The boundaries of e-commerce are constantly being redrawn, with the latest addition of mobile commerce (m-commerce) taking center stage. They are propelled by unprecedented growth and the infusion of cutting-edge artificial intelligence (AI) technologies.
As per the latest report published by Kings Research, the Global Mobile Commerce Market registered a revenue of USD 402.85 billion in 2022 and is estimated to grow to USD 1,251.25 billion by 2030, exhibiting a CAGR of 17.60% over the forecast period of 2023-2030.
This speaks volumes about the profound changes underway. Notably, a third of U.S. internet users have embraced the weekly ritual of online purchases through their mobile devices, underscoring the critical role of mobile commerce in shaping modern consumer habits.
As we navigate this digital transformation era, mobile commerce, and AR fusion promise to redefine the shopping experience and the retail landscape for the long run. This article looks into the beginning days of mobile commerce, exploring its essential components and spotlighting the transformative impact of AI and AR in sculpting its trajectory.
What is M-Commerce?
M-commerce, or mobile commerce, includes the buying and selling of goods and services via mobile devices. This spans various activities, from online shopping and mobile banking to payment apps like Apple Pay and PayPal.
The omnipresence of smartphones and their basic convenience has positioned m-commerce as a potent force driving online retail. Augmented reality m-commerce is the latest trend in m-commerce that has the potential to boost sales.
The Rise of Mobile Commerce (M-Commerce)
The exponential rise of m-commerce owes itself to factors such as the growing affordability and accessibility of smartphones. With a global count of 7.33 billion mobile users in 2023, alongside improved mobile networks and widespread high-speed internet, consumers find engaging in mobile shopping increasingly seamless. The flexibility and convenience of mobile commerce, coupled with the easy availability of e-commerce applications, have fostered its widespread adoption.
Important Components of Mobile Commerce
Mobile commerce bases itself on three core components:
- Mobile apps
- Mobile-optimized websites
- Mobile payment solutions. (Payment apps, gateways, etc.)
Mobile applications, exemplified by retail giants like Amazon and eBay, have helped improve the shopping experience. The standardization of mobile-optimized websites ensures seamless functionality for online retailers on mobile devices.
Moreover, mobile payment apps such as Apple Pay and PayPal facilitate financial transactions through mobile devices.
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The Influence of Augmented Reality and Artificial Intelligence in M-Commerce
Online merchants are using AI to improve the mobile shopping experience due to the growing number of mobile consumers worldwide. Several AI-driven trends are reshaping the field of mobile commerce in 2023:
- AI-Driven Personalization: Businesses utilize AI and extensive data systems to examine consumer data. This helps them produce highly customized purchasing experiences. Customized product recommendations increase consumer happiness and conversion rates, promoting long-term brand loyalty.
- Virtual Try-on Innovation: Augmented reality and artificial intelligence (AI)–based virtual try-on tools enable consumers to try on apparel, jewelry, and cosmetics virtually. This increases overall consumer satisfaction by increasing conversion rates and lowering return rates.
- Chatbots and Augmented Customer Support: Artificial intelligence-powered chatbots offer prompt, round-the-clock support, skillfully handling consumer inquiries and optimizing the buying process. This increases customer service efficiency by allowing human customer support professionals to concentrate on complex situations.
- Easy Checkout & Payment Processing: With features like one-click checkout and automatically filled-in payment details, AI simplifies the checkout and payment procedures. Online checkout processes are strengthened by dynamic learning models, which improve security.
How is Augmented Reality Helping Mobile Commerce?
The fusion of mobile commerce and artificial intelligence is steering significant transformations in the online shopping landscape. The surge in global mobile users necessitates an emphasis on crafting user-centric mobile websites and applications.
AI and AR-driven trends in m-commerce include:
- Personalized Recommendations
- Virtual try-on tools
- Chatbots
- One-click checkout processes
These are the best at improving the mobile shopping experience. Businesses need to stay on top of these trends as technology develops to be competitive in the rapidly evolving world of mobile commerce in 2023 and beyond.
Move Into Improved M-Commerce AR Experiences With SelfStylo
Moving on to 2024, the symbiotic relationship between artificial intelligence and mobile commerce will welcome a new era for online shopping. Artificial Intelligence and Augmented reality-driven trends like virtual try-on innovations, personalized experiences, and product recommendations will only make m-commerce a satisfying customer experience.
The changing retail environment will continue benefiting from AI and AR as consumers increasingly embrace the convenience of mobile purchases. Amid these developments, SelfStylo, a pioneer in augmented reality development, is essential to improving the online shopping experience.
SelfStylo offers the best virtual try-on AR tool that helps beauty brands improve their websites, apps, and product pages. These partnerships, paving the way for the future of immersive, AI-improved commerce, will solidify themselves as the meeting point of technology and customer interaction.
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FAQs
What is the Role of M-Commerce?
Mobile commerce (m-commerce) facilitates the buying and selling of goods and services through mobile devices. The easy availability of smartphones offers a convenient, on-the-go shopping experience, driving online retail growth and connecting businesses with a vast mobile user base.
What is S-commerce?
S-commerce, or social commerce, involves buying and selling activities through social media platforms. It uses social networks for product discovery, recommendations, and transactions. It improves the social shopping experience and bridges the gap between social interaction and e-commerce.
What is the Difference between E-Commerce and M-Commerce?
E-commerce includes all online transactions, while m-commerce refers explicitly to transactions conducted via mobile devices. The critical difference lies in the platform used for the transaction—desktops/laptops for e-commerce and mobile devices for e-commerce.
What are the Features of M-Commerce?
Critical features of m-commerce include mobile apps, mobile-optimized websites, and mobile payment. These components improve user experience, providing easy navigation and accessibility and securing financial transactions through mobile devices, contributing to the growth of the mobile commerce landscape.