M-Commerce, Part 1

M-commerce sites focus on driving product purchase and higher transactions. It also involves increasing the will to make a purchase through more intensive product knowledge.

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For the majority of customers who come to your site for ‘window-shopping’, price comparisons or inventory availability are very important. Ensure prominent display of customer support channels such as account authentication, transaction security and clear progress metering. Allow your customers to reserve goods and schedule pick up at their preferred location. Clicks-to-bricks experiences through mobile couponing can also allow site visitors to unlock coupons good for their next visit.

Althrough m-commerce represents only 3% of the e-commerce (source: CCM Benchmark) it is expected to grow to 25% by 2017. A recent report from comScore shows that in the US, 4 out of 5 smartphone users already shopped using their device. The most popular mobile retailers are Amazon, eBay, Apple, Wal-Mart, Target and BetBuy. Further studies also confirm that 25% of the Americans consumers engage in online shopping only via their mobiles (source: Prosper Mobile Insights).

Mobile payments are expected to be up by 62% in 2012, from $105 billion to $172 billion. Mobile payments have changed the way purchasing of services and products was done in the past. This electronic system allows a customer to buy products through their mobile devices. Customer can make payments no matter where they are. This has made it easy for marketers, because customers are able to pay for products and services much faster. Potential customers, who shied away from making online transactions due to the initial complexity, are now better placed to make purchases and to easily pay for the products and services.

Setting Up Your Mobile Billing Infrastructure

One factor to consider when choosing a mobile payment method is the cost. For small businesses and merchants, budgetary constraints may be the focus; if the cost of implementing a mobile payment infrastructure is too high, this may affect the business bottom line.

Using mobile devices to receive or make payments is cheap. The first thing you need to do is establish which provider you want to set up a merchant account with. Once you have done this, the next step is registration. The requirement for this is an ID number to confirm our identity. Alternatively, you may be asked to provide a bank account or residential address or the standard email address.

Your designated banking service provider will be in charge of the payments conducted through the mobile devices. However, not all banks provide this service; if your bank does not offer these services, ask for a referral to a reputable institution that does. It is wise to ask about offshore transactions, and any risks associated with these types of transactions.

The application process for a merchant service is generally brief. You can do the application either through the phone or online. As part of the application, you will be requested to give out certain information. This may range from the sales figure projections, general information about the business and identification.

You will be required to download the merchant application. One such application is Square app that can be installed on your mobile device. Nonetheless, you need to customize it to your preference. Customize the app to settings such as delivery charge or tips. Many mobile payment applications require you to pay after downloading. If you experience problems in downloading the application, it is best to contact the mobile provider.

After setting up the mobile payments, it is advisable to advertise it so that your customers and target audience can know about the availability of the payment system. Make use of social media to spread the word about your mobile payment services and any associated incentives. Offer bonuses or rewards to any customer who uses the mobile payment system to purchase products and services from your store.

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