In today's cometitive era, M-Commerce Isn’t An Option, It’s A Must.
Mobile e-commerce is on the rise in many industries. It provides a simple and convenient way to shop for the user and a whole world of opportunities for the brands.
Mobile devices provide you with a personal, easy tool to access the users closely since they regard their smartphones as something personal and intimate. As such, this is a perfect opportunity to raise brand loyalty as well.
However, before you can understand how to increase brand loyalty through mobile devices, you need to understand how mobile commerce works.
Here are some basic information and tips.
What Is M-Commerce?
Mobile Commerce is often called m-commerce or m-Commerce as well. By definition, it includes any monetary transaction done with a mobile device. It’s an advanced way of doing regular e-commerce - it enables people to trade with anyone across the globe, but with an added benefit of doing it from a mobile device.
However, it’s also more than what it appears to be.
M-commerce can trigger the appearance of new industries and services, or it can help existing industries advance and grow.
So far, it has had tremendous benefits for:
- Mobile monetary transfers
- App purchases or any software purchases
- Mobile banking
- Mobile payments or in-app payments
- Mobile marketing and loyalty
“People are using e-commerce because it can make their lives easier. You don’t need hefty laptops or even heftier computers. You don’t have to carry them around if you want to buy something online. You can just use your mobile device - phone or tablet - to buy things anywhere you go or anywhere you are,” says Andy Fishkin, a digital marketer.
You can even pay for things using simply a text message to some short-code numbers. It’s that simple.
It’s a big part of modern marketing in both the B2B and B2C industries. It also doesn’t matter, from a business owner perspective, if you are selling digital products or physical products because it would work for you no matter what.
One of the reasons for that is that people like using their mobile devices - they are simple, easy to use and can be carried in your pocket. Simply put, they are convenient.
Customers are spending more time and money on m-commerce than they did with e-commerce or total discretionary retail - even when combined.
Some of the most common and important KPIs of m-commerce you have to consider are:
- Mobile Add To Cart Rate
- Average order value
- Total mobile traffic
- Mobile Cart Conversion Rate
- SMS subscription report
- Average page load time
Three Different Types Of M-Commerce
There are, in general, three different types of mobile commerce. Here they are:
1. Mobile shopping - This is e-commerce available through mobile devices. Available through optimized websites, apps, and social media platforms.
Here are the results of the Morgan Stanley research on US use of mobile apps vs use of mobile browsers.
2. Mobile banking - Similar to online banking but with some restrictions in terms of transactions. Available through dedicated apps and most recently, chatbots or messaging apps.
3. Mobile payments - Services such as Google Payments or Apple Pay, Amazon, PayPal and so on.
[Recommended: The Seven Biggest Mobile Marketing Strategies Hitting the Industry in 2016 ]
Benefits and Disadvantages of M-Commerce
Here are some benefits of mobile commerce:
- Providing a better experience for customers - more convenient and simpler
- Immense growth potential - mobile commerce is only going to grow in numbers in the future.
- Many payment options - You can get more people to buy when you cover more payment options.
Here are some disadvantages of mobile commerce:
- Constant optimization - you always need to update and optimize something.
- Customers can compare prices easily - it’s easier for them to find a cheaper version
- A wider range of regulations that you need to comply to
5 Reasons To Use M-Commerce In The Long-Term
While the benefits of mobile commerce and the reasons why you should use it can be quite obvious, it doesn’t hurt to reiterate why it’s so important to have a mobile presence.
Here are top 5 reasons to be available to your customers through mobile.
1. Mobile is the present and the future of trading and connecting with your customers
2. Being available through mobile provides a more comprehensive customer experience and many loyalty opportunities
3. It’s convenient for the customer and gives business owners a chance to make it even more convenient and add more value - consider Travelocity which allowed their users to simply scan their credit card instead of entering the number.
4. Mobile retargeting is a useful and effective tool since most customers use multiple devices to complete a single task
5. Mobile devices provide you with an easy opportunity to increase the amount of your referrals through various social media channels like Twitter, Facebook, and other platforms.
7 Ways To Use M-Commerce To Increase Loyalty
We live in a world where mobile devices are preferred over laptops and Google is starting the mobile-first rule. This means that mobile-friendly websites and businesses will likely get more attention than anyone else.
However, one added perk of m-commerce is that mobile devices are so close and personal to the consumers, making their products and services more personal to the users.
And still, making sure that your customers are loyal to you isn’t so easy. You have to understand the following tactics:
1. Make it simple
Mobile devices have made it, in a way, even harder for business owners and content creators. On mobile, it’s easy to switch between apps and pages - and it’s very tempting with bright colors and cute shapes. In order to maintain the reader’s attention, you need to create a simple message, something that will give them the right information but briefly.
Including unnecessary steps or any similar obstacles can result in your customer leaving for something else, something simpler, perhaps.
2. Show value quickly
In this fast-paced world, you can’t expect your customers to wait for gratification for a long time. You need to provide real value quickly -as soon as possible, in fact. Brands usually take too long to provide this and they lose customers.
Instead, opt for instant gratification. Be direct and concrete about the loyalty terms and conditions of getting into the program.
3. Mcommerce is a must
If you want your brand to survive on the global market, you need to be available through mobile devices - this means apps, social media and total website responsiveness. Otherwise, they will most likely skip you.
Just think about it - 44% of people booking a dinner reservation through an app. It’s more convenient and comfortable than calling. In this scenario, if you don’t have an app, you won’t get any reservations.
4. They want the custom experience
Another issue with mobile apps is that you have to provide a completely customized experience. It’s their mobile phone - they expect it. They don’t want to see a bunch of products that they don’t care about.
“Customers also need an added benefit of having your app installed. They don’t want to just order and pay. They want content, freebies, the experience of having an app that serves the real purpose in your life,” says Jenny Grumbles, a brand manager.
5. Talk with your audience
In order to be effective, you have to communicate. This means that you have to engage - ask questions, provide answers, take their opinion and so on. Brands used to have a one-way relationship with their customers but this is no longer true.
And every customer expects you to be the other part of that relationship, as a brand. They want to care for more than just your product and they are seeking a real connection.
6. Tell them a story
Mobile devices are providing you with an excellent opportunity to tell stories. This is what consumers want to see - they want to be a part of that story, not just some add-ons to your marketing or sales results.
If you can tell a good story and include your customers, you have instantly won.
7. Unite with another brand
You can use other brands to provide a better experience and widen your reach with the users. This shows to users that you as a brand care more about them and their benefit than your bottom line and results.
Unite with a compatible brand, someone who shares your vision and offer quality deals as such.
Mobile commerce and the popularity of doing things on mobile devices aren’t going anywhere anytime soon. In fact, it’s only going to spread and prove more important as the time moves forward. If you want to be a brand that the customers can turn to, you need to provide your users with a simple, yet effective way to trade with you. And with these tips, you can increase their loyalty.
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