The future of mobile commerce
In recent years, mobile commerce trends have been at the forefront of the majority of successful marketing campaigns. It is also likely to be a driving force throughout 2019, 2020 and also the future of all e-commerce marketing strategies. Companies need to establish what is important to the consumer in the modern era, and capitalise on the opportunities available.
The impacts that a good mobile commerce campaign can have on the success of a company cannot be overlooked. For example, on Black Friday in 2018 mobile commerce account for a phenomenal £1.6bn sales, making up 20% of sales in total on Black Friday. For the first time, we are also seeing mobile based retailers outperform web or physical based retailers/ This is just the beginning, and as mentioned earlier having a successful mobile shop, which includes in app purchases, will only aid consumers in making the shift over to mobile shopping as a default. Consumers tend to alternate between devices, which can make it difficult for some businesses to map out the user journey that an individual will go on when purchasing a product, as there are so many ways to finalise a purchase nowadays. With this in mind, marketers need to ensure they have Omni-channel strategies in place to accurately measure the lifetime value of a customer during their engagement with a brand, which will allow for more detailed strategic planning surrounding campaigns, and big events such as Black Friday in the future.
As mentioned previously, mobile commerce is already a massive part of many vendor’s business plans, especially those involved within fashion. The challenge is bridging the gap between shopping in a physical brick-and-mortar store, and shopping online, also known as the online-offline gap. Research has found that 61% of shoppers believe that online shopping can take longer, because they are unable to see the items in person before purchasing, including trying items on within the fashion industry. However, it is not too difficult for companies to eliminate the worry that items may turn up and not be up to standards, with features such a free return on certain online orders, or buy now and pay later. This gives consumers the opportunity to try the items without any risk. Another trend that is expected to come tot the forefront in 2019 is more brands investing in technologically that will make a difference to online shoppers. Virtual Reality has been on the periphery for many years, and it is well known by businesses that consumers are not that interested in the use of augmented reality and virtual reality on their sites, which means we are less likely to see money spent in these areas, and instead, expecting sites to spend more on their bandwidth, decreasing load times across the site or app. This has been shown to have a greater impact on consumers finalising purchases, as opposed to the gimmicks associated with voice control, or both augmented reality and virtual reality.
According to research by Signal-boosters.co.uk, in 2019, the number of smartphone users is anticipated to reach 2.5 billion worldwide, demonstrating the fact that mobile is one of the most important channels for retailers to get it right. Retailers should attempt to stay ahead of the rest of the pack, in the form of innovation and pushing the boundaries, in order to provide a mobile commerce service that is far superior to their competitor’s. However, as is often the case, pushing the boundaries within this industry is both time and financially draining. Not every release or innovation will have the desired impact, so taking risks is something that not many companies are willing to do. With that being said, there is now a substantial amount of technology in place, which can mitigate this risk. Using Alpha and Beta tests for new builds of software, can be hugely beneficial for companies, in order to see what will work well and what may not. This can lead to a successful small sample, which may then lead to a successful wider rollout.
The impact that certain social media applications have had on mobile commerce cannot be overlooked. More specifically, the ‘shoppable’ tags within Instagram have been shown to be a huge factor impacting the success of both smaller, and larger businesses who use the platform to advertise their products. Instagram ahs now made it easier than ever for an individual to interact with a product they like the look of, and can go from browsing through their news feed, to the checkout page of a product they like the look of in just a few clicks. This feature is likely to be adopted by many other social media platforms, and could very well be a powerful driving force within the future of mobile commerce.
The use of AI, or artificial intelligence, is anticipated to be a determining factor in the anticipated success of mobile commerce throughout the coming years. Artificial intelligence can be defined as the mirroring of human intelligence processes by machines. Basically, the ability of a machine to think, learn and respond. Artificial intelligence is now being used across a variety of fields, such as healthcare, real estate, as well as business. Mobile commerce companies are now realising the impact that artificial intelligence, and cookies can have on a marketing campaign, and are therefore investing more money in the development of the artificial intelligence of their website or app. It has been found in a recant report that by 2020 around 85% of customer interaction will entail AI as next level communication, again emphasising the importance that it is anticipated to have on the future of mobile commerce.
Overall it is important to ensure that your mobile business strategy is prepared for the continually evolving mobile commerce market. From taking full advantage of ‘shoppable’ tags on Instagram, to investing sufficient money in areas of your mobile website of app that really matter to the consumer such as a fast and secure checkout, as well as having a 360, omni-channel approach is vital in the modern era of e-commerce, and more specifically, m-commerce.