What is Mobile Commerce?

Mobile commerce has been considered as the next generation e-commerce. It is much handy since it based on Wireless Application Protocol.

Introduction

Mobile phones are getting very popular these days. Almost all people, the elders, the adults, the teenagers, even those elementary kids have their own phones. And not just any phone but smart phones. The people love this kind of gadget because it is easy and convenient to use. It can even let a person communicate to another person wherever and whenever they want. As the world changes, the features of mobile phones also increases. These technological devices can allow you to play games, install different applications, instant messaging to friends, browse the internet and an individual can even do their shopping on their cellular phones! That is right! Marketers refer it as mobile commerce.

What is Mobile Commerce?

In a most genuine definition, Mobile commerce or also known as m-commerce is the process of getting the commercial transactions done using mobile phones or even laptops. These transactions involve financial services, telecommunications, service or retail and information services.

Financial Services – customers uses their mobile phones in accessing their bank accounts and paying their bills. It also has brokerage services that have the ability to display stock quotes which will help the marketer in knowing the trend of his stocks.

Telecommunication – the same mobile devices can be used in bill payments to online stores and reviewing accounts.

Information services – most customers apply this in gathering information including financial news, sports news, international and local news and even traffic updates. Also, they will know the offers and deals of the company’s products and services. That is why almost all the people in the world have been using this.

Many entrepreneurs have coined this term to the phrase, “a retail outlet in your customer’s pocket”. Mobile commerce has been considered as the next generation e-commerce. It is much handy since it based on Wireless Application Protocol.

The Rise of M-Commerce

In the year 2014, the mobile commerce sales have been reported to be $75.03 billion. Now, in the year 2015, the sales have grown up to 38.7% which is estimated to be $104.05 billion. The sales in mobile commerce are growing faster than e-commerce. It is estimated that for the upcoming years the product sales in mobile commerce will greatly escalate and can even have almost all the percentage in the sales of e-commerce.

When asked why people love using their mobile phones, is that in these mobile devices they can do their transactions anytime of the day and anywhere in the world. Mobile devices have the capability in restoring applications. From the recent PayPal global mobile survey, 47% of mobile users agreed that using an application is much more convenient than using a browser since most browsers can be very slow sometimes.  If a buyer wanted to do an online shopping then it will be easier for him or her to shop using the mobile application of a certain company. It can also cause web site traffic to the site of the said company. Thus it can be concluded that mobile commerce is effective, efficient and productive.

Most entrepreneurs know that having a mobile application is a great help in the company. That is why a lot of them have been creating application just for the customers to be satisfied and can have their transactions in a very suitable and convenient manner. In business, customers’ satisfaction comes first.

sources:
http://www.investopedia.com/terms/m/mobile-commerce.asp
http://searchmobilecomputing.techtarget.com/definition/m-commerce
http://www.mobilecommercedaily.com/wp-content/uploads/2015/01/Mobile-Commerce-Outlook-2015-version-Jan.-1-2015.pdf