In simple words Mobile commerce or m-commerce is the activity of buying and selling products and services or do any monetary transaction using mobile devices such as smartphones and tablets. M-commerce is specifically sub-group of e-commerce transactions that involve the use of mobile devices, instead of desktop, laptop or computers.
Mobile phones or smartphones are already the most omnipresent electronic devices in the world. More than 40 million people in US alone are now active monthly users of the mobile internet via smartphones and mobile browsers. Mobile devices are quickly becoming the most popular device for browsing the Internet.
With the increasing number of smartphone users, mobile commerce is growing each day. Since the advent of mobile services such as capability to send and receive text messages, and access and browse the Internet, each time businesses have come up with new and creative ways to reach these mobile prospects, and serve their existing customers better by utilizing the mobile platform.
Considering the increasing importance of mobile device usage, it is expected the trend toward m-commerce to expand vastly. Mobile commerce also enables shoppers to scan products and acquire detailed information about a product including price, rating, and review. This just not enhances customer engagements, also brings consumers closer to the products they use.
A recent report by Digi-Capital estimates that Annual m-commerce investment activity has risen more than 10 times over the last few years and every quarter, entirely new subcategories of mobile-enabled services are emerging.
A report from Juniper Research estimates that mobile commerce transactions will top $3.2 trillion by 2017. Industry experts estimated that the m-commerce could reach $ 626 billion in sales by 2018.
Mobile commerce has increasingly becoming popular and become an essence of a successful business today, and it is expected the momentum to continue into the future. Leveraging the power of mobile device usages, brands can widen their markets of more loyal and involved customers.