Mobile commerce has created the new trend of ‘tap and buy’ which is also safer in a way when compared to e-commerce. It is estimated that by 2017, the online retail transaction will be double the current numbers. Also the eMarketer estimates that more than 70% of online retail sales will occur on tablets, versus a little more than a quarter on smartphones.
One of the main attractive feature for the consumers as well as the merchants to prefer the m-commerce or the mobile commerce is safe mobile payment methods. When compared with regular online shopping, the mobile shoppers need not submit their private information like name, bank account etc., to complete a payment transaction. Infact, the mobile payment is completed only when it is authorized through the mobile which increases the security measures. Mobile payments are free of data and identity theft.
In regular e-commerce or online shopping, there is a risk faced by the consumer to provide their credit card details or bank account details which can be easily hacked by the ‘cyber thieves.’ Hence merchants who are involved in online ecommerce business can enhance their business with the help of mobile commerce.
Moreover, there are potential shoppers who use their smartphones and tablets for making purchases. They even use the phones to compare prices. If the merchants fail to make their website compatible for mobile devices then there is a great chance of losing the market and sales. Especially for the small and mid-sized business, it is very essential to become competitive with the changing scenario of ecommerce world where mobile commerce is ruling currently.
There are many options available in the market for starting the merchants journey in mobile commerce business. One can build a new website with multiple m-commerce options. On the other hand, existing websites can be optimized for mobile devices which is a cost effective solution. Optimizing site can be very useful for small and mid sized business since people are visiting your sites through mobile front.
India is the fifth largest smartphone market globally following China, US, Japan, and Brazil. Among the mobile users in US, nearly 55- 58% people are using smartphones. There is a huge market available for the online merchants to reach people on their palm. Mobile commerce is the best solution for the merchants to elevate their existing business by optimizing their site for mobiles.