The rise of m-commerce has been nothing less than a revolution—for all kinds of business. It has helped them reach and target audiences that were otherwise out of reach. But m-commerce was not totally unexpected. With the rise of smartphones, experts saw this coming.
M-commerce has irrevocably changed how businesses operate and how consumers perceive convenience while shopping. According to Google’s Mobile Playbook, 57% of users won’t recommend a business that has a poorly designed mobile website. Moreover, 40% of customers reportedly turned to a competitor’s website after an unsatisfactory mobile website experience.
When Was The Term M-Commerce First Introduced?
Back in 1997, the term m-commerce was coined at a Global Mobile Commerce Forum by Kevin Duffey. The concept was then brought to life within the same year when Coca-Cola decided to install two mobile phone enabled vending machines in Helsinki, Finland. These machines could accept payments via text messages. It seemed like a novel idea at the time; one that soon became an indispensable part of our lives.
After the innovation took root, there was no turning back. Post early 2000s, smartphones could facilitate transactions and payments for parking and train ticketing systems. With the introduction of GCash, m-commerce was further integrated into the lives of people. This well-thought-out system can transfer money from your wallet to your mobile phone.
With the introduction of smartphones, m-commerce shifted from text messages to actual applications. M-commerce applications as we know them today were made possible by iOS and Android. We can now make all of our banking transactions, rent products, shop online, and even use our phones as prepaid wallets.
How M-Commerce is Contributing To The Economy
With trade being the focal point of our economy, it’s vital to make transactions and shipment easier and more fluid.
The rise of m-commerce successfully opened doors that allowed for a fluid shift from e-commerce to mobile applications. Several giants in the industry dove into the opportunity and introduced premium features like wallet services. Some companies like Uber, Venmo, and WeChat have built their entire business model around m-commerce.
With the number of people on their mobile phones increasing constantly, it’s hard to ignore how beneficial the shift to m-commerce has been. Customers are looking for convenience, with faster payment options and a catalog of all your products and services right in their hands.
The strategists at Genieously will help you navigate the world of m-commerce and e-commerce. They work with a lot of big names in the industry, and their m-commerce and e-commerce platforms that are based in NYC are known for their reliability and effectiveness. Get in touch with them to learn more about their services!