Mobile commerce, popularly known as m-commerce, is a medium that helps people to buy and sell goods and services through their smartphones and tablets. In simple words, m-commerce means any monetary transaction completed using a mobile device. Kevin Duffy introduced this term in 1997. Some examples of m-commerce include purchasing, e-commerce apps such as Flipkart, Amazon, or a digital wallet app such as Paytm, Samsung pay, apple pay, and android app.
According to the report, spending through mobile devices, the total eCommerce sales accounts to 34.5%, and the number is still growing. It is the most rapidly growing sector of e-commerce, and web app development companies play a vital role in developing a robust, interactive, and feature-rich application. In India, approximately more than 70% of online transactions happen from mobile phones, and it is a 700 billion dollar industry all across the globe. The most affected industries by m-commerce include financial service, telecommunications, service and retail, information service, and many more.
Here, in this article, we will discuss the advantages, disadvantages, and must-have features of m-commerce.
Advantages of M-commerce:
1. Provide easy store access
No doubt, M-commerce websites, and apps help customers to explore the product available in the market. They don’t need to travel to the store to purchase any goods or services of their needs. They can buy their product online with their smartphone or tablets. This helps to save their efforts, time, and money.
2. The large order processing platform
M-commerce allows store owners to sell numerous products or services at once throughout the day. As customers don’t need to go through a checkout line for any transaction that takes so much time. A customer can easily log onto any platform and purchase anything or everything according to their requirements.
3. Better user experience
User experience matters the most in e-commerce as there is no possibility of direct contact in this kind of shopping. In today’s era, people are so well acquainted with their smartphones or tablets. And, they know precisely how to search or purchase the desired products or services of their need in just some simple clicks. Not only does m-commerce provide better user experience, but also it saves time too. To provide smooth user experience, make sure your mobile app must be fast, convenient, interactive, and exclusive. This will also help you to make your eCommerce business successful.
4. Higher ROI
According to the Google reports, approximately 67% of people prefer to purchase any product or service from a mobile-friendly m-commerce site. And, about 61% of people move away from a website that is not mobile-friendly. Even though your product explicitly states it’s benefits, but a word of mouth marketing boosts the sales. When a customer using your product, gives their review offline or online, they motivate other potential customers. Since this type of marketing is free, it generates more profit and covers the cost of upgrading your eCommerce site.
Disadvantages of m-commerce :
1. It requires technology access
What if a customer doesn’t have a smartphone? Well, if a customer doesn’t have a smartphone or tablet, then he can’t leverage m-commerce service that mostly business provides. If a customer has a smartphone, then also it must be able to retrieve company information and transmit a sales order. So that the user can get a brilliant experience.
2. High competition
M-commerce creates a global market, so the competition for any product or service becomes automatically super high. There are numerous m-commerce apps available all across the globe that provide precisely the same service you provide. As you are not the only provider in your community, it takes a lot of time and effort to build up sales from mobile commerce.
3. Requires fast service at all times
Obviously, it requires a fast service to engage potential audiences. With m-commerce, you have to provide quick service at all times, no matter what. According to the report, customers will stop using an app or website that takes more than 10 seconds to load the information.
You must be vigilant enough to maintain your mobile platform to avoid issues that could cost some business.
Must-have Features of an m-commerce application
Add Analytics and Information- In the world of big data, analyzing and recording the data is one of the essential features that you must embed in the application. Analytics helps you to make the necessary changes in the decision, and it also allows users to compare and make the right decision. With the help of data analytