Y Ventures Group Ltd - How Mobile Commerce is Changing the way we do Business Mobile commerce (mCommerce) is one of the most popular shopping channels that has exploded in popularity. If eCommerce has already shaken the industry to its foundations, one might wonder if the tech world has anything new to offer, let alone enough to have such an impact. mCommerce might just be the solution. In this article, Y Ventures Group Ltd - Data Analytics-Driven e-Commerce Retailer and Distributor demonstrates how mobile commerce is transforming the way we do business.
What exactly is mCommerce? Online transactions done with a device such as a smartphone or a tablet are referred to as mCommerce. Kevin Duffey, the Global Mobile Commerce Forum CEO, created the word "mCommerce" in November 1997. Mobile ringtones were the first products marketed over mobile devices in Finland a year later, in 1998. It only took two years for mCommerce to become a globally recognized trend. This concept has now become a need. Because of our fast-paced lifestyles, it was only a matter of time when consumers wanted to make internet buying even more convenient. Consumers are most likely to use simple and rapid words to describe their positive shopping experience while using a mobile device to search for and purchase things. It's no surprise, then, that mobile commerce is one of the most popular and widely used retail channels. What makes mCommerce so unique? What difference does it make whatever device you use if you've previously enabled internet shopping? It does make a significant difference, particularly in terms of consumer satisfaction. According to Mobify (a mobile commerce and engagement platform), if the experience isn't optimized for mobile devices, 30% of mobile shoppers will leave the purchase. Customers said they would abandon a website if they had to wait more than a few seconds for a page to open, according to 57 percent of respondents.
Y Ventures Group Ltd - How Mobile Commerce is Changing the way we do Business Various types of mCommerce To comprehend the future of mCommerce, it is necessary to grasp the many forms of transactions available. This is significant since it establishes the market's diversification and demonstrates all of the areas in which mCommerce may be applied. Online shopping is one of the primary features that we have already discussed. Other essential issues, such as mobile banking and mobile payment, must be addressed as well. If you still don't use mobile banking, people that do will most likely tell you that you have no idea what you're missing out on. And what exactly is it? For starters, you'll be able to keep track of all your payments in the palm of your hand. Everything - money transfer and account check – can be done on a single device. When compared to going to the bank, the distinction is clear. You won't have to wait in an unending line any longer, and banks will be able to reduce transaction costs as a result of fewer customers needing to visit their bank office.