M-Commerce is a vast field which doesn’t end at buying a commodity online- it includes all the behaviors related to checking any stuff online from your smartphone.The different types of Mobile Commerce are- 1. Browsing for stuff online on your mobile – This type deals with surfing for stuff online like looking for Groceries, Daily essentials, and electronics. We’re talking about dedicated apps, optimized websites, or even social media platforms like Facebook or Instagram that allow in-app purchases or linking to online stores. 2. Purchasing app-delivery stuff (Food delivery or e-commerce apps) – This type deals with the services related to ordering things like food, cab pickup, and others.3. Mobile banking – Mobile banking is the method that involves accessing the features of the bank using online methods. The transactions are made from specific apps designed by apps, though some financial services companies are now experimenting with chatbots or messaging apps to deliver customer service. 4. Mobile App payments(Google Pay or PayPal) – This type primarily focuses on making payment transactions through apps. The user is required to register their credit or debit card and then use it whenever they want. 5. Purchasing or renting digital content (Netflix, Spotify, etc) on a mobile device – This involves buying or renting online services like Music Streaming, Video Streaming, or commodity-based on a rent basis.6. Mobile person-to-person payments(Venmo or Xoom) – This type involves sending money from one person to another, be it for buying stuff or sending it to someone in need. This type of transaction can be made by sending money to someone’s number or to their bank account directly. Q7) How Mobile Commerce Works?A7) With most m-commerce enabled platforms, the mobile device is connected to a wireless network that can be used to make online product purchases. For those in charge of developing an M-commerce application, important KPIsto monitor include the total mobile traffic, the total amount of traffic on the application, average order value, and the value of orders over time. Similarly, tracking the mobile add to cart rate will help developers examine, if visitors are becoming customers. M-commerce developers may also be interested in logging average page loading times, mobile cart conversion rates and SMS subscriptions.In terms of mobile payment products, they operate through a form of peer-to-peer (P2P) sharing. Once a mobile device is paired with a bank card’s information, the phone can be waved over a payment terminal to pay for a product. This contact less payment via a mobile device is feasible due to the use of Near Field Communication(NFC). Q8) What are the most important, business-impacting types of m-commerce services and applications?A8) 1. Finance and paymentsThis is one of the most user-friendly types of m-commerce services and applications. Using a mobile app pay for something is becoming a common phenomenon. Using an app like Google Pay or Apple Pay means that a customer doesn’t even need to carry a wallet – their payment information lives in their phone. Not every generation has adopted this as their payment standard, but pretty soon this will be the norm alongside cash and credit – or maybe even in place of. Customers also want their finance institutions – like credit unions and stockbrokers – to allow account access, deposits, and transfers from their mobile apps. For businesses with a physical presence, making sure that checking out via m-commerce application is important, while online businesses want to make sure they offer their clients an m-commerce application option to check their account.2. CataloguesM-commerce is changing the way that businesses run retail and even wholesale operations. IKEA offers customers a downloadable app that serves as an AR catalog. Customers can take pictures of their space, and using the AR app, superimpose furniture into their space to “try before you buy.” This kind of technology gives customers a better understanding of a product in their space and can help reduce the rate of refurbishment and returns that businesses see. This not only improves the customer experience but helps the bottom line of many businesses.3. MarketingHow can different types of m-commerce services and applications help grow your brand awareness or be used as a marketing tool? Imagine owning a bookstore or a fast-food restaurant. What if you could use location-based mobile marketing to help you reach your customers when they were in your physical location? Using SMS apps to send visiting customers coupons or using your branded app to announce a flash sale or in-store discount is a great way to make your m-commerce app do some of your work for you.4. Tickets and entertainmentNowadays, phones are the keys to the world. You can use an app to unlock your front door with wi-fi or date enabled door locks – you can also use it as your pass for airline flights and concert tickets. This not only offers enhanced convenience for your customers, but also a reduced impact on the environment, which can be a boost for your brand.5. Entertainment and gamesGames like Pokemon Go and Harry Potter games have changed the nature of mobile entertainment. With an augmented-reality landscape, more people are interested in gaming. These games help meet an unmet pop culture need that enables users to participate in a universe that they are fans of and also game socially with others. Game developers have opportunities to monetize their apps with in-app purchases or by selling advertiser space and time6. HealthcareOne of the most revolutionary types of m-commerce services and applications is in the realm of healthcare and wellness. First, US companies like Walgreens and CVS have pharmacy-specific apps that allow users to fill their prescriptions online and more easily pay for them through pickup or even delivery. Apps like Lemonaid Health enable easy access to prescriptions without needing to see a doctor in person. Other companies, like Says and Teladoc, use an easy app interface to help people meet with doctors just using their smartphones. With affordable and no-wait appointments, these apps help patients get the medical treatment they need on demand. While most of these services can only be used to diagnose, treat, and prescribe for minor issues that don’t involve an in-person exam, like the cold, flu, or UTI, they have a huge potential to help make medical care more accessible to more people. Q9) What is mobile payment app?A9) Mobile payment app is simply a mobile app acting as an alternative payment method where instead of paying with cash, check, or credit cards, a consumer can use a mobile app to make a payment. Mobile payment can also be referred as mobile money, mobile money transfer and mobile wallet, which cater to the payment services operated under financial regulation and performed from or via a mobile device.Credit card companies as well as IT companies such as Google, Apple and a number of mobile communication companies, have implemented mobile payment applications.In 2016 there will be 448 million m-payment users, in a market worth $617 billion – GartnerToday, with the help of mobile payment apps, we are able to carry less hard cash because, we can just as easily make the purchase with payment cards, and track the spending online. Plus, it’s more safe and secure than carrying $500 to buy the latest iPad Air. Google Wallet and Apple’s Passbook are two of the most popular mobile payment applications we often hear about, but if they are not your fancy, there are plenty of other mobile payment apps that carry perks and benefits as per your preferences. Q10) Difference between mcommerce and ecommerceA10) The DifferencesSo how do they really differentiate from each other? There’s a lot more to dig into:
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