Mobile commerce (m-commerce) is the ability to conduct commerce (complete financial transactions) using a mobile device. With new highly advanced smartphones being released all the time, never before has it been easier to shop anywhere, anytime from the palm of your hand.
According to a study by ABI Research released in February 2010, by 2015 shoppers around the world will spend about $119 billion on goods and services purchased via their mobile phones. Known as the next generation of eCommerce, mobile commerce is quickly becoming a force to be reckoned with.
Types of Businesses that Benefit from M-Commerce
We cannot emphasize enough that not every mobile marketing strategy is right for every company. When it comes to mobile commerce, here are the industries that have found the most use in this opportunity:
- Online retailers –e-Commerce businesses that sell their products solely online would benefit by first creating a mobile website and offering m-commerce services. Not only will customers be able to purchase your products from their desktop computers, they can make purchases from their mobile devices.
- Financial services –Mobile banking is becoming more and more popular with mobile device users. People like the convenience of accessing their bank accounts from their mobile devices to check their balance, pay their bills, transfer funds and conduct other regular banking activities.
- Telecommunications–Customers can view their account information, pay their bills and change their communication services all from the same handheld device. Let’s not forget the popularity of purchasing ringtones for your mobile device.
- Ticket providers –The entertainment industry is finding many benefits through mobile commerce technology. Ticket providers for movies, sporting events and concerts are issuing mobile tickets in replacement of paper tickets for events. This means that a person can store their ticket in their mobile phone.
Combine M-Commerce with Other Mobile Marketing Strategies
Now that you understand what mobile commerce is, how businesses can benefit from allowing customers to do business with them via their mobile device and general tips on designing an effective mobile commerce website, let’s talk about how m-commerce fits with your overall mobile marketing strategy.
There are several mobile marketing opportunities available to you as a business owner: mobile-friendly websites, mobile local search and location-based marketing, mobile advertising and mobile apps.
Obviously an m-commerce site must be mobile-friendly, but there are other mobile marketing strategies, which we could discuss. You would do well to complement your m-commerce site with some of the other mobile tactics to ensure you drive maximum exposure to your mobile commerce website.
As for mobile advertising, you could leverage things like banner ads to promote a current offer or a new product that you’ve recently launched. Mobile videos can be created to illustrate product features and benefits to a mobile shopper, which could influence their purchasing decision. These are just a few examples of how to combine other mobile tactics to heighten the success of your mobile commerce site.
There are a number of other ways to integrate various mobile marketing techniques with your m-commerce site and then further combine those with your online and offline marketing strategies to achieve notable results. The key is to be creative, target your campaigns to the right audiences and track effectiveness to make meaningful enhancements along the way.