Posts Tagged ‘Mobile commerce’

Mobile commerce is commonly referred to as mCommerce. It is the mobile version of e-commerce. mCommerce is where eCommerce was a few years ago, reasdy to explode over the next several years with many retailers from myriad industries all vying for the customer’s dollar. mCommerce will grow dramatically in the near future supporting simple to complex commerce transactions.

An Emerging Market

mCommerce is one of the most exciting ways that vendors can drive revenues and improve profit margins. It will dramatically enhance the customer experience both inside and outside the store. mCommerce applications can provide important assistance in acquiring and retaining customers while reducing the cost to service providers.

mCommerce can help consumers with quicker information access, increased productivity, and more timely responses to inquiries. It will give retailers the ability to service, sell and deliver to consumers anywhere, at anytime. mCommerce will help reduce operating cost and the risks associated with online Marketing. Mobile commerce has grown rapidly in Europe and Asia and it is only time before it dramatically takes off in the United States. One of the main factors contributing to the success mCommerce has experienced in Europe and Asia is directly related to the costs of mCommerce technology compared to the costs of substitute venues.

Mobile Phones

The Mobile phone is a great tool for merchants to diversify sales channels, expand the reach of their business, improve communications, and maximize profits. ShopRMall.com, a shopping portal that offers direct links, coupons, and special offers for online stores, has launched iphone.shoprmall.com, an iPhone/iPod Touch version of the ShopRMall site. The new site includes daily coupons and special offers along with easy access to over 1,000 name brand and specialty stores, all from a familiar iPhone interface.

Nearly all mobile phones, in Japan, have built-in bar-code readers, making it easy for users to scan a bar code from a magazine ad, which launches the phone’s Web browser and delivers the advertiser’s mCommerce storefront.

In the United States, only a small portion of mobile users are using their device for financial services but that number is expected to grow rapidly. mCommerce, is something that companies should not ignore. mCommerce will help them to reduce internal costs, improve relationships with customers, and build brand loyalty. One market leading financial services firm has stated that “early adopters have balances 10 times higher and trading volumes five time higher than average customers”.

Conclusion

mCommerce is here, and it’s only a matter of time before it becomes as familiar as a credit card transaction. It is certainly ready for the online merchant. mCommerce is an emerging market that offers huge opportunities for extending remote purchasing. Retailers should prepare for mCommerce by understanding how it works. This will ensure that their business stays ahead of their competition.