M-commerce (mobile commerce) is a subset of ecommerce referring to online transactions made with mobile devices like smartphones and tablets. Optimizing your business for m-commerce can increase your user base, boost communication with your customers, and reduce your abandoned cart rate.
I’ve put together this guide on the basics of m-commerce and its benefits, so you can see what it could do for you and your business.
What Is M-Commerce?
M-commerce refers to online shopping on mobile devices. Before widespread smartphone use, online consumers shopped on desktop computers and laptops. Now they can easily access m-commerce wherever they are.
The shift to mobile has created a more convenient and flexible ecommerce environment for consumers. It also allows businesses to interact with their audience, engaging them to build trust and maintain a strong customer relationship over time.
Different Types of M-Commerce
M-commerce takes place in various settings. Common types of mobile commerce include:
- Browser-based m-commerce: Customers access shopping sites through their mobile browsers.
- App-based m-commerce: Shopping takes place through the brand's dedicated m-commerce app.
- Email-based m-commerce: Customers click an email link that takes them to the company's app or website.
- Text-based m-commerce: Brands send SMS messages with links customers can click to shop.
- QR-code-based m-commerce: Scanning a QR code directs users to the brand's catalog where they can browse and purchase.
- Virtual marketplace m-commerce: Consumers buy through a marketplace website or app with multiple vendors (Amazon, for example).
The Benefits of M-Commerce
Optimizing your business for m-commerce can benefit your company and your customer. You can:
1. Attract New Audiences
M-commerce creates opportunities to expand into new markets and reach new people. About 75% of consumers prefer mobile shopping for its ease and speed according to data from Oberlo, so you could miss a large audience if you don't offer m-commerce. In fact, more people own mobile devices than desktops or laptops.
2. Stay in Contact
App-based communication and push notifications help you keep in contact with your customers. You can let them know the moment an item comes into stock or goes on sale and send advertisements at just the right time of day to maximize click rates. Online messaging can also be used for customer service solutions.
3. Improve the Customer Journey
Some mobile optimizations lead to improvements that benefit not only on-the-go users, but your entire customer base. For example, adding payment methods like mobile wallets and money apps can make your cross-platform checkout experience more convenient for buyers.
Developing a dedicated app for your business can also create a more focused and streamlined shopping process for your customers compared to using a mobile browser. You can use exclusive in-app offers, simplify and optimize your UI, and take advantage of push notifications.
M-Commerce vs. Ecommerce
Both ecommerce and m-commerce refer to buying and selling goods and services online. M-commerce only includes transactions made with mobile devices.
M-commerce is the fastest and most convenient way for most people to buy online. Consumers can shop from anywhere even if they aren't currently connected to the internet. On the downside, some people might have privacy concerns about m-commerce. For example, they may not want to enable features like location sharing or save payment data.
Traditional ecommerce may seem slow to some shoppers. They need an internet connection and have to stay at the computer while they shop. On the other hand, non-mobile ecommerce sites often have functions mobile apps don't. Many shoppers find it easier to browse and navigate on a full-sized screen.
The Benefits of Working with Pay.com as Your Payment Service Provider
Pay.com offers access to the popular payment methods you need to thrive in the m-commerce market. You can integrate Pay.com into your business however it’s convenient for you, with both no-code options and APIs for developers available.
We protect every transaction with high-tech security features, including multi-factor authentication to prevent fraud.
In-depth customer insights give you the information you want when you want it, so you can make informed decisions that allow your business to grow. You can access data on cash flow, KPI tracking, revenue, refunds, year-over-year analysis, and more.
Our robust payment solutions come with transparent rates and flat-fee pricing, so you never have to worry about nasty surprises at the end of the month.
The Bottom Line
As a business owner, if you’re already part of the ecommerce market, it’s time to optimize for m-commerce as well. Mobile shopping will continue to increase in popularity, so businesses will fall behind without the right features.
If you streamline your checkout processes, add new payment methods, and optimize your site for mobile screens, you can appeal to and attract the m-commerce audience.
Pay.com can get you ready for your m-commerce debut in no time. After a quick onboarding process, simply select the payment methods you want to offer and start accepting payments from customers, wherever they are. Create an account today to give your audience an outstanding m-commerce experience.