5 Successful Mobile Commerce Startups
by GK July 27, 2018
With mobile phones taking precedence in today’s life, users have become extremely attached to their smartphones. This is because their phones provide them accessibility to a host of things in real time and on the go. Smartphones bring to its user’s endless advantages that we simply cannot ignore. Smartphones have taken the concept of mobility to an entirely different level. Today you can order food, groceries, book movie tickets, transfer fund from one account to another and even watch your favorite match just from your smartphone. The market has been taken over by these smartphones. This has given rise to a number of mobile commerce startups that you will come across in the fast-moving digital world. Today 64% of people prefer using their smartphones to use mobile ecommerce app. The reasons being:
- Easy and convenience
- Simple and easy payment mode
- No need to carry cash
- Checkout without using your credit card
- Get extra discount using m-payment options
Mobile commerce trends 2018
Mobile wallets and paymentsBy just using an app, we can make payments to buy tickets, order food, and a host of other things. M-Wallets have helped people by using their credit cards from being misused or manhandled. You can upload as much money as you want on your m-wallet account and use it wherever it is accepted. M-wallet companies are also offering cash back and additional discounts to stay ahead in their business. There are a number of successful startups that have now become household names on the mobile wallet.
Variety of smartphonesThe number of smartphone users is increasing every day. Smartphone companies are offering extra features that users want with added benefits.
Smartphones and m-commerceMobile commerce is being promoted to a large extent by smartphones. The increased usage of mobiles has given rise to people using m-commerce based mobile apps. This has taken ecommerce to a different level.
M-commerce and mobile startupsIn 2017, a study showed that in US smartphone users are spending $90 billion by using mobile payments. Moreover, what in 2014 the global m-commerce revenue was $184 billion has now grown to $669 billion by the year 2018. With the mobile screen becoming a shopping window today, mobile commerce startups, as well as the big ecommerce giants, are all taking as much advantage of the situation as possible. The startups are effectively tapping into the dynamic market and watching their business flair. They know the customer pain points and are providing the right kind of solutions. The 5 successful startups are:
Closing thoughtsMobile commerce comes with its own set of issues. Therefore, whether it is a startup or a full grown m-commerce giant, all are planning to increase their focus on a few important aspects:
Cart abandonmentAbandoned cart creates a huge amount of loss that mobile commerce companies suffer silently. Now through different app notification services, they have decided to handle it so that they can reduce the trend.
Mobile checkoutMany times customers leave at the checkout point just because they find the interface too complicated or find it invading their privacy for asking too many details.
Going to the competitorsWhile a mobile commerce startup cannot stop an avid online shopper from leaving their app and going to their competitors’ platform, they can at least offer deals that the customer simply cannot refuse.
Tags: ecommerce mobile apps, mcommerce, mobile commerce, mobile commerce business, mobile commerce startups