As per the study done by Ozonesoft Solutions, one of India’s Leading custom website development/app development company, around 6.37 billion people in this world use mobile phones or smartphones. People are so used to mobile phones that they use them for every purpose. From checking phones after waking up, to shopping, booking cabs, watching TV shows, browsing social media, and much more.
In this era of smartphones, people find doing things offline difficult and unsettling. That is where m-Commerce steps in.
M-Commerce is not a technical term but an acronym for Mobile Commerce. Mobile commerce refers to any digital transaction conducted using a mobile phone or smartphone. M-commerce enables customers to access online shopping platforms without using a computer, allowing them to purchase on the go.
M-Commerce has helped many existing industries to grow because of its innovations, such as:
Mobile money transfers
In-app payments
Mobile banking
Mobile marketing, coupons, and loyalty cards
Online tickets booking and boarding passes
Digital content purchasing (OTT platforms, online music app, etc.)
Location-based services
Without the rise of mobile commerce, none of these mCommerce services that are now part of our customer experience would be possible.
Types of m-Commerce
M-Commerce is categorized into 3 types:-
Mobile Shopping : M-Commerce allows a user to easily shop whatever they want by using a mobile phone from any e-Commerce application or website.
Mobile Banking: Mobile banking includes any smartphone technology that enables customers to conduct transactions, and it is mostly done by an app authorized by a banking institution.
Mobile Payments: Mobile wallets have digital payments apps such as Paytm, PhonePe, Google Pay, etc., which allow users to make payments without using a card or actual cash at physical stores or online stores.
Advantages and disadvantages of m-Commerce
Advantages:-
Omnichannel: Omnichannel means selling on multiple channels, including physical stores, social media channels and marketplaces, which makes a user’s purchase easier.
Maximum Growth: Mobile users are increasing day by day, so using mobile commerce for your business will give a great benefit.
Multiple Payment Options: Mobile commerce allows multiple payment options, which many stores use and allow users to comfortably make payment.
Disadvantages:-
Constant Need for Optimization: Since all Mobile commerce transactions are done by mobiles or smartphones, it needs constant optimization and hence m-commerce has a disadvantage over e-Commerce.
Too many payment methods: Although having payment methods is an advantage, not every payment method works in every region, which can be a disadvantage.
Security issues: Mobile commerce provides many benefits but many people don’t use online payment services because they don’t feel secure. They are afraid that their data can be stolen.
Difference between e-Commerce and m-Commerce
The process of buying and selling products or services over the Internet by using electronic mode is called E-commerce while the process of buying and selling products or services over the internet by using wireless handheld devices is called M-commerce.
E-Commerce is referred to as electronics commerce while m-Commerce is referred to as mobile commerce.
E-commerce transactions are normally performed with the help of desktop computers and laptops while performing m-Commerce activities, wireless devices like mobiles and smartphones are used.
Conclusion
Mobile Commerce provides many benefits for users which makes it essential for businesses to use Mobile Commerce to gain more customers. So, you should get your Mobile applications built by a trusted and capable company. Ozonesoft Solutions can build customized applications for you at affordable prices.
OZONESOFT Solutions is the fastest growing mobile application development company and known for providing the best mobile app development services, which provides complete IT solutions for your business. Established in 2012, our team wants to bring the next-level quality design and development services to IT, services that involve creativity and imagination, giving distinctiveness and individualism to the client's business.
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