M-commerce, or mobile commerce, is a rapidly growing sector. It comes with significant possibilities for existing and upcoming businesses and consumers alike.
As smartphones become more prevalent and internet connectivity improves, more people use their mobile devices for shopping and transactions.
This article explores how m-commerce is gaining popularity and its impact on the sales and marketing worlds. It also highlights the potential side effects and the growing role of cybersecurity in the future.
The Rise of M-Commerce and How It Is Different From E-commerce
According to Statista, the world of m-commerce sales reached $2.2 trillion in 2023. This is a remarkable growth from 2018 when m-commerce sales accounted for only $982 billion. It can be attributed to the easy access that mobile devices offer users. They can access the internet from home, work, or while traveling and shop online anytime, anywhere.
Mobile apps and optimized websites offer seamless browsing and purchasing experiences. Mobile payment solutions and digital wallets have made transactions more convenient and secure. M-commerce has an advantage over e-commerce due to its simplified online payment methods.
This is not just because of digital wallets but also due to biometric verification. In e-commerce, users must input their card details or authenticate any sale through OTPs (one-time passwords). Apart from this, they need access to a laptop or computer. In m-commerce, on the other hand, you only need your smartphone or tablet. These devices are far more easily accessible and portable. There are also many other advantages to m-commerce that drive its growth.
What Is Driving the M-commerce Growth
M-commerce is reshaping the sales and marketing landscape. Many retailers invest in mobile optimization and app development. Mobile-specific marketing strategies, such as push
notifications, location-based targeting, and personalized recommendations help businesses engage with customers in real-time and drive sales.
Social media platforms, such as Instagram, have become popular shopping destinations. Influencers and brands leverage their reach to promote products and ease sales. According to TechRound, the m-commerce industry is expected to reach $4.5 trillion in sales by 2024. This will account for over 70% of retail e-commerce sales.%
