Today’s consumers use mobile phones and tablets wherever they go, and it is no surprise that businesses are eager to tap into this new and exciting market. Now people are using their phones to make dinner reservations, purchase goods, and even manage finances. However, with new opportunities come new questions: what is the current condition of this young and growing industry? More importantly, where is the world of mobile commerce heading?
Mobile Business Is Practical (And Bound to Get Bigger)
Mobile business is as easy as it is practical, and allows for greater interaction with consumers, literally placing a company’s service in the palm of their hands. According to Business Insider, “29% of U.S. mobile users have already used their smartphone to make a purchase . . . Bank of America predicts $67.1 billion in revenue from smartphone and tablet retail purchasing by European and U.S. shoppers in 2015.” It’s the simplicity of this system that ensures exponential growth and appeal.
From Apple’s new Siri functionality to Flipboard, mobile applications are more personal than ever, and will get even more personal in the future. Many cell phones can now address owners by their names, remember birthdays, and make movie recommendations based on a user’s favorites — all of which allow companies to have a much more personal interaction with their customers. The inclusion of GPS technology and history-based advertising is becoming more common in the world of app development, so consumers can get a completely tailored experience with immersion and intimacy difficult to achieve on any other platform.
Rewards and Loyalty
A common trend in social applications is a rewards system based on “loyalty.” The concept is simple: reward people for the continued use of a service or app so they keep coming back, and in turn refer more users. Applications like Wikets and Viggle do this exceptionally well by encouraging their user base to promote with social media, and rewarding them when they do so. This trend is also known as “gamification”, and expect more businesses to use this technology with both customers and employees to drive desired behaviors in the future.
With people relying more on mobile devices for shopping and payments, businesses have been taking advantage of the portability and unobtrusiveness of the platform. Although a young concept, mobile commerce has become a growing and viable industry, and will likely impact the world of e-commerce forever.