The future of electronic commerce is mobile commerce. The mobile commerce trend is increasing in popularity and provides a market of growth for business owners. Due to the increased number of people using smart phones, developing and implementing a mobile commerce strategy has become a key component to running a successful online business.
The accelerating rates of smartphone usage around the world have set the scene for the popularity of m-commerce, particularly among millennials. In this article and the adjoining infographic there are 10 easy-to-follow steps to improve mobile commerce strategy. The data presented in the article and the infographic is based on the 2016 Smartphone User Behavior Report, which surveyed 2000 US millennials about their experiences with m-commerce.
Is Your M-Commerce Strategy Millennial-Friendly?
The percentage of millennials who prefer shopping on their smartphones rather than on their computers is constantly growing. According to the Report, 28% of millennials prefer smartphones over desktop computers and laptops to browse for products and shop online. In fact, millennials cite online shopping as one of the top three advantages of owning a smartphone. The report highlighted the gender differences among millennial online shoppers. It reported that women are twice as likely to spend money on clothes via their smartphones compared to men. The biggest fans of online shopping via smartphones are high school students and millennials on maternity and paternity leave.
Can You Recognize Growth Opportunities When You See Them?
Developing a successful mobile commerce strategy does not only involve website optimization and content creation, but also provides the opportunity to identify growth potential and recognize new business opportunities. The opportunity to assess growth potential and to take advantage of new opportunities within mobile commerce is currently huge and will be with the popularity of smartphones increasing. Within the area of m-commerce there is room for growth for fashion store owners as well as for those offering hotel booking services and flight tickets. It was reported that 7 out of 10 US millennials prefer shopping on their computers. This indicated that now is the time to incorporate m-commerce into business strategies to encourage more people to shop on their smart phones.
Have You Started Harnessing the Power of Social Media Yet?
The use of smartphones and social media have become ingrained into every aspect of millennials life. According to the 2016 Smartphone User Behavior Report 82% of US millennials check their smartphones within an hour of getting up in the morning and 73% of them go to sleep at night with their smartphones by their bed. This highlights the potential room for growth in media marketing using social media to reach millennial customers. An example of a millennial- friendly social media marketing strategy is the Dove soap Brand. Dove Soap recently partnered with Twitter to launch the #SpeakBeautiful campaign to improve young women’s self-esteem.
How Well Do You Know Your Target Audience?
To plan a successful m-commerce strategy it is important to understand the needs and interests of the target audience. This will result in increased sale rates and customer loyalty. The survey 2016 Smartphone User Behavior Report reported that the needs and interests of millennials are focused on practicality and transport. Millennial entrepreneur cited ordereing transport services such as Uber as the most useful smartphone feature while new parents and employed millennials prefer to use online banking services.
Are You Capitalizing on Millennials’ Fear of Missing Out?
The results of the survey report that 22% or 1 out of 4 millennials suffers from the ‘fear of missing out’ (FOMO). This is a direct consequence of the widespread smartphone usage and oversharing on social media networks. Those who are most affected by FOMO t are young people aged 18 to 22. According to the survey results 55% of millennials in the US rank sharing life moments with friends and family as a key advantage to owning a smartphone. This means that a clever mobile commerce strategy is the one that takes advantage of the millennials’ love of sharing on social media by offering content that millennials are most likely to share with their social media friends.
To find out more tips and steps for successful mobile commerce strategy, have a look at the adjoining infographic. The 10 steps within this infographic can be implemented into business to create effective and successful m-commerce strategies.
Presented by Skilled.co