By Ishit Pilani, Co-Founder, Organic Roots
In the era of smartphones and tablets, shopping has transcended the boundaries of traditional e-commerce. The rise of mobile commerce, often referred to as M-commerce, has transformed the way consumers shop and businesses engage with their customers.
According to Statista’s Market Insights, mobile e-commerce sales reached $2.2 trillion in 2023 and now make up 60 percent of all e-commerce sales around the world. This shows that this trend is reshaping the e-commerce industry.
Mobile commerce has seen explosive growth in recent years. According to a study by PayPal, in India, 70% of consumers prefer to use their mobile phones to make transactions. As per a study by Deloitte, India will have about 1 billion smartphone users by 2026. India had 1.2 billion subscribers in 2021, of which around 750 million are smartphone users. The country currently is a mobile commerce powerhouse.
This surge is a testament to the convenience and accessibility that smartphones offer, making shopping on the go a reality for millions. Mobile commerce offers numerous benefits, including convenience, accessibility, and a personalised shopping experience. Here is how it is opening up new business opportunities and convenience for customers –
1. Convenience – One of the major benefits of mobile commerce is the unparalleled convenience it provides to consumers. Shopping is no longer confined to physical stores or desktop computers. Brands are now meeting consumers where they spend the majority of their time i.e. on their phones. With mobile commerce, consumers can shop from virtually anywhere, at any time, thanks to mobile-optimised websites and dedicated shopping apps.
2. Mobile Apps: Apps offer personalised content, push notifications, and user-friendly interfaces, enhancing the overall shopping experience. In 2021, consumers devoted an average of 4.2 hours daily to mobile apps, significantly shaping their shopping decisions.
3. Responsive Web Design: E-commerce websites have adapted to the mobile trend by implementing responsive web design. This ensures that websites look and function well on smaller screens, providing an optimal shopping experience for mobile users.
4. Mobile Wallets and Payment Solutions: The integration of mobile wallets and digital payment solutions has simplified the checkout process. These technologies offer security and convenience, making mobile payments more attractive to consumers.
5. Social Commerce: Social media platforms have become a significant avenue for m-commerce. Features like Instagram Shopping and Facebook Marketplace allow users to discover and purchase products directly through their favorite social networks.
6. Hyper-Personalisation: Mobile apps and websites use data analytics and AI-driven algorithms to provide personalised product recommendations and content. Harnessing the power of data analytics and machine learning, businesses are creating bespoke shopping experiences for each customer. In addition to this, voice-activated devices like Amazon Echo and Google Home are becoming more integrated with e-commerce platforms, enabling users to make purchases using voice commands.
M-commerce has transformed the e-commerce landscape, making it more accessible, convenient, and personalised for consumers. As mobile technology continues to evolve, M-commerce will continue to gain a stronger foothold.
