The likelihood of reading this article on your smart phone is three out of five. Which group do you belong?
We have seen a storm of m-commerce, and major changes occurred in last year. The technology boom of m-commerce in 2014 has actually attained its peak, and most of the businesses are either following this wave or are already ashore gearing up, to swim along with the next tide. If as a business owner you are still thinking of mobile as just another digital channel. This post is exactly for you, to bust your myths about m-commerce and unravel the mysterious power of mobile era.
In a recent study it has been highlighted that in US by the end of 2015, 42 % of the global population will own a smart phone device. I know you already owe one!
Yeah, so it’s still less than 50% of the population. So, I don’t need to worry. Isn’t? Well, this less than 50 % of population is what brings you business and profit to your online store. So indeed its cause of worry!
We bring you influential points of m-commerce industry, which may force you to think, does your business really needs re-engineering or it’s safe ashore? Let’s get started –
Mobile Technology an innovation and modernism industry
Did you notice the change that we saw when few of the online firms moved from e-commerce to m-commerce? How innovation and technology are making things possible for the customer on the go? This is the modern world where technology could go stale overnight as new can appear overnight. So along with satisfying the modern people it also has to be fast enough to match to their speed. Are you offering one?
Tip For You - Offer made has to be expensive and lucrative for the end user, so that they buy it, come again and well stay forever with you. Fuel in some money, strategize your plan and roll out an offer which no customer could say NO to it!
Mobile Takes Precedence over Any Other Strategies
A study done recently concluded that mobile would change the face of online industry. And we see that, the industry has a new face!
So you can consider yourself as a cosmetic shop owner, who sells products for face make up and to make it look gorgeous. Now we have the new face? Wouldn’t you need a new style or new blush to make it look beautiful? How would you be able to sell those old products?
Tip For You - So, that’s our point, re-engineers your design, and if needed re organizes your team and focus on mobile and service on the go.
Mobile Storm wouldn’t cause ripples but could lead to disruptions
The established leaders of the industry usually don’t worry because of light rains, but this storm would surely affect them. Mobile technology is offering simplistic answers, with mostly low cost and at your convenience, than compared to the traditional or conventional models. Just for e.g., books and magazines now are available in electronic format. Wouldn’t this cause a rupture to the writing industry? Or if your book is not available in electronic format? Wouldn’t it hit your publisher?
Another thing mobile is capable of offering location and real time data, which reduces the guess work game and speculation might not be apt. You need to pick contextual pricing and build strategies that could be dynamically updated
Tip For You – Look out for real time data and its usage, engage with the audience to know their expectations, then work on cost structure and reduce or minimize unnecessary costing.
M-commerce belongs to budding markets
Do you see an auto driver or tea stall owner with a laptop or tab? But they sure would be having a mobile phone and some even own a smart phone. Listening music, downloading songs or watching videos is like a normal task and most of the basic phones are capable of these functions.
So we see countries like China, India, and South Africa are the budding markets and we see a shift in technology adoption. People download mobile apps to check their heart beat or to count the number of steps they walked today. They have apps to select the best credit card and also to select the bank which offers lowest home loan rates.
We have almost all industries which could live and are accessible via mobile, then what are you waiting for?
Tip For You – Don’t target Silicon Valley as your market area, instead expand your horizons and look these budding markets which have the potential of delivering profit to you with low investment as well.
M-commerce is not About Apps Building but About the Experience Offered
If you are thinking it’s just about building an app and releasing it, you are wrong! You need to provide an experience to your customer, that’s memorable. For the memorable experience you need innovation and techniques which can imprint your name on consumer’s brain.
Just think about yourself, how many apps you download or our preloaded on your phone? And how many you actually use it? That’s what I mean with “experience”. You need to create a magic, weave a story and spell some magical words to cast your spell and make experience happen.
Tip For You – It goes without saying that to create an experience you need to have an experience. If not the practical one, at least the data, the facts supporting others experience is a must. Collaborate and sum up the result, discuss your findings and then redraw the whole picture.
The Brands Need To Dive Into M-Commerce
The exclusive collection, which was supposed to be available only at a store on the other side of the city, needs to be made available online. The handpicked, the auctioned or the elite collection has to have a new way of its own into mobile world.
Tip For You – Look out for ways on how to put the catalog, publishing and display of the exclusive collection. Look on how developers, publishers and brand owners could handshake and dive into mobile world.
Mobile Experience Comes With a Restriction of Time
We are value time, and by the time I’m waiting for my bus, as I quickly browse the sale or read the news, I don’t have time to read through whole page. Need bullet points with crisp and freshly baked news, if customize just for me, it would be like icing on the cake.
So creating a world class experience in few seconds would be a challenge but I’m sure not impossible.
Tip For You – Color combination, font and content, these three factors would decide whether your app is goanna be rated five stars for no star. So keep it crisp, soothing yet catchy for eyes with the trending content
You have the points; you know what’s in store you know the reality then what is you waiting for? Dive in, enjoy a swim with sharks but keep your strategy ready, to defend them and win the race!
Are you in?