Tipped as the biggest marketing trend of 2015 in January, mobile commerce is living up to its expectations. Mobile payments are heralded as the next step after the debit card, transforming the way we pay for goods and services. The design and effectiveness of the commercial mobile application is now more important and lucrative than ever.
Mobile commerce (M-commerce) is the use of wireless handheld devices, such as a smart phone, as a method of instant payment. Its profitability is in its convenience, asking users to push a button or scan their mobile device to pay.
Consumer retail spend via mobile commerce is predicted to grow to £53.6bn by 2018. Barclays recently predicted that 42% of all retail sales are to involve a mobile device, via everything from instant payment to reserving items for collection.
M-commerce covers a broad range including…
• Commerce websites accessed via a mobile device (e.g Asos).
• “In app” purchases (think Facebook, Google Play)
• Responsive websites/mobile optimised website purchase via device
• Mobile device payment at retail store (think Starbucks)
• Mobile app purchase only (think Uber)
• Mobile-specific rewards, earn points with app as an incentive (Starbucks, Amazon).
Many retailers have already made this technology available in their stores. As one of the first companies to produce a mobile app with M-commerce capability to the mass market, Starbucks reported that mobile payments now make up 16% of purchases at the start of 2015.
Handheld devices will continue to innovate the retail experience. In order to adapt your business for the rise of M-commerce, don’t hesitate to ask us about the responsive website and mobile application options available to you.
Blog by: Josh