rate of about 80%-90% failure rate. Many mistakes occur when building an e-commerce business, so you must research before investing money into a new venture.
What Percentage Of Ecommerce Is Mcommerce?
M-commerce market share comprises 73% of total e-commerce. Smartphone commerce alone is expected to make up 44% of all e-commerce sales by 2024. 57% of US customers have used a mobile retail application to research a commoditity. U.S. m-commerce is expected to experience a massive CAGR of 34.9% between 2020–2026.
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While reading this article you have come across the advantages and disadvantages of m-commerce in detail. Mobile commerce is currently booming technology tremendously helping businesses in marketing, understanding customers’ choices, and storing the data of customers. No doubt, there are some challenges to m-commerce such as privacy concerns, high competition, etc. but within time, these challenges will be overcome with further research. The advantages of eCommerce and Mcommerce are the same but, in e-commerce, you need a laptop or PC. These were the advantages of Mcommerce.