As consumers’ buying habits shift to mobile commerce (m-commerce), this sector is experiencing significant growth. Leveraging the ever-changing m-commerce landscape demands a strategic approach that aligns with both existing and forthcoming industry trends. To ensure your business stays competitive in 2024, we have curated a list of pivotal Mobile Commerce Trends to incorporate into your strategic plan.
Understanding M-Commerce
M-commerce, also known as mobile commerce, refers to conducting commercial transactions using handheld devices like smartphones or tablets. It happens through dedicated downloadable apps or mobile websites. M-commerce allows consumers to make financial transactions, including purchasing products, paying for services, and buying stocks directly through their mobile devices.
Examples include the Amazon shopping app or the Google Play store.
Types of M-Commerce
With smartphones becoming an integral part of our lives, different types of M-commerce have emerged. There are various types of m-commerce, each offering different ways for businesses to engage with customers and facilitate transactions. Here are some common types of m-commerce:
Mobile Shopping
This type of mobile commerce allows customers to buy things using a smartphone through mobile websites and apps. eBay and Walmart apps are some popular mobile shopping platforms worldwide.
Mobile Banking
Mobile banking is like online banking but tailored for handheld devices. It lets customers access account details, conduct financial transactions, and make stock trades using a secure app provided by the bank. Some mobile banking services use SMS or chatbots for alerts and tracking account activities.
Mobile Payments
Also known as mobile wallets, these are alternatives to traditional payment methods like cash, cheques, or cards. With mobile payments, users can send money directly to someone’s mobile phone number or bank account. Mobile wallets allow users to make in-person or online purchases without a physical card or cash. Consumers also use QR codes to pay.
Mobile payment apps, such as WeChatPay, and Apple Pay, serve the same purpose and are quite popular.
9 Mobile Commerce Trends in 2024
Mobile commerce is set to undergo some exciting changes in 2024. Nine big trends are taking over how we transact online using our phones. These trends show how technology is evolving to simplify and personalise online experiences for everyone. Virtually trying on products using augmented reality and making hands-free purchases with voice assistants are transforming the shopping experience. Additionally, the shift towards cashless transactions is revolutionising the payment process. They are not just about the latest cool tech but are all about making our transactional experience smoother and safer while giving us what we want.
Moreover, as M-commerce features continue to advance, consumers can expect even more convenience and tailored experiences. Whether it’s the ability to seamlessly navigate virtual showrooms or effortlessly complete transactions using biometric authentication, the focus remains on enhancing user satisfaction and streamlining the purchasing journey. These features are not just futuristic concepts but tangible innovations driving the evolution of mobile commerce.
1. Social Commerce
Social commerce is a part of online shopping that connects businesses and customers through social networks and digital platforms. It is like a shopping hub where you find products, share reviews, rate items, and join loyalty programs. Companies use social media to advertise and promote their products. It is all about brands conversing with you on social media to enhance the shopping experience by making it more personal.
2. Mobile Shopping Apps
A mobile shopping app is like a store on your phone where you can explore and buy goods from various shops. These apps are gaining tremendous significance for businesses because a large number of people now prefer shopping through their mobile devices. Through mobile shopping apps, businesses can notify customers about the latest offerings to keep them interested in products and services.
3. Personalised and Customised Apps
The trend for personalisation and customisation peaked in 2023, and this trend will continue in 2024, too. Personalisation relies on data analysis to understand user behaviour. This data can provide valuable insights into customer preferences, allowing businesses to make informed decisions and optimise their offerings. Personalisation also helps customers quickly find products they are interested in, reducing the friction in the buying process.
4. One-Click Orders
The “1-click” feature is one of the trends defining mobile shopping. Typing in lots of info on mobile phones is harder than on a computer. So, this feature becomes crucial to ensure hassle-free mobile shopping.
Amazon was the first to introduce and patent “1-click” ordering way back in 1999, and it completely changed how people shopped online. What usually happens with “1 click” is when someone makes their initial purchase, they input all their information, including shipping, and payment details, just once. Subsequently, when they make another purchase, they simply click a button, and the website already has access to all their details. This innovative feature made shopping on Amazon quicker and convenient.
In 2017, Amazon’s patent for this feature expired. Now, other online stores can use this idea without paying Amazon. It is a big deal in 2024 because customers want shopping to be easy.
5. QR Codes
QR codes are becoming popular on phones because they are handy and can store much information in little space. They let you quickly access information or pay without entering any details. You point your phone camera at the QR code, and the recognition technology scans it.
