M-commerce and mobile apps generate billions of dollars in revenue every year. ThinkMobiles notes that “Mobile commerce revenue has grown 30-40% annually since 2014… The largest retail app, Amazon, grew customer numbers from 43 million in 2015 to 67 million in 2016” . Although Amazon is no longer a small or medium-sized company, it is still an impressive growth figure that speaks to the importance of mobile commerce in businesses.
B2B and B2C SMBs have the potential to leverage some of these numbers with the right mobile commerce strategy and approach. A good mobile commerce strategy can help increase customer engagement and provide other notable benefits for SMBs.
Overall, the benefits of m-commerce for small businesses include cost savings and innovation that lead to better business growth. The Journal of International Business Research and Marketing notes that m-commerce can be particularly beneficial for creating business success in developing countries, saying, “Business online saves costs incurred in physical stores such such as rent, salaries, insurance, decorations and others. the elements necessary to create a physical store. Data from eMarketer shows that over 80% of all online shoppers also use mobile shopping and this number is expected to rise to 95% in 2019. Mobile has become a major e-commerce platform and a platform for advertising, movies, TV shows and e-books. It brings innovation as in the case of Alipay, Uber, Airbnb and many other applications which are used every day by millions of users around the world. This makes the business efficient, effective and competitive, which drives growth. »
Benefits of Mobile Commerce and Small Business
Here are some of the ways mobile commerce continues to drive the growth of small business organizations and why it should be a priority for SMBs.
1. Faster transactions
Mobile apps make it easier and faster to load data and search results onto mobile devices. This means customers can browse products and menus faster, resulting in faster transactions. The ability to make purchases directly through a mobile app has led to a more positive customer experience, repeat purchases, and increased sales.
2. Improved customer experience
Customer experience matters. It is not enough to have a good product or a superior service. Businesses with an app that is easy to navigate, fast, interactive and convenient will see higher conversion rates and increased revenue. Also, many apps offer exclusive perks like points or discounts to users, which increases engagement. The most compelling reason to use a mobile app to increase customer satisfaction? Most customers interact with applications on a daily basis and expect the companies they interact with to have one, often without considering a business with those that do not. Basically, a good mobile app can win more customers and retain them better.
3. More direct customer connection
Apps have push notification capabilities that can send messages directly to a customer’s device. These notifications allow your business to offer special offers, discounts, sales, product launches, or make other announcements instantly. Although some users disable this feature, it can increase your brand exposure for those who don’t.
4. Personalized content and offers
Much like Amazon, mobile apps can offer specific content based on user behavior, shopping habits, search, location, and more. Amazon uses its proprietary algorithm to make product recommendations to customers based on what they have purchased and based on other customers who have purchased or searched for the same thing. This type of personalized outreach can lead to better customer retention and increased sales for your small business.
5. Better Analytics
App downloads and interactions provide your business with lots of customer data that your business can refine and use to create even better customer experiences. Having better insight into shopping habits, behaviors, trends, and other data can help your business with forecasting, product development, and more.
6. Reduced cost
If you’ve ever captured a user by having them download an app, you’ve saved marketing money. If your business only offers mobile apps, you save significantly compared to hosting a physical location. You can also cut payroll costs by employing fewer people than needed to staff a site. The money saved can potentially be reinvested to help you grow your SME.
Are you using m-commerce to its full potential to help grow your SME? Technology continues to drive business, fuel innovation and create better experiences for customers and employees. Using mobile commerce and mobile apps to increase reach and engagement with your customers is a necessary step in modern businesses. Finding the right mobile development platform can help you leverage all the benefits of mobile app technology for your small business and enable you to be both successful and competitive in your industry.