Post Link: What is M-Commerce & How Will It Affect B2B Sales?

What is M-Commerce & How Will It Affect B2B Sales?

In January of last year, mobile devices accounted for 55% of Internet usage in the UnitedStates, surpassing PCs (45%) for the first time in history. Considering that mobile devicesaccounted for just 23% of web traffic two years before, it’s clear just how much (and howquickly) these devices have made an impact on our lives.

Indeed, according to the Boston Consulting Group, “Not even the industrial revolution createdsuch a swift and radical explosion in technological innovation and economic growth worldwide.Nearly all fundamental human pursuits have been touched, if not revolutionized, by mobile.”

In sum, mobile has changed the way we search, browse, watch, read, travel, and communicate.It has also changed the way we shop. M-Commerce, or mobile commerce, is a rapidly growingsegment of eCommerce that reflects the “anytime, anywhere” buying habits of today’sconsumer. Let’s take a look at the definition of m-commerce, how it’s growing and evolving, andwhat it means for B2B.

Defining M-Commerce: What Is It?

M-Commerce can be defined as the buying and selling of goods on mobile devices, includingsmartphones and tablets. Mobile Commerce can include:

Mobile retail on apps like Amazon and other traditional B2C eCommerce sites.●

Mobile payments, or apps that provide mobile POS systems and other payment solutions.●

On-demand services like Uber (ridesharing), Instacart (grocery delivery), Postmates (on-●

demand delivery), and others.

Many of these mobile applications are consumer-focused, but m-commerce is also moving intothe B2B realm, which we’ll talk about in a minute.

The mobile format presents certain challenges, including small screen size, technologyconstraints, security risks, and connectivity issues. The m-commerce companies taking onthese challenges, however, are poised to capture an enormous opportunity.

The Rise of M-Commerce

While showrooming (the process of browsing and researching on a mobile device and thenmoving to a computer in order to complete the purchase) is still a common habit, m-commerceis on a path for enormous growth. According to a report by Digi-Capital, mobile commerce isprojected to hit $700 billion in revenue by 2017.

Brands are transforming and improving their mobile experiences, going from simply “mobileresponsive” to “mobile first.” In other words, more and more businesses are designing nativemobile apps for mobile shoppers, rather than simply providing a mobile version of their regularwebsite. Apps like Uber are already proving how effective and lucrative these optimizations canbe.

As it becomes easier to shop on a smartphone or tablet, more purchases will be made on thosedevices. Likewise, companies will increasingly leverage the advantages of mobile commerce,like location information, context, and usage patterns in order to create personalized, fluidexperiences.

B2B M-Commerce: What You Need to Know

While much of this post has talked about B2C m-commerce, m-commerce is set to also makean impact on B2B purchases. Indeed, B2B e-Commerce is already making a splash, with B2Bbuyers looking for “Amazon-like” experiences for their work purchases, according to Forrester.

They are also seeking “omnichannel” experiences that allow them to purchase from multiplechannels, including sales rep meetings, web eCommerce portals, and mobile eCommerceapplications.

Today, nearly three quarters of B2B customers are already using their smartphones to researchB2B purchases. It is imperative for B2B companies to invest in a mobile future. According to thisinfographic by Usablenet, 56% of B2B buyers read reviews on mobile, 55% check out productinformation, 50% compare features, and 46% use mobile devices to search for and comparepricing.

Like their consumer counterparts, B2B companies must design their m-commerce experiences

specifically for mobile users--speed, intuitive navigation, and convenience are all key. Theymust also incorporate the needs of the B2B purchase process, including things like paymentterms, shipping terms, and access to detailed product specs.

Today, leveraging off-the-shelf, mobile-first eCommerce solutions can help companies developtheir mobile go-to-market strategies with more ease and speed than custom app development,which may perhaps speed up this transition.

Concluding Thoughts

After much hype, M-commerce is finally coming into its own in 2015. Businesses are looking torefresh or revamp their mobile experiences in order to make mobile purchasing much moreconvenient, and more transactions are occurring on smartphones and tablets than ever before.

As more people adopt m-commerce in their consumer lives, they are also demanding the sameexperiences in their professional lives, pushing B2B suppliers to implement m-commerceplatforms of their own. The overall B2B eCommerce trend is maturing, and B2B m-commerce isfollowing suit.

Questions about m-commerce or B2B m-commerce specifically? Let us know in the comments.Post originally located at: https://www.handshake.com/blog/what-is-m-commerce/

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