One Tap M-Commerce
Indian retail customers are taking strongly to mobile commerce, with nearly 83% of people owning a smartphone shopping online on their mobile phones. In particular, customers in the age group of 25-34 are taking to their mobile phones to shop online, with 90% of customers in this group doing so.
According to the results that emerged from the “State of M-Commerce 2016” survey conducted by Regalix Inc, A large number of customers have used their mobiles to shop online, there is still much room for growth in terms of the frequency of online shopping. Only 53% of those surveyed said that they had shopped online within the last month. Further, only 25% of respondents said that they shopped on their phones at least once a week. There also seems to be a gender divide in the frequency of online shopping, with more men (63%) doing so at least once a month than women (40%).
According to an ASSOCHAM-Resurgent India study, 50% of the traffic is coming from mobile and a majority of them are first time customers. This is a result of the surge in the number of people shopping on mobile devices across India in the tier II and tier III cities. However, the heavy growth in the e-commerce sector also comes with some imperative challenges. Absence of e-commerce laws in the country, rapidly changing business models, low entry barriers that might lead to reduced competitive advantage and shortage of manpower are critical hindrances. In 2016, about 69 million consumers purchased online and the number is expected to cross 100 million by 2017 with the rise of digital natives, better infrastructure in terms of logistics, broadband and Internet-ready devices to fuel the demand in e-Commerce, Bengaluru has left behind all other cities in India shopping online in 2016. While Mumbai ranks second, Delhi ranks third in their preference for online shopping.
The report titled ‘M-Commerce Trends in India 2016’ by Regalix states that about 33% of Indian consumers browse clothing items and accessories on their mobile phones and purchase them through physical stores.
“Clothing and accessories was the only category in our study in which the number of consumers who browse online but purchase offline was higher compared to consumers who purchase online, across gender and age groups,” says the report.
Regalix interacted with men and women, owning smartphones, in the age groups of 18-24 and 25-34 for this survey. About 83% of the people surveyed shop online using their mobile phones. A larger proportion of consumers in the 25-34 age group (90%) seem to shop on their mobile phones than consumers in the 18-24 age group (80%).
One Tap M-commerce in online shopping capital of India
Mobile Commerce has become the way of commerce today taking it to the pockets of customers. For any innovation to scale to the next level, it is essential to make it more Transparent, Instant, Experiential and Secure (TIES). TIES being the foundation of any innovation of M-commerce is also the theme of the forthcoming Customer Click conference in Bangalore titled One Tap M-Commerce. This will focus on BizTech strategies that are powering the m-commerce revolution and in the process disrupting the existing modes and strategies of business.
We live in a world where, from breakfast to banking, everything is beginning to happen on the go.Mobile has also revolutionized how retailers do their business and how consumers do their research and make purchases. Today, a number of brands across categories are tapping into the there-must-be-anapp-for-it somewhere thought process; encouraging leading retailers are taking an omni-channel approach and incorporating mobile apps to meet consumer demand and expectations.
Mobile is becoming a habit with both business users and consumers. In adapting to this shift, businesses are increasingly going mobile and creating business apps for mobile devices. Consumers are increasingly shopping online from their mobile phones using the mobile Web or apps. But to get customers and employees to use these apps, you need to deliver a very engaging EXPERIENCE.
Consumers want to transact in SECURE environments. What kind of security algorithms and standards do you use to secure commerce transactions? And when there is personal data being exchanged for services, what do you do to ensure privacy? Your mobile analytics is collecting sensitive and personal information. You become a custodian of this information. How can you be responsible for protecting your customers?
We live in a world of INSTANT — the millennials are impatient and want it all instantly. Instant coffee, instant loans, instant registration, and instant gratification. That’s why your apps and Web should be responsive. Navigation should be seamless and intuitive. And business outcomes should be prompt. If it isn’t so, your customer abandons you and goes elsewhere. That’s lost business for you.
Finally, everyone wants TRANSPARENCY. That also means TRUST and ACCOUNTABILITY. To win the TRUST of your customers, you need to establish policies that are transparent. Update your customers whenever there are changes in policies. And terms should be comprehensible and visible. Do this and your customers will stay with you longer.
Tap empowers the business using Experience, Security, Instant Gratification and Transparency or ESIT. This has laid the foundation for future disruptions, which would achieve greater heights supported by the four ESIT pillars.