Mobile commerce, also called M-Commerce, includes any monetary transaction completed using a mobile device. It is an advancement of e-commerce, enabling people to buy and sell goods or services from almost anywhere, simply using a mobile phone or tablet device.
M-Commerce is also tapped as one of the hottest tech developments for 2021 and beyond.
While M-commerce covers a wide variety of transactions, they can all be categorized as one of three types:
1. Mobile shopping.
Mostly similar to eCommerce, but accessible via a mobile device. Mobile shopping is now possible through mobile-optimized websites, dedicated apps, and even social media platforms.
2. Mobile banking.
Not too different from online banking, though you may find some transaction types are limited or restricted on mobile devices. Mobile banking usually involves a dedicated app, though some banks have started experimenting with the use of chatbots and messaging apps.
3. Mobile payments.
There are so many diverse mobile payment options, whether through API with an existing payment gateway or a custom payment process.
COVID-19 has pushed consumers into spending in ways that are safe & health-conscious.
Online and mobile orders have soared in 2020 and are expected to increase as the world shifts to more virtual interactions. As one of the top and most recommend tech trends For 2021, mobile commerce sales are expected to account for 54% of total e-commerce sales. So now is a great time to take advantage of this capability by adding to your existing and/or new app(s).