What is it that all major conglomerates in the business of the Internet find themselves moving towards? I keep telling you all that Mobile commerce is the next big thing but hell, what is it? Lets explore that today. So very simply put, when you use a mobile to make any transaction, it becomes mobile commerce. With the augment of Smart Phones and tablets or shall I say Personal digital assistant (PDA) across the globe, Mobile commerce has become a very promising potential market for Brands and retailers to advertise in to increase their market share. Now before the retailers make their way into it, the Internet marketing media such as Google (adwords) and Facebook, Twitter are establishing their foothold in this market area to be able to provide the Retailers a ready made platform to advertise on as they have been in the past on Desktops and laptops.
The increase of Smart Phones and PDAs can also be credited to steady decrease of prices of these and the increase of cheaper Internet facilities. Well since the market has modified, so have the ways of advertising, example, now advertisers send offers over SMS, advertise on Bluetooth (it is very annoying as it is not done tastefully, I will talk about it in some other writing), real time deals on applications, products are even displayed on customised apps so on and so forth.
What is really fuelling the propagation of Mobile Commerce is this raging fever of Tablets. That’s not where it all ceases; the mobiles and PDA are getting smarter by the day. New gadgets are seeing the face of the planet. In fact; customers are being pushed into buying through the online apps by giving additional discounts etc., Ebay recently forecasted that it will make $8bn in mobile commerce in this year and PayPal about $7.5bn. Won’t you say it is a huge commitment? But then again it is probably achievable with almost 65 million downloads of its application.
You may already be familiar with all of this but what you may have overlooked is the impact it can make on Social Commerce. Even though Facebook, Twitter, Pinterest even Google are chasing the Medium but treating it the same way as that on desktops is plain foolishness. What they themselves need to figure out is that though it is easy for a user to land on their website to check updates or perhaps make a post may not necessarily mean that they will click on the ad and perhaps make a purchase. The interface is completely different. Till they crack this, it is highly unlikely that they can keep brands happy or meet the targets. Though, I say the targets are achievable provided brands explore Mobile commerce on their own, expensive but it is the smarter thing to do in the long run. However, in a country like India where the problems of electricity and Internet are a problem in offices. The mobile services are fantastic, they run on batteries and with 3G and 4G services available, the speed of Internet is pretty decent. The opportunity is huge in a country like India where m-commerce is going to exceed all expectations in the coming years.
Quite recently I read an article on how iZettle has raised a whopping $31.4mn by Mastercard. It is a solution providing company that’s first service includes a free iPhone app and a mini chip card reader that lets anyone take card payments anytime, anywhere. This app is very popular in Europe. Now imagine for a moment that if this technology was not confined to simply iPhones but to all smart phone technologies. The world of consumers would simply shift its focus to Mobile Commerce. And life would become a cake walk, of course with the mobile in the pocket. With Android working with NFC (Near Field Communication) as being a standard feature of its phone, making payments by touch of a phone will be available in the near future.
So I shall conclude by saying that brands need to realise the potential of Mobile Commerce (which presumably they have) but unless they know HOW to utilise it, it will be a waste as the technology of Mobile commerce will only advance hereon.