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Just as mobile devices have grown in popularity over the years, so has mobile commerce, or m-commerce. Using a mobile device allows consumers to browse and shop from anywhere, which can increase a customer’s impulse and on-the-spot purchases.
As more companies see the potential of m-commerce, retailers must think and plan ahead to differentiate themselves from their competition. Here are some mobile shopping trends and strategies to get ahead in m-commerce in 2022.
What is mcommerce?
M-commerce, or mobile commerce, is the use of a mobile device, such as a phone or tablet, to conduct various commercial transactions online. These transactions can include browsing and buying products, banking and investing online, or paying bills. With m-commerce, consumers can make on-the-spot purchases from anywhere, as long as they have a mobile signal and a data plan.
Mobile shopping trends have proven that m-commerce is the future of shopping because of its convenience and streamlined technological advancements that make it convenient and attractive to consumers. According to Oberlo, nearly $3 of every $4 spent on online purchases is made through a mobile device, demonstrating that m-commerce is an extremely common and popular method of online shopping for users.
Updated m-commerce trends
There are numerous trends dominating the m-commerce industry today. For example, while social media dominates sectors like fashion and technology, it also contributes to more m-commerce sales. Data from App Inventiv showed that 55% of those shopping on their smartphone bought a product after seeing it on a social media platform.
Voice shopping is steadily gaining popularity as voice-activated smartphone assistants like Siri get advanced new features. In 2018, voice shopping was a $2 billion industry. That number is estimated to grow to over $40 billion by 2022 — that’s a 1900% growth! It is critical to ensure that your applications take speech capabilities into account.
Retail m-commerce sales reached $359.32 billion in 2021, up 15.2% from the previous year. By 2025, these sales should more than double to $728.28 billion, representing 44.2% of US e-commerce sales. sale.
M-commerce also holds a unique position within the mobile wallet industry, which is expected to reach $3.5 trillion in revenue by 2023. Users are more likely to use a mobile-friendly website that remembers their payment details. Storing these details gives those in the m-commerce space first-hand access to a better end-user experience.
How retailers can optimize the mobile-first experience
In the world of m-commerce, there is a lot of competition. If a company’s website doesn’t promote products effectively, it can lead to lost sales. To enable retailers to optimize the mobile-first experience and retain customers, businesses need to consider ways they can establish efficient workflows to create a positive shopping experience for customers.
First, retailers need to ensure that pages load quickly and are easy for a consumer to navigate. A survey by IMPACT found that 61% of mobile users do not return to a website that is not mobile-optimized. In addition, tagging product features and offering different category filters can lead to a smoother shopping experience for consumers, as they can filter out the kinds of items they don’t need and only search for what they’re looking for.
While these tips can help optimize the customer experience, they require implementation, which can be resource intensive. Using visual AI solutions, companies can streamline their optimization process to drive sales.
2022 m-commerce tips for success
1. Select the right technology strategy
As competition in e-commerce and retail intensifies, startups are leveraging AI to personalize the product discovery process for both buyers and retailers. Under increasing pressure from dominant players, many smaller retail and e-commerce companies are looking for new strategies to differentiate themselves and attract consumers. In response, startups have emerged to help retailers and e-commerce players streamline operations and personalize customer service, often through the use of AI-powered technology.
In particular, many startups are leveraging AI to improve product discovery for both consumers and their retailers. While startups like Twiggle focus on improving ecommerce searches through natural language processing, others like OMNIOUS.AI help retailers optimize the results a consumer sees. This will increase mobile traffic and sales. Visual search guides customers to make purchases by accurately displaying the items they are looking for along with related items they may be interested in. This image recognition software helps consumers use their time productively by browsing product recommendations based on what they are interested in, rather than a random assortment of suggested items. This also helps customers quickly identify a product they want, giving them the initiative to make a purchase on the spot.
2. Personalization is the key to mobile commerce
Today, consumers long for relevant and targeted information. Companies use many approaches to create these personalized experiences, including letting customers specify their own preferences and demographics, or purchasing data. Recently, personalized user experience has become a critical factor driving conversion on mobile.
3. Optimize the shopper’s journey
If you want consumers to buy your products, the buying process should be simple. The fewer steps a customer has to take to make a purchase, the higher your conversion rate will be. Think about how you can help your customers get to the checkout in fewer steps.
Optimizing the trading experience across all settings, touchpoints and environments will be the next frontier for the world’s leading retailers.
Some of the key benefits of optimizing mcommerce experiences include:
Increased Conversion Rate – A smooth journey and an optimized shopping experience make it easy for new customers to become regular shoppers. Brand Recognition – Any positive experience with a brand leads to increased exposure through word of mouth, positive reviews, or repeat buyers. Loyal Customers – Customers support brands that deliver personalized experiences across both digital and physical touchpoints.
4. Refine the smartphone shopping cart functions
A retailer’s shopping cart features can make or break a customer’s decision to purchase an item. Cart abandonment is a major problem in m-commerce, so certain features are important to ensure that customers return to buy the product they are interested in.
Shopping carts should store all product information and data so that customers can easily revisit and purchase an item at a later date. The shopping cart should be a gateway to a customer’s order, store catalog and customer management, so consumers can find everything they need in one place.
By refining the shopping cart features, a company can simplify customer checkout to ensure they don’t face any hurdles or inconveniences that cause them to abandon their shopping cart.
5. Improve mobile data personalization
Customers browsing and purchasing in m-commerce create valuable data that can help retailers create a customized shopping experience. As consumers browse, data is produced that helps retailers see their browsing and shopping habits, as well as their engagement and purchase history.
This information helps customers get the best shopping experience possible. Retailers can interact with customers the way they want to to provide them with a personalized experience. By seeing customers’ shopping patterns, companies can better understand what their customers are most interested in. This will help determine which products or services work best.
6. Update Your Smartphone Recommendation Engine
Consumers rely on product recommendations to help them find what they’re looking for. When a customer looks at a company’s products on their smartphone, they expect to see a list of similar or complementary items that match whatever they’re looking at.
In m-commerce, it’s important to keep the smartphone recommendation engine up to date with the latest, but still relevant products, so that consumers can browse new items and increase sales. Based on user preferences, browsing history and past sales, merchants can customize their results so that the customer sees the products they are likely to buy. By using this tool, you can get your products to the right consumers.
7. Focus on the overall user experience of digital phones
Retailers should focus on the overall user experience of digital phones, as this is very different from shopping through a computer. M-commerce consumers are often in a hurry, distracted by things around them like phone notifications and apps vying for user’s attention, and they’re looking for quick results. As a result, merchants benefit from focusing their efforts on making sure that customers’ browsing experiences are enjoyable and free from bugs, slowdowns or navigation problems. Every consumer shops on a different device, so retailers need to ensure that the experience is optimized for each user and can take into account any limitations the mobile device may place when browsing a company’s website.
Jaeyoung Jun is the founder and CEO of OMNIOUS.AI.
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This post Top 7 ways to get ahead in m-commerce in 2022
was original published at “https://venturebeat.com/2022/04/16/top-7-ways-to-get-ahead-in-m-commerce-in-2022/”