Reasons Behind the Immense Growth of mCommerce

M-commerce isn't going to be the next great thing in the world of business. It's already a thing that's happening. M-commerce and the consequences of not participating should be understood by new startups and business owners alike.

In 2019, m-commerce accounted for 67.2% of worldwide e-commerce sales, generating $2.32 trillion in revenue. In 2021, it's predicted to account for $3.56 trillion in e-commerce transactions or 72.9% of all transactions.

If they don't take advantage of the inexorable expansion of m-commerce, business owners risk being annihilated. Because of a lack of innovation, big brands have been overtaken by newer, smaller competitors in the retail industry.

The purpose of this article is to provide a basic understanding of the services of mCommerce App Development Company and how they can be used to promote business growth.

Difference between eCommerce and mCommerce 

Mobile commerce is distinct from eCommerce in that it exclusively relates to financial transactions carried out via mobile devices. According to Statista, mobile retail revenues with the services of mCommerce App Development Company in the United States will be $338.03 billion by the end of 2020. Profits can be made by starting a mobile-friendly business.

Types Of Mobile Commerce

This is how mobile commerce is often classified:

Mobile Shopping

Mobile buying is all about making it easier for people to shop on their smartphones and tablets. M-commerce can be seen in action while using a mobile device to purchase items from one of the many Shopify businesses or to subscribe to Netflix.

Mobile Banking

When it comes to financial transactions, the public no longer has to wait in line at banks or ATMs. With just a few taps, customers may transfer money, pay bills, and perform a variety of other transactions on their mobile phones.

Digital Wallets

Mobile payments have been made possible by NFC, QR code, and improved mobile security. Apps like Google Pay and Apple Pay dominate digital wallets in the West.

Reasons behind mCommerce Growth

Growth in mobile commerce is strongly linked to the way people are using the internet. When a high-speed data connection is no longer a luxury in many countries and smartphones are widely available, people are abandoning their PCs in favor of smaller devices for internet browsing.

Naturally, brands must be where their customers are, and that means connecting with mCommerce App Development Company over the traditional e-commerce platforms. Retailers began releasing shopping apps and equipping them with catalogs that are easy to browse and checkout processes that are hassle-free.

Banks and payment providers aren't blind to the fact that customers can't live without their smartphones. The introduction of mobile banking apps by banks has made it easier for customers to do transactions on the go.

As mobile commerce grows, brick-and-mortar businesses must adapt their operations, especially in the use of cashless payment. The world's biggest tech companies rushed to the forefront with their own digital-payment systems.

Currently, Amazon Pay and Paypal are the most popular payment methods in the United States, with Apple Pay joining the field in 2014. Even still, digital payment has yet to take off in the United States as it has in Europe or Asia.

With Samsung Pay, Apple Pay, and Google Pay vying for supremacy in Europe, it's no surprise that they're the most popular options.

More than half of the world's population now owns a mobile phone, therefore businesses can’t afford to convert to mCommerce. In the end, the benefits of using mobile commerce outweigh the downsides. M-commerce store costs vary depending on the features, customization, and complexity of the store.

Would you be interested in mCommerce app development? Reach out to a professional mCommerce app development company now.