Convert your mobile commerce into a revenue-generating magnet (infographic)

The electronic industry is an ever-growing market and mobile phones are the main reason behind this growth. From online shopping to booking tickets, mobile phones can perform a variety of functions. It is apparent that young adults depend heavily on mobile phones. So, if you are thinking about going into this business, here are some tips that will help you create a mobile commerce strategy to stay ahead of the competition.

M-commerce, target audience:

Foremost, select a target audience, young adults within the range of 15-25 is a popular choice as, you will be hard pressed to find anyone that age without a mobile phone. Also, research shows that almost 28% millennials in the US prefer shopping on their smartphones rather than on computers. According to millennials, online shopping is one of the top three advantages of owning a smartphone. It was also found that women are twice as likely to splurge on clothes via their smartphones. So providing attractive offers on online shopping with your mobile phone is a key strategy to help women ‘treat themselves’.

On the other hand, the market is not completely saturated yet. There are millennials, 7 of out 10 to be exact, that still shop using their desktops. And, 9 out of 10 millennials are yet to adopt a mobile wallet. Hotel booking, flight tickets etc. are ranked the lowest in smartphone spending priorities. As a result, there is a lot of room for growth and to expand your commerce.

Social media:

Social media has become a part of our day-today lives. To understand the effect it has on our lives, let us look at a few facts:

• 82% millennials check their phones within an hour of getting up while almost 72% millennials sleep with their smartphones by the bed.
• More than 68% of them use Facebook as their primary news source while 21% use twitter to stay updated.
• 41% millennials check and update their social media first thing in the morning.

So, focusing on social media advertising is a key strategy to get your target audience interested in the product you are promoting. For example, the Dove soap brand partnered with Twitter to launch #SpeakBeautiful campaign to improve women’s self-esteem, an innovative and altruistic method of social media advertising.

Research:

Conducting surveys and research is a key way to develop an understanding of the preferences of your target audience. For example, research has noted that millennials spend the most money on flowers when shopping online via their smartphones. Entrepreneurs are most likely to spend money on transport services such as Taxis and Uber on their smartphone. High school students prefer to spend their money on food and order it online with their smartphone. Online banking and bill payment services are very popular with people that are home with a newborn or child throughout the day. Taking the time to research what your target audience likes and doesn’t like helps you to develop a mobile app that will be used and appreciated by your target audience.

Surveys show that one in every three millennials, which accounts for 35% millennials, check their phones twice an hour. Almost half of that percentage checks their phones almost ten times in an hour. This compulsive behaviour of constantly checking their phones can guide your marketing strategy – app notifications and alerts keep your app in the mind of the user.

Fear of Missing Out:

Almost 25% of millennials have the fear of missing out (FOMO) which results from smartphone and social media usage. FOMO is where a person gets anxiety over missing an event or a simple outing with friends and family. It has been triggered through sharing experiences, photos, videos and thoughts on social media where people can see and hear all about it. People are more aware than ever about what is happening in other people’s lives. People want to be involved, share it on social media and check what other people are up to. By adding a sharing feature to your app that links to different social media sites, it is easy to tap into FOMO to help your audience to document their experiences and share it with their friends and family.

Security:

Security is one of the key aspects of making online payments. The collected data for this infographic indicates that people feel unsafe while using mobile phones to access their bank accounts. As a result, only 8% of people use a mobile wallet. Making security a priority with your mobile app and marketing its safety is a way reassure your customers.

Location services:

What do people do when they are lost? They use their smartphones to find the correct route to their destination. This is one of the most practical and useful elements to a smartphone. This is supported by recent collected data which states that location finder on a smartphone is one of the most preferred services.

Games:

Approximately 67% of millennials admit that playing a game on the smartphone is one of their favourite pass-times. Using interactive games as a marketing tool is a strategy that many businesses have used with positive results. Take, for example, Heinz. Heinz expanded its business by using ‘Table games’ and quizzes, which offered prizes and rewards while boosting brand awareness and expanding its e-commerce.

The team at Skilled.co have created this infographic, which looks at 10 key steps to improve mobile commerce. Click here for more information.

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