What is Mobile Commerce or m-commerce?
In simple terms mobile commerce or m-commerce is any financial transaction for buying or selling done through smartphones. In today’s world smartphone are the phones mainly powered by Android and iOs. There are other software platforms like windows, BlackBerry etc. But these are small chunk less than 10% of total smartphone market. Android has nearly 58%, ios has 33% and windows about 2.5% market share as of April 2016.
Wireless transactions have been around for quite sometime now but they were few and far between and access to such devices was privilege of only a few. The true smartphone revolution was started by Apple’s iPhone in 2007 with release of first iPhone on 29th June, 2007. Steve Jobs integration of the ios software and phone hardware was revolutionary. This allowed phones to operate at levels even the most highend desktop pc’s found difficult to match. iPhone also bought on an era of fulltouchscreen devices
Google followed with android, releasing first commercial version of Android 1.0 in September 2008. Since then Mobile web adoption has grown eight times faster than web adoption did in the 1990’s and 2000’s.
Mobile commerce impacts everybody today, from a 3 year old toddler who learns on a tablet with multiple paid apps been pushed for buying to their parents to senior citizen who has a plethora of apps on their phones to monitor their health and order things sitting at home on touch of their finger.
If you are selling something it is no longer a luxury to have an online store and a mobile app for that store. It is a necessity today. A recent survey by Stanford shows that sellers who do not sell online will be out of business by 2018. The main reason being that brick and mortar stores have higher overhead costs and without additional business from online web and mobile sources they will find it difficult to sustain and further competitors with online facilities and easy ordering solutions through mobile app will further eat into even their loyal customer base.
As mCommerce finds its way into our purses or shirt pockets, the devices we use to access it are becoming more personal. Today, mobile phones know the phone numbers and usernames of all the people we know. They are starting to track our location, where and how we go. Tomorrow, they without doubt, will replace our wallets and credit cards maybe even our identity cards. Eventually they are turning into intelligent assistants capable of anticipating many of our wishes and needs, such as automatically arranging for taxis to come and pick us up after business meetings or providing us with summaries of relevant news and messages left by colleagues or suggesting a product based on our choices. Already Apple’s Siri, Google Now and Cortana are in race to be the one.
As a businessman if you have not already jumped into the m-commerce bandwagon then today is the right day to jump in and make your business mobile.
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