QR codes allow us to open websites, pay at stores, or share details. They offer both speed and security for payments. Companies are also using QR codes to promote their businesses.
As phones upgrade, they simplify scanning QR codes. With features like integrated QR scanners and improved camera technology, QR codes will probably dominate m-commerce trends.
6. Integration of AR & VR
Virtual and augmented reality (VR/AR) are gradually becoming part of our daily lives, expanding beyond entertainment. These technologies are gradually becoming integral to the shopping experience, transforming its landscape. Some famous brands like Ikea, Amazon, and Sephora have added VR/AR to their phone apps. One interesting thing they do is let you try things on virtually before buying. This helps avoid returning stuff and keeps customers happier. For example, in Ikea’s app, you can use your phone camera to see how furniture would look in your home or office. The app even measures the space for you and suggests furniture that could fit there.
7. Voice Shopping
Voice search is becoming popular on phones because it is easy to use. You do not need to type; you just talk to your phone! The voice search understands what we say, giving us the right answers. With voice assistants like Siri or Google Assistant, it is like having a friend helping you on your phone. You can ask things, order to do tasks like ordering food or purchasing something, and control your home gadgets with one voice command. It saves time and lets you do stuff even when your hands are busy. Voice search has gained popularity in recent years due to its convenience and natural form of communication.
8. Crypto Payments
More and more e-commerce are starting to use digital money, like Bitcoin and Ethereum. As digital currencies operate in a blockchain network, they offer advantages in terms of transaction speed and security. While relatively still new, digital currency has the potential to revolutionise online shopping and other transactions.
9. Ultra Responsive Mobile Site Design
Responsive mobile site design ensures that a website adapts to different screen sizes, such as desktop computers, tablets, and mobile phones. It will make your site mobile-friendly and increase visitors’ time. People are more likely to shop there when sites are quick and easy to use on phones. So, this kind of design will dominate mobile shopping because it gives users a smoother experience.
Stay Competitive in the M-Commerce Era with Wolfmatrix’s Revolutionary Approach
During the pandemic, with people confined at home, mobile shopping gained immense popularity. Unable to step out, individuals relied on their phones to buy essentials. Consequently, developers focused on enhancing mobile apps for online stores to accommodate this surge in demand. This trend of using phones for shopping and other transactions will grow in 2024. If you own m-commerce, it’s important to monitor customers’ shopping behaviour to adapt to evolving trends. The easiest way to keep up with the times and changing technology is by building a mobile app for your e-commerce website that integrates the above trends.
In 2024, mobile commerce (m-commerce) will grow remarkably as consumer buying habits increasingly gravitate towards handheld devices like smartphones and tablets. This shift necessitates a strategic alignment with evolving industry trends to maintain competitiveness. M-commerce encompasses various transactional activities, from purchasing products to conducting financial transactions, facilitated through dedicated apps or mobile websites. Notable trends shaping the m-commerce landscape include social commerce, which integrates shopping with social networks, and the prevalence of mobile shopping apps, providing convenient access to a plethora of goods.
Personalisation and customisation remain paramount, leveraging data insights to tailor offerings to individual preferences, thereby enhancing the user experience. Furthermore, adopting one-click orders streamlines transactions, simplifying the shopping process. QR codes have emerged as a versatile tool, facilitating swift and secure payments and promoting businesses through easy access to information.
Integrating augmented reality (AR) and virtual reality (VR) enriches the shopping experience by allowing virtual product trials, particularly notable in apps like Ikea, Amazon, and Sephora. Voice shopping gains traction due to its convenience, powered by voice assistants like Siri and Google Assistant, enabling hands-free transactions and task management. Additionally, the rise of crypto payments introduces digital currencies like Bitcoin and Ethereum into e-commerce, offering transaction speed and security advantages.
Responsive mobile site design ensures optimal user experience across various devices, enhancing accessibility and engagement. Amidst the pandemic-driven surge in mobile shopping, developers focus on refining mobile apps to meet escalating demand. As the trend towards mobile-centric transactions will escalate in 2024, staying abreast of these trends becomes imperative for businesses. Wolfmatrix boasts the best App Development Company in Australia, equipped to seamlessly navigate and incorporate the latest mobile app trends, ensuring businesses remain competitive in the evolving m-commerce landscape.
FAQs on Mobile Commerce Trend in 2024
Head of Marketing Department at Wolfmatrix. The go-to person for all marketing trends and know-how. Just the right guy that builds the company’s value, trust and authority.