What’s a pack without a leader? Headless. What’s a ship without a captain? Sinking. What’s a company without a succession plan? Direction-less. No exaggeration this. Packs need leaders to establish supremacy, ships need captains to reach shores, and your company needs a succession plan to stay relevant.
Three Ways to Master M-Commerce
by Randi Chiah | Digital Lead, eBusiness at Maxis
Consumers love companies that take mobile commerce (m-commerce) seriously.
Close to 50% of consumers in Malaysia engage in m-commerce, according to a study by Opinion Research Corporation.
This isn’t magic, but the incredible power of mobility. That mobiles have revolutionized the way we think, work and live is an understatement. Mobiles run businesses and that’s why m-commerce is the future. According to a poll by convinceandconvert.com, 4 out of 5 consumers across the globe use smartphones to shop.
It’s a high-stakes game. That’s why, with increasing competition in the mobile market, organizations are breaking their backs to get their mobile strategy right.
Here are three ways to master m-commerce.
Build a Responsive Mobile Site
You need to create a mobile experience keeping the mobile user in mind. Building what experts call a ‘responsive site’—designing websites that mold themselves to fit a mobile or tablet screen—is better than mirroring your website on a mobile.
Shrinking your website to fit the small screen of a mobile creates a clunky and complex mobile experience for your users. It’s hard to navigate, and takes time to load.
According to Appnovation, two-thirds of mobile users want a site to load in less than four seconds. That’s why responsive web design in a great option. It molds your site to respond appropriately to whatever device the user is using. Its intelligent software tells the browser to adjust the dimensions of the content of a site according to the device it’s being viewed in. This improves resolution and speed.
And that, in turn, makes customers happier.
Create a Delightful Checkout Experience
This is important because it’s that moment when a consumer decides to invest in a product on your mobile friendly site.
When the checkout process is a little complex—for example, when users are asked to fill in too many fields--they quit mid-way. This is called ‘cart abandonment.’ According to Deloitte, cart abandonment rate on mobile shopping can be as high as 80%.
The good news is it’s easy to create a delightful checkout experience with mobile wallets. Tie up with mobile wallets like ApplePay and Google Wallet Also known as touch commerce—the ability to pay without having to provide registration or log-in details either to the merchant or to the payment service—the process only requires customers to scan their fingerprints or a few touches of a screen. It’s smarter, faster and secure.
Leverage the Full Potential of Mobile Technologies
Consumer behaviour and technology changes go hand in hand. Companies need to be conscious of that and equip their apps and mobile sites with the latest technology. That could range from the ability to provide touch commerce options, Near Field Communication (NFC) and other location-based services.
Technologies around mobility have come a long way and are changing the definition of what’s possible with it. Create a team of ‘tech observers’ with the responsibility of keeping themselves abreast of new developments in the mobility space and beta test those with a closed group of consumers.
One option is using Beacons—a piece of hardware small enough to attach to a wall--that utilizes Bluetooth to transmit messages. They can be used to provide customers with product information or speed up the checkout process with touch commerce solutions. Apple has already come out with its iBeacon which is built into its devices. Companies like PayPal have also come up with their Beacon offerings.
The future of your business depends on the experience you provide on a five-inch screen. If you can make it a memorable experience for your customer, then you are an m-commerce rockstar.
A mobile-first approach makes it easier for businesses to enhance customer engagement, boost user experience, and increase the overall buyer experience. Morgan Stanley revealed that since 2014, mobile devices have witnessed more active internet users than desktops. Google’s Consumer Barometer 2015 revealed that 52% of Malaysians access internet using smartphones. Another report by statista.com pointed out there will be 13.7 million smartphone users in Malaysia by 2019 and that by the end of 2016 the country will boast of having more than 11 million smartphone users.
It’s exciting times for online business owners in Malaysia, especially considering the rapid internet and mobile penetration in the country. According to We Are Social, 71% of Malaysian adults own a mobile device and 81 million Malaysians are active mobile users and 47% of them use mobiles to shop online. All these numbers actually translate to huge business opportunities for e-commerce and digital native businesses. But, there are a few key areas that business owners need to keep in mind to ensure a successful online endeavour. Here are four: