Mobile E-Commerce: Scope of Opportunities and Challenges

Mobile E-Commerce: Scope of Opportunities and Challenges

According to a research, it is estimated that the US market will be generating an expected revenue of about $90 billion via mobile payment which will be contributing an increase of 48% over $12.8 billion expenditure of 2012.

The mobile app wallet has transformed the commerce and trade in a big way. The world has witnessed how the world’s largest growing economy India has survived the period of demonetization by opting digital payments as a substitute for their daily needs. Not only India, but there are various other major nations of the world where the physical cash has almost disregarded as a mean of their local commerce, for instance, Canada where more than 85% transactions are made cashless. All these instances show that mobile e-commerce (m-commerce) has a wide scope to explore and innovate.

With the concoction of the mobile commerce, the top-rated mobile app development companies have seen an enormous boom in their finance vertical where everyone, from individual to enterprises, are in the demand of the apps that are competent to make digital payments via mobile wallets and other tech-based sources.

Now let’s check out the depth of this ocean of financial medium that is hitting the world significantly with fascinating figures around the globe. To explore schematically we have enlisted some opportunities of scope and the challenges that might come into the way before you intend to take your first step.

Advantages of having Mobile Commerce

This is an established fact that the smartphones have curtailed a significant number of hours that (earlier) were used to do all your daily need errands. In addition to your ease, these mobile commerce applications are also benefitting local vendors, retailers to make a strenuous reach to their customers by offering various lucrative deals. Let’s find out what are the other ways that are being used by merchants.

1.  Push Notification is the most impactful method that keeps you in the eye of your target audience constantly. The survey stated an astonishing figure of youths of the age group of 18 to 34 who are happy to have push notifications on their devices.
2. Your consistent touch with your customers via different technology makes it easier for the customer to get an access. Various useful services such as one-click support, online 24*7 help desk are some of those beneficial services which exaggerate the reliance of your customer.
3. Using location-based notification is also helpful in bringing more revenue to your business. Various location-based services are provided to customers to bring more people to your physical service center, consequently more bucks.
4. Now a day various mobile apps are enabled with an in-app payment option which is famously known as a mobile wallet. These mobile wallets enable the user to complete all their desired transaction with some prepaid options.
5. It’s wise to always go with the market trends unless your business is exceptional. The merchants offer various personalized deals in the market to appease their customers.

Challenges with the Mobile Commerce

Since the pavement of the success always goes through the fire of hell, same is true about this sector. The mobile app commerce is doing exceptionally outstanding in its respective domain but it also has various significant hurdles that turn out to be fatal sometime.

As the mobile commerce is growing so does the pressure and competition. This competition is what bringing the quality to the consumers. New and innovative business models, different varieties of application are not sufficient to serve the purpose.

An appealing user experience is an utmost necessity to serve the future of mobile apps with dignity and longevity. Investing in improving the mobile user experience should be the priority of all the business. The companies are required to invest their efforts in research, consumer behavior, innovative integration of modern technology and much more.

The mobile ecosystem is scattered and lag far behind the wired web structures. Mobile networks are failed to keep the pace due to various indispensable reasons such as the existence of different OS, middleware, and platforms. Additionally, for current data speed, the user has to pay comparatively higher rates than required. The Device limitations are inclusive of various aspects such as limited memory, tiny screens, poor resolutions and weak processors.

As it’s a well-established fact that the mobile commerce app industry relies on WAP (Wireless Application Protocol) based devices that interoperate with security issues. This is way more helpful to eradicate the various limitation of the mobile ecosystem and ensure the safety and performance of the sector.

Conclusive Note

Mobile wallet and mobile app commerce is a major source of revenue for mobile app development companies as there are various verticals that demand in-app payment methods and much more. The MCommerce App Development is based on the basic need of the payment accessibility to the customers. So the rise in the sector is also accompanied by various hurdles that are actually helping to bring the best out of the sect. Hopefully, we will be witnessing much more in the upcoming days as the vertical makes the growth.

Looking For Mobile App Development?

We provide the agilest services in the mobile app development in all the major verticals of the industry, connect to our highly exuberant business representatives with our business aspirations at enquiry@fluper.com.