Buying a product was all about simply walking into a store. Now, almost every retailer is experiencing a drop in customer footfalls. A sizeable number of retail stores have closed down in the recent past and some are in the process of shutting down. In the last ten years, a large number of consumers have migrated from traditional retail to e-commerce. No one ever thought that an e-commerce company like Amazon will be one of the largest retailer. The last decade has also seen an entire world shifting to smart phones resulting in 2.5 billion users globally. Now the same mobile phone user base has begun to prefer m-commerce over e-commerce which means that now they want to buy things on mobile phones. Mobile devices have transformed the manner in which the daily activities are performed and the way communication takes place between companies and the consumers alike. In the multi device world, m-commerce and e-commerce have gained considerable popularity. Consumers find it easy to search and buy products that are relevant to them in the most convenient manner.
Checking out products on a mobile phone is
● Convenient - One can shop anywhere, anytime
● Saves time - No need to access laptops, desktops
● Personalized - Customers are served products as per their liking
Estimated M-commerce sales for 2018 stand at 1.8 trillion USD which is almost 65% of the E-commerce sales with 2021 estimates standing at 3.5 trillion USD with 73% coming from Mobile. Some brands have already started reporting more than 80% of sales from mobile and plan to shift to 100% M-commerce. Clearly, m-commerce is emerging as the winner over the retail industry.
People spend more time on their mobile phones now and often have a habit of checking out items while they are in the office or travelling or sitting at home. Millennials tap on their mobile screens and select or reject a product on an impulse. Mobiles have become the devices to cater to the restless and impulsive behaviour of millennials on the go and this will mean a lot more m-commerce in the near future.