Mobile commerce has rewritten the ways we interact with businesses and brands. In the last few years, the swift uptake of smartphones and tablets have seen mobile interactions lose their novelty status to play a central role in our digital vocabularies.
According to a May 2014 report by Forrester research, mobile and tablet commerce will reach $US293 billion by 2018 in the US alone. Although this statistic suggests that the mobile market is experiencing meteoric growth, it also hints that the most explosive m-commerce shifts are yet to come. Here are four m-commerce trends that are poised to disrupt your business.
Consumers will increasingly embrace mobile digital assistants
A few years ago, the prospect of a virtual assistant wired to complete tasks on your smartphone seemed straight out of your favourite childhood sci-fi. But in 2016, mobile digital assistants such as Apple’s Siri and Microsoft’s Cortana will be responsible for $US2 billion in mobile transactions – at least according to an October 2014 study by Gartner.
An August 2014 report from Mashable attributes this to a new breed of digital assistant to software that doesn’t rely on directives programmed by developers but generates its own code to address the needs of the smartphone owner on-the-go.
The result? A form of virtual intelligence with the ability to tackle advanced m-commerce transactions.
Top takeaway: Brands should consider consumer dependence on e digital assistants when designing a mobile presence. For instance, optimising websites for mobile search by simplifying layout and embracing local SEO makes it easier for mobile assistants to recognise and transact with your business.
Mobile design will become highly responsive and intuitive
It’s common knowledge that many mobile websites are characterised by a lack of user-friendliness and hard-to-read text. But as mobile adoption rates rise, businesses must invest heavily in m-commerce strategies and make mobile websites responsive and intuitive.
However, tailoring the scale, orientation and layout of your mobile website is only one factor in setting the stage for m-commerce success. In the future, brands which ensure mobile interactions are lightning-fast are those that will reap the benefits of loyalty, engagement and sales.
Top takeaway: The rise of m-commerce means that it’s dangerous to think of mobile as an afterthought. Instead, designing and developing for mobile before web and building responsive digital tools and assets is key to future proofing your business and engaging with the customer on their terms.
Sky-high mobile adoption rates will see the Internet of Things explode
Although the Internet of Things has garnered buzz in recent years, the dizzying uptake of smartphones and tablets – along with a bold understanding of the ways in which data can be deployed to fuel connectivity – will see machine-to-machine technologies explode.
A June 2014 report by International Data Corp highlighted the ways in which individuals around the world were becoming highly accustomed to connectivity in their homes, cars and daily routines and that the worldwide market for the Internet of Things will grow from $US1.9 trillion in 2013 to $US7.1 trillion by 2020.
For businesses, capitalising on the convergence between the physical and digital world isn’t just a new imperative, it’s key to competitive edge. The Internet of Things lets businesses tailor personalised offerings based on new constellations of real-time data and turn these insights into revenue streams.
Top takeaway: Although businesses are signing up to the notion of data-driven decision making, the Internet of Things escalates data volume and speed. Cloud-based platforms and third-party service providers will play a key role when it comes to tracking and capitalising on data in real-time.
Mobile payments will experience seismic growth
CapGemini’s October 2014 World Payments Report found that worldwide mobile payments will jump by 60.8 percent to 47 billion transactions by the end of 2015.
The report also placed Australia fourth in the world in the sector and found that non-banks were expected to attract a higher rate of mobile transactions than financial institutions. Whether its rolling out mobile-specific incentive programs or inviting payments via Apple Passbook or Google Wallet, incorporating mobile payments create an additional revenue channel and drive repeat sales and consumer loyalty.
Top takeaway: The mobile payment market may be in its infancy but this sector is well-placed for rapid growth. Mobile payments might make for seamless customer transactions but it’s worth making sure you understand how to leverage business benefits such as the ability to view real-time purchasing history on a single screen.
From a new breed of mobile digital assistant to the rise of the Internet of Things, there’s no denying that m-commerce is going from strength to strength. What m-commerce initiatives does your business have in the pipeline?
[Sources]
http://www.businessnewsdaily.com/6720-mobile-commerce-trends.html
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