Wednesday, 2 March 2016

Mobile Commerce Strategies for Online Stores

Mobile has become a new social marketplace with the increase in number of customers accessing online stores on their smartphones. Needless to say, m-commerce (mobile commerce) is a fast growing trend in eCommerce today.

Let us take a look at some eye-catching stats that support the fact as well as highlight  the significance of mobile commerce in the coming years:

“By 2016, the m-commerce market is expected to reach US $800 billion worldwide” – Ericsson

“We expect global mobile [payment] transaction volume and value to average 35 percent annual growth between 2012 and 2017, and we are forecasting a market worth $721 billion with more than 450 million users by 2017” – Gartner

“Over 2 billion mobile phone or tablet users will make some form of mobile commerce transaction by the end of 2017, up from 1.6 billion this year” – Juniper.

The information above suggests that m-commerce will continue to grow in popularity. As mobile wallets, beacons and virtual reality headsets become a retail reality, businesses will need to make sure that existing innovative processes like mobile shopping are successfully used. Those retailers who are new to the industry will benefit from understanding the basic concept of mobile commerce and a few ways it can be implemented as a part of an organization's retail strategy.

With a  mobile commerce shift, it is equally important to consider certain techniques that help you maximize the shopping experience and drive more revenue. Listed below are some ways you can make the most of your mobile commerce strategy:
  • Daily and Seasonal Deals: Discounts, sales, and offers are things that can boost up your m-commerce ROI. Once the users have installed your app on their device, send them direct notifications for latest promotions and encourage them to act upon the discounted products. You can auto-schedule birthday, anniversary and seasonal discount coupons to uplift the customer loyalty and lifetime value in a customized yet automated way.

  • QR Codes: This is another  potential customer engagement tool for mCommerce mobile apps. Shoppers generally find QR codes a fun activity as it lets them scan and unlock the hidden goods.Take advantage of it as part of your mobile commerce strategy and make buyers  engage with your eCommerce store.

  • Geo-Targeting: Again this is another  way to increase your in-store sales using location aware devices. With location-based  targeting, you can inform a  customer about the latest deals and promotions when they pass by your store. This technology has an amazing  power to deliver your message to a customer who is just a few meters away from your product.

  • Express Mobile Checkout: Checkout and payment are the last but most crucial steps in an  online shopping transaction. This is where the customers finalize their purchasing decision. Eliminate the unnecessary steps while framing your web store development plan to make your checkout procedure brief and quick. This will prevent the customers from abandoning the shopping cart at the threshold of a sale and encourage them to continue shopping.

Mobile commerce is expected to gain momentum as it drives almost than 50 percent of the total eCommerce traffic. As smartphone usage gains futher momentum, what other m-commerce strategies do you expect to see in the coming years? 

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