Canadians increasingly rely on their phones to connect them with the outside world. They get their news, work deadlines, meals, healthcare information and much more from the convenience of handheld devices. More and more, they also turn to their phones to shop, as the recent uptick in “M-Commerce” indicates.
M-Commerce (or Mobile Commerce) is a relatively new term used to describe the shift in traditional E-Commerce toward mobile applications. In the same way E-Commerce disrupted brick-and-mortar shopping a decade ago, M-Commerce is currently re-writing the shopping narrative in Canada to focus on mobile phone applications rather than websites. Thanks to innovative mobile app development in Toronto and elsewhere, it is easier than ever for Canadians to shop via mobile apps.
In this article, we unpack the phenomenon, providing statistical insights, observed advantages and strategic advice for companies aiming to capitalize on the M-Commerce boom.
M-Commerce by the Numbers
As far back as 2010, the Consumer Trends Updates from the Government of Canada noted a “blurring line” between E-Commerce and M-Commerce, suggesting that skyrocketing mobile phone penetration in the country would signal a sea-change in how Canadians approached shopping.
They turned out to be correct. According to Statista, M-Commerce sales revenues in Canada hit 20 billion USD last year, compared with retail E-Commerce revenues of 29.9 billion USD, indicating a narrowing gap of influence. According to their forecasts, that gap is set to narrow even further.
Similarly, JP Morgan, in their roundup of research and insights into online buying, concluded that “clear, image-rich apps” are key to e-commerce growth in Canada.
The Advantages of Mobile Commerce for Businesses
M-Commerce benefits businesses in several ways. A few noted advantages of M-Commerce, as observed by businesses with robust, well-defined mobile strategies, are:
- Better marketing: Apps allow businesses to reach out directly to customers through push notifications and AI-powered chatbots, creating new opportunities for touchpoints.
- Leading the path to purchase: User-friendly apps that leverage predictive data and intuitive ordering help guide the buyer’s journey, making the process from browsing to shopping cart to purchase effortless.
- Ease of access: App developers can build accessibility features like voice-based ordering into a retail app to ensure that businesses do not leave anyone behind.
- Access to insights: Retail apps offer a treasure trove of valuable insights. Businesses can incorporate browsing and behaviour data from their app to adjust their supply chain, address blind spots in their product features, test new products, and market more effectively.
Finally, mobile commerce apps connect your business with the growing number of mobile-focused Canadian shoppers.
How to Capitalize on the M-Commerce Boom
The best – perhaps only – way to capitalize on the M-Commerce boom in Canada is to create a custom mobile app for your retail business.
If you own a thriving E-Commerce or brick-and-mortar retail business, consider creating a powerful app to support your store. If you want to start a retail business, make sure mobile app creation is at the top of your project budget list. Work collaboratively with a mobile app development company to create an intuitive, frictionless retail experience.
Current projections suggest that M-Commerce isn’t just here to stay – it’s here to dominate. To capitalize on the advantages of M-Commerce, businesses should partner with a collaborative mobile app development company and brainstorm a range of strategies for acquiring and retaining new customers.