Most of us are Shopaholics. Just given some time and a few dimes, and we are ready to do the shopping. However, physically moving to the retail store, searching for the products and then check out after standing in the long queue appears quite a task in the age where people are tied up to their neck. It takes away the thrill of shopping. That’s why the brick-and-mortar stores went online a way back and the era of online commerce was ushered.
The complete shopping from product search to payment to the order delivery becomes possible from a single dashboard. It’s just a matter of over some decades old when in 1984, the emergence of online commerce was a wonder for the people, and now, a thought of living without Ecommerce seems unfathomable and inconvenient.
The pros of Ecommerce blew away the customers’ minds with its amazing benefits like- no need to go anywhere, store remain open 24/7, get lots of choices, no standing in long queues anymore, easy to make price comparison, locating remote stores painlessly, no worry of keeping huge cash in the pocket, seamless communication, and so on.
With time, the increase in the number of online stores in the webbed world urged the need of differentiating the store in the market. The e-retailers have perfectly understood that simply selling the unique product cannot bring new customers or hook up the existing ones. And, something needs to be done. Thanks to advanced technologies that have helped the e-stores to innovate and gain an edge on the competition by employing retail therapy.
The Ecommerce stores have started working on the strategies to fill the gap between digital divide and upsurge the customer experience. It’s accomplished by better understanding the customers and delighting them with the right content at the right moment across various channels. The channels can be on-site or off-site such as personalization and recommendations, push notifications, data-driven merchandising, automated follow-ups, predictive and suggestive search and pretty more.
This is what the future-thinker Steve Jobs has already stated to stay ahead in the market, “You have to start with customer experience and work back towards the technology, not the other way around.”
Embracing cutting-edge technologies, the online commerce has set the world on fire, but the sudden outgrowth of mobile devices has taken the Ecommerce world by storm. With the increasing craze and skyrocketing trend of doing everything on-the-go or at the fingertips, has brought the rapid shift from Ecommerce to M-commerce.
According to a market research analyst, “The global m-commerce market will grow at a CAGR of more than 27% by 2020.”
The wide acceptance and ample of benefits of mobile apps become the reason M-commerce economy is taking over the traditional Ecommerce and projected to bring 669 billion USD revenue in 2018 globally. Moreover, the changes in the customer’s habit of content consumption, making the buying decision and research for the product makes it all-imperative for the retailers to go mobile way.
The stat and fact alone cannot assert the point that why the M-commerce enjoying supremacy over Ecommerce regime.
Take a closer look at all the factors that are promoting and supporting the shift:
The users are no longer required to write the URL in the address bar or need to compulsorily sit on the desktop in order to access the online store. Also, the users can get to the products where they last left while browsing, which is not available with Ecommerce. In addition, the mobile app loads faster than the websites because the apps alleviate the needs to pull the data from the server for every request made by the users.
Summing up all the facts become the basis of why the dedicated mobile applications are unhinderedly used by the users and give a boost to the impulsive shopping. When the M-commerce revenue of the last few years is analyzed, the rise of 30-40% annually is observed. The effect is clear M-commerce business will drive the sales up.
With the mobile app, the merchants will have two benefits. First, the app development, maintenance and support cost are less expensive when compared with the amount of exclusiveness for every app. Second, when social media integration is done in the mobile, the need of social media marketing campaign reduces considerably, which, in turn, trim the cost involved with marketing.
For instance: The cost of an app maintenance and support services costs you 15% of the app development price. The insights gained out of the data will help you increase the sales and revenue by 30%. The reduced costs uplift the productivity and the ROI.
We are familiar with the fact that apps load faster than the websites and can even work offline. This feature of M-commerce accelerates the user’s activities and interaction with the store.
Going ahead, the Ecommerce stores offer real-time assistant with real-time chat or on call through toll-free number, but the verification required or due to the complexity to explain the issue and get a suitable solution takes time. The delayed response of hours ruffles up the user’s feather in the ecosystem where the users expect the reply in a couple of seconds. This is where the M-commerce could step-up the pace.
With M-commerce, the users can get connected with the support team in a single click, the assistant, in this case, will have all the required details about the user to help find the solutions easily if they stuck anywhere.
Customizing the store according to every customer preference is certainly not possible. However, we all have observed the product recommendations for the products browsed earlier. The M-commerce store enhances the personalized offerings concepts tailored to the user’s needs to a higher level. The recommendations offered on-the-move give a boosts to the impulse buying and increase average sales volume.
In addition, the order tracking right on the mobile helps the users in tracing the orders hassle-free and timely notifications about new arrivals or discounts on weekends ascends the probability of purchase. These benefits perk up the shift from Ecommerce to M-commerce.
With mobile apps, it becomes quite easier to not only locate the store, while it’s advantageous in terms of marketing opportunities as well. In the first case, it shortens the time consumed in finding the store in the close vicinity with Google map or Apple map integration, or GPS services.
In the latter case, it gives a push to location-based marketing wherein the users passing by the store or coming in the pre-defined radius of the store will get a personalized message based on the users’ demographics, purchase history or lifestyle. The custom notifications and easy store tracking double the conversion rate.
No one can raise a doubt to a point that we have accustomed to mobile in accomplishing every task, which was earlier time-consuming, full of effort and inconvenient too. Thanks to mobile apps that have made it damn easier.
Let’s understand it with an example of an ASOS online store which has experienced 80% of the traffic coming from the mobile devices. This is why the E-store has advanced its in-app strategy and made it more powerful with the integration of visual search, wherein the users just need to upload the photo of the garment and bingo, the garment or similar options will be presented to them. Going this way, users are not required to manually search the image in the store. They just need to capture the image of the dress they like anywhere, simply upload it and the garment will be before them instantly without needing to wait, sit and then search on the desktop. It’s utterly a time-saving tool.
Summing it up
Till now, the retail industry has faced nothing less than a paradigm shift. The journey from Ecommerce to M-commerce is the best instance of it. The user’s fast-paced lifestyle and the interest in advanced technology are the reasons the retail industry is standing on the cusp of digital transformation where everyday technology and its use cases are surprising us.
The figure adds weight to the argument to the long story of business transformation from a brick-and-mortar store to Ecommerce to the M-commerce.
The high-inclination of users towards high convenience and more accessibility have created the grounds that M-commerce has its heyday today. Merely, hopping on the M-commerce bandwagon remains no more sufficient, instead, the implementation of intelligence and emerging technology has become all-imperative. It helps the mobile commerce to grow and retain its popularity if lost, which in turn benefits both the merchants and customers.
Achieve a breakthrough in 2018 and the years to come with a mobile app and let the M-commerce trend accounts for your major share of sales and revenue.
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