Online shopping has been around for decades, but m-commerce, otherwise known as mobile shopping, has accelerated in recent years and in 2022, 66 per cent of all online purchases were made via a mobile device.
But what is m-commerce, what does it mean for e-commerce business, and how can e-commerce store owners use it to boost sales?
This helpful guide will tell you all you need to know about mobile commerce and how you can use m-commerce to expand your business.
What is m-commerce?
M-commerce is the buying and selling of goods through a mobile device such as a smartphone or tablet.
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Whereas e-commerce is the buying and selling of goods electronically over the internet, m-commerce is a sub-part of this process and refers to transactions specifically made from a mobile, handheld device.
Why is m-commerce so popular?
Thanks to younger generations, mobile shopping has soared in popularity and is fast becoming the preferred way for consumers to shop. Millennials and Gen X drive this trend as they become more comfortable using their phones to make purchases than older generations.
Mobile commerce is both easy and convenient meaning that consumers can make a purchase anywhere at any time without the need for a desktop computer. For the first time, in 2022 mobile shopping overtook desktop purchasing, with over 60 per cent of all online purchases made using a mobile device, transforming the e-commerce scene as we know it.
And it is safe to say mobile commerce will not be slowing down in years to come as research by Statista reveals that close to 100 per cent of people aged between 16 and 24 own a smartphone and predict that retail sales from m-commerce in the UK are likely to exceed £100bn by 2024.
Why is m-commerce important for e-commerce business?
By making products and services available for purchase via mobile, e-commerce businesses can increase reach, improve brand awareness, and benefit from new opportunities.
When e-commerce stores take a mobile-first approach, they open themselves up to a boost in sales and audience appeal. The best way to expand an e-commerce business is by making it accessible for all, no matter the device they choose to purchase from.
Additionally, consumers who have a negative experience on a mobile website are 62 per cent less likely to purchase from that same business in the future. So, in order to secure an advantage and keep an edge over competitors, a great mobile shopping experience for consumers is crucial.
How can e-commerce businesses use m-commerce?
E-commerce businesses can leverage m-commerce trends and technology to expand reach, enhance the customer experience and increase sales.
When utilised effectively, m-commerce enables customers to make purchases quickly via mobile wallets, targets mobile users by geographical location, and provides a personalised shopping experience via mobile shopping apps.
How to boost your e-commerce business with m-commerce
There are many ways that e-commerce businesses can capitalise on the opportunities that m-commerce presents. Here are three ways you can use m-commerce to boost your online business.
Prioritise mobile shopping
In order to benefit from m-commerce, e-commerce businesses should ensure their website is mobile user-friendly and optimised for a mobile experience. Remember, websites that are slow to load or difficult to navigate are likely to turn potential buyers away.
Mobile-first designs ensure a seamless shopping experience for consumers on smartphones and tablets which in hand reduces shopping cart abandonment and improves conversions.
In addition, e-commerce businesses should take advantage of built-in social media features such as TikTok Shop and Instagram Shopping to make products and services increasingly available to consumers via mobile.
Accept mobile payments
With the rise of m-commerce comes the rise of newer, savvier payment options. No longer are Visa, MasterCard and PayPal payment options enough to meet consumers’ expectations, mobile payment features such as Google Pay and Apple Pay are fast taking priority.
If e-commerce businesses fail to offer a favourite payment option, they can quickly lose potential customers are the last second. Ensure you secure all potential sales by choosing an e-commerce platform that offers mobile payment integration.
Use mobile and SMS marketing
E-commerce businesses should look to target consumers on the move with SMS and mobile marketing. Mobile marketing is fast and cost-effective for brands and businesses who wish to target and engage with mobile consumers.
Mobile marketing can include promotions sent via SMS text, push notifications, personalised mobile ads, and mobile websites. Texts, emails, and ads can also be easily read, saved, and forwarded which means you access a wider audience with no extra time, cost, or effort.
Use analytics and insights
With m-commerce, e-commerce business owners can track and analyse mobile user behaviour and engagement. This data can provide significant insight into shopping habits and user preferences. In turn, this information can help to influence mobile marketing strategies to reach targeted demographics based on interests and behaviours.
These analytics and insights are based on facts and the data can be used to influence important business decisions. Leveraging this data and insight allows e-commerce stores to meet the needs of consumers and provide opportunity for growth.
If you want help keeping your business accounts in order so you can focus on maximising your business growth with m-commerce, get in touch with Unicorn Accounting today.
Why choose Unicorn Accounting?
Ensure you keep on top of your finances and tax obligations by outsourcing to an accountant. This means that you don’t need to worry about your end of year accounts, payroll, or bookkeeping requirements.
At Unicorn Accounting we are e-commerce accountants who help make your online business a growing success. We offer e-commerce accounting advice, financial management, bookkeeping, cash flow statement, and tax filing services to support and scale your business.
Our team of accountants and Xero-certified advisors have experience working with both small start-ups and family-run online stores to large-scale, international retail and e-commerce brands.
If you’ve got an online store, we have the best solution for you. Providing you with a financial arm to your business through our sector experience, and skills with innovative technologies.
To see how we can help you maximise the scalability of your e-commerce brand all year round, get in touch with Unicorn Accounting today. Or click here to get a free quote.
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