In the digital day and age, online shopping and shipping services, known as e-commerce or m-commerce in some circles, are on the rise. Knowing how to utilize end-to-end e-commerce solutions in an effective and efficient manner is a big part of successful shipping services. In fact, more companies are turning to fulfillment-as-a-service providers, such as ModusLink, to simplify the process. And the most successful companies today are those that support the consumer’s journey through online shipping and commerce. But still, digital e-commerce is changing the face of standard operations.
The customer buying journey has drastically changed over the last twenty years. What used to only occur through in-person transactions has not been shifted to online shopping. According to the latest US Census data, “E-commerce sales in the second quarter of 2022 accounted for 14.5 percent of total sales.” With a smartphone in the backpocket of most Americans and more companies working across international boundaries, relying on cross-border e-commerce, it comes as no surprise that mobile commerce (m-commerce) has taken over the digital e-commerce playing field.
M-commerce or Mobile commerce has been a growing phenomenon for some time now. Forecasts from various sources continue to show the potential growth if Mobile commerce were to continue its path forward (which is expected). Our previous article ‘The importance of M-commerce’ emphasized on the current state of the concept, as well as highlighting the main important aspects that explain the reasoning behind the popularity.
But to success, it’s important to focus more on the upcoming/rising trends for M-commerce, also known as e-commerce and popularized across many platforms or tools, such as Microsoft Dynamics’ GP e-commerce. Keep a lookout for these trends as jumping on the wagon early might leverage your company’s significant growth increases and competitive advantage with end-to-end e-commerce solutions.
Digital E-Commerce Has Gone Mobile
At its core,m-commerce entails all activity required for the purchase of goods or services through a mobile device such as a smartphone or a tablet. According to a 2021 report by Wurmser (2021), “US retail mcommerce sales grew at 41.4% in 2020 and will grow another 15.2% in 2021, to reach $359.32 billion. Annual sales should nearly double between now and 2025.” This specific market developed at a rapid pace with new technology such as mobile banking, electronic boarding passes, food couriers and rideshare apps.
These innovative implementations have completely changed the way daily tasks are handled. Going on a flight without a paper boarding pass has removed the stress of potentially losing it.. Even in-person grocery store transactions can be fully completed on a mobile phone.The smartphone has truly become an important extension of one’s self.
While the consumer may not be aware of changes from computer-based sales to m-commerce, they are certainly aware of the convenience of it. The change in digital e-commerce experience has largely been built alongside the digital marketing shift to decreased delivery time with real-time updates. Retailers and other business owners must be aware of the rising trends within m-commerce to maximize customer experience with the best ecommerce solutions.
According to a 2021 report by Wurmser (2021), retail m-commerce sales’ share in the US as a percentage of the total sales is continuing its growth expecting to reach 10.4% in 2025. This means that M-commerce in the US market will nearly double its share of total retail sales between 2020-2025.
The growth of m-commerce is largely due to past and present innovative concepts. Microsoft Dynamics GP e-commerce is among one of the many game changers to order management. Decision-makers must understand the latest industry innovations to get their companies off on the right foot in every digital shift. As such, the trends below are prime examples of end-to-end e-commerce solutions that should be followed closely.
While adjusting the shopping experience based on the individual customer in question is not anything new, the Mobile commerce market has provided new touch points throughout the customer journey. Companies have benefited from the rise of social media and influencers to encourage and personalize the mobile shopping experience. Pixel tracking, following advertisements, and mobile reminders after downloading applications are all methods that are highly effective at new customer acquisition and retention.
When conducting M-commerce, pay close attention to the ability and opportunities to personalize the shopping experience for your customer as new methods are introduced frequently. Companies now make use of ‘Predictive Analytics’. Predictive analytics are achieved through the use of Big Data. Data is being used within digital e-commerce to discover relationships and patterns between the historic data and outcomes to predict likely future behaviors.
Cryptocurrency has increased growth tremendously over the past years. It is no longer unusual for anyone to invest in cryptocurrency. The cryptocurrency market is expected to reach 1.40$ billion in 2024. The security and decentralization of cryptocurrency restrict government intervention, in turn stabilizing the security of the monetary value. The decrease of trust in Fiat further builds on this notion contributing to the expected increase in popularity of cryptocurrency.
Many digital e-commerce companies agree with the above and implement cryptocurrency as a possible method of payment for various purchases, complicating order management. Customers appreciate the introduction as large companies show that the method of payment is being used increasingly frequently.
Together, more relationships reduce costs associated with customer acquisition and retention. It is important for any m-commerce business to follow the crypto trends, and to a degree, this means leveraging the different means of social commerce.
In other words, transactions occurring across social media platforms that might rely on cryptocurrency should also be considered in your m-commerce strategy. It is recommended to introduce this payment method, when possible, through APIs or other e-commerce integrations. Of course, different payment service providers (PSP) may offer different requirements for completing
AR (Augmented Reality)
Perhaps one of the newest concepts/trends is the concept of Augmented Reality. Companies such as IKEA have proven to gain leverage using this early concept by introducing innovative methods, such as the famous ‘Try-On’ before you buy. This is essentially an integration within the IKEA mobile application that makes use of the mobile camera to visualize the object of purchase in your own living room. You are able to place and view the object in your own environment before purchasing.
There are plenty of other companies seeing the value of AR, ranging from Amazon to an assortment of retailers. Shippers should keep an open mind and follow this trend accordingly to make the most of end-to-end e-commerce solutions.
Boost Your M-Commerce with ModusLink
M-commerce trends are important to follow, keeping in mind the growth of the concept. Would you like to know more on how to implement M-commerce correctly within your business and how to choose a proper fulfillment partner? We are here to help make end-to-end e-commerce solutions easier to access, manage, and implement. Talk to a ModusLink Expert today by clicking here.
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