M-Commerce is growing at a rapid pace
By MYBRANDBOOK
M-commerce is an extension of e-commerce that has been around for more than a decade. Mobile commerce reflects the natural progression of technology as users are spending more of their time on mobile devices instead of computers.
Like most e-Commerce merchants, many brick-and-mortar businesses and customers wished to capitalize on the mobile market, providing not only mobile apps but an increasing choice of payment options like Buy Now, Pay Later to ensure continued revenue growth during difficult times. This means millions more daily global transactions and payments.
Not only M-Commerce has grown, similar uptake of mobile apps is apparent in digital banking, which is also set to see a meteoric rise up to 2026. In 2019, m-commerce made up 67.2% of e-commerce sales globally, which amounts to $2.32 trillion. The figure is expected to hit $3.56 trillion in 2021 or 72.9% of total e-commerce transactions.
Generally, mobile commerce is classified into Mobile Shopping, Mobile Banking and Mobile Payments and Digital Wallets. Mobile shopping is about enabling shopping experiences on mobile devices. On the other hand, top banks offer mobile phone banking worldwide, where users can pay bills, transfer money, and other transactions with a few clicks.
QR code, NFC, and evolving mobile security have made it possible for users to replace physical cash with mobile payments. Google Pay and Apple Pay lead the charge of digital wallets in Western countries, while apps like AliPay and WeChat dominate mobile payments in China.
The growth of mobile commerce is directly connected to how users are accessing the internet. As smartphones become accessible and high-speed internet is no longer a premium infrastructure in many countries, users have ditched PCs in favor of the smaller gadgets for internet browsing. The emergence of mobile commerce also changes how brick-and-mortar businesses operate, particularly in adopting cashless payment. Technological giants rushed to the fore with their versions of digital-payments.
There are two ways to go about building an m-commerce store:
· Using E-Commerce Builders: The easiest way to set up an m-commerce store is to use builders like Shopify and Woocommerce. These platforms allow business owners to build online stores from scratch with the available tools, themes, and plug-ins.
· Build a Fully Custom Application: Custom applications allow flexibility in design and functionalities. The development makes use of a wider range of languages and technologies such as Ruby and Node.JS. Custom mobile commerce apps can be developed as a native app for iOS or Android, or both by using the ReactNative.
BREAKING NEWS
TECHNO TRENDS
Google Play Store will now let users download two apps simulta
Google Play Store now lets users download two apps simultaneously. While a...
Google Pay has added "Open Wallet" shortcut
With the introduction of the "Open Wallet" shortcut, Google Pay has impro...
TRAI targets to finalise National Broadcast Policy by May-end
The Telecom Regulatory Authority of India will finalise the National Broa...
TAC Security becomes Cyber Security Assessor for the App Defen
The cybersecurity company, TAC Security has been selected as a key Cyber ...
E-Magazine
TECHNOTAINMENT
Salman Khan trolled for singing with B Praak at Anant Ambani's
To celebrate Mukesh Ambani's youngest son Anant Ambani’s 29th birthday
Disney+ Hotstar wins the Best OTT Platform of the year
Film Critics Guild and Group M Motion Entertainment, in collaboration with
MOVERS & SHAKERS
Amagi names its Chief Product Officer
Amagi announced the appointment of Richard Perkett as its Chief Product Of
Nium Appoints Alexandra Johnson appoints as Chief Payments Off
Nium, the leader in real-time cross-border payments, today announced the ap
OPEN YOUR EYES
INTERVIEWS
ESDS commits to presenting clients with the latest technology
According to a NASSCOM report, the Indian IT industry experienced its stron
InstaSafe’s growth has always been determined by its custome
With the epidemic, India became a major global market, and in the years 202
HOT PICK
COLORFUL rolls out an array of gaming laptops
COLORFUL launched its incredible series of COLORFUL EVOL P15 gaming laptop
Dell Technologies launches new AI-powered commercial PC portfo
Dell Technologies has launched the broadest portfolio of commercial AI lap
MAKE IN INDIA BRANDS
RELIANCE JIO INFOCOMM LTD.
OPTIEMUS INFRACOM
DIGISOL SYSTEMS LTD.
CENTRE FOR DEVELOPMENT OF TELEMATICS
EMINENT CIO'S OF INDIA
ICONS OF INDIA
Technology Icons Of India 2023: Rishad Premji
Rishad Premji is the son of the Wipro head Azim Premji and was named a...
Technology Icons Of India 2023: Lt Gen (Dr.) Rajesh Pant (Retd.)
LT Gen(Dr.) Rajesh Panth (Retd.), National cyber security coordination...
Technology Icons Of India 2023: Madhabi Puri Buch
Madhabi Puri Buch is the chairperson of the securities regulatory body...
PARTNER SPEAKERS
PSU
ECIL continues to keep India ahead in the growth of Information Technology and Electronics
ECIL played a very significant role in the training and growth of high...
STPI encouraging software exports from India
Software Technology Parks of India (STPI) is an S&T organization under...
C-DOT enabling India in indigenous design, development and production of telecom technologies
An autonomous telecom R&D centre of Government of India, Center of Dev...
VIDEOS
Top 25 Brands
Value-Added Distribution
INGRAM MICRO INDIA PVT. LTD.
Ingram Micro India, a large national distributor offers a comprehensiv...
NETPOLEON SOLUTIONS
Netpoleon Group is a Value-Added Distributor (VAD) of Network Security...
TECH DATA, A TD SYNNEX COMPANY
Tech Data Corporation was an American multinational distribution compa...
ITFORUM 2024
WIITF 2024
CMO of the Year
WOMEN LEADERSHIP
EMINENT CIO's OF INDIA
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
UNICORNS REVOLUTIONISING
