Mobile commerce is changing the face of business, according to industry insiders like Dan Schatt.
No longer is it acceptable for businesses to limit themselves to traditional marketing channels such as television, print, and billboards. Instead, they need to be on mobile devices. They need to be on the go with consumers, talking about their products in real-time, giving them offers they can only get when they’re in front of their computer or phone.
1) People Are Using Mobile More
First, consumers spend more time on their mobile devices than ever before. According to eMarketer, Americans spend an average of 3 hours and 21 minutes per day on their smartphones. That’s a lot of time that businesses can reach out to them and connect with them.
2) Mobile Commerce is Growing Faster Than Traditional Commerce
Second, mobile commerce is growing faster than traditional commerce. It’s expected to grow 26% this year alone, while traditional commerce will only grow by 4%. That’s a huge difference, and it shows that businesses need to be focusing on mobile commerce if they want to stay ahead of the curve.
3) Mobile Commerce is More Personal
Third, mobile commerce is more personal than traditional commerce. With traditional commerce, businesses can only reach out to consumers when they’re in front of their computers or TV. With mobile commerce, businesses can reach out to consumers whenever and wherever they are.
4) Mobile Commerce Has a Larger Impact on A Business’ Bottom Line
Fourth, mobile commerce has a larger impact on a business’s bottom line than traditional commerce. With the former, it’s easier for businesses to predict what kind of return they’ll get from their marketing efforts because these customers will typically make purchases at one time and in one place only (e.g., when they’re in front of their computer or TV). With the latter, it’s harder for them to calculate such ROI because customers may be making multiple purchases spread across different channels, like PC and mobile. This makes it tougher for them to determine which marketing efforts are most effective and offer the best return on their investment.
5) Mobile Commerce is Driving Innovation
Finally, mobile commerce is driving innovation. If you look at companies like Uber and Airbnb, they are making use of technologies that didn’t exist even a few years ago to connect with people in new ways that other businesses can learn from and emulate. The brands that embrace these channels will be the ones that will have the edge over other brands in their respective categories.
It’s quite clear that mobile commerce has had a huge impact on how business works today. To stay competitive, business owners need to make sure they’re staying ahead of this curve by using all the tools available to them right now. This includes making investments in building mobile apps, offering coupons through mobile devices, and using location-based services to target customers.