Customers today rely more on their smartphones that surged the evolution of Mobile Commerce (m-commerce) across the industry. In 2017, mobile e-commerce sales valued 34.5% of total e-commerce sales and that rate is estimated to account for 54% of total e-commerce sales by 2021, according to the reports.
As advancements in e-commerce continues to rise, mobile commerce enables people to purchase and sell any goods or services from anywhere, at any time, using a mobile or tablet. It offers several benefits for both sellers and buyers. Considering a study, 70% of mobile searches result in an action within an hour of the search. Mobile commerce also benefits in improved customer experience; better targeting and engagement due to push notifications; personalized content delivery according to shopping preferences; lessened cost of operations.
Since mobile commerce covers a wide a range of transactions and trajectory growth, what trends will shape the mobile commerce arena in the upcoming years?
Let’s look at the top 5 Mobile Commerce Trends for 2020.
As the share of mobile commerce in the e-commerce field is growing with each passing day, mobile shopping will continue to grow and shape the industry in 2020 and beyond. Shopping via mobile is only now possible through mobile-optimized websites, keen applications, and social media platforms. The increased use of mobile apps not only enables the mobile shopping growth in B2C but also in B2B m-commerce that is reaching higher and projected to account 1.1 trillion in next year.
Speed of Mobile Apps and Websites
In today’s digital world, customer experience is everything for an organization. And rapidly changing consumer behavior will provide ways to the growth of fast-loading mobile apps and websites. As per the report, 40% of users abandon a page that takes over 3 seconds to load. So, here the speed at which the pages of a company’s website load portray a crucial role in conversions and repeat business. However, brands will must be aware of technological advancements and transformations in optimization best practices in order to ensure that websites, at least on mobile devices, offer a better experience that is fast and simple to use.
AI, AR & VR – The Future of M-Commerce
Innovative and disruptive technologies like Artificial Intelligence, Augmented and Virtual Reality (AR/VR) can be able to uplift new shopping experiences for mobile customers in the coming years. These all are distinct technologies but will be leveraged together to create unique experiences. By utilizing AI-powered smart shopping assistants, AR-enabled virtual shopping stores and host of other features, mobile commerce platforms can enhance the shopping experience that can assist in leading to more sales.
Chatbots for Better Conversions
In some way, Chatbots – a combination of Machine Learning, Natural Language Processing (NLP), and live operators – is still in its initial phase as retailers and tech firms are experimenting with this solution. Chatbots are majorly designed to provide customer service, sales support, and other commerce-related functions in real-time. In mobile commerce space, these live bots have proven to be a breathtaking breakthrough when it comes to conversions and customer services.
Mobile Image Recognition
In the near future, buyers will be able to search for products through image recognition technology on their mobiles. The technology can play a role as a game-changer in the face of mobile commerce in 2020. With just clicking a picture or by pointing a mobile camera on a product, mobile users will be taken to the shopping page of the product that they search for. Retailers are expected to roll out the use of image recognition in the upcoming years, helping to improve in-store customer service, and potentially address showrooming, by allowing customers to scan an item with an app and pull up current inventory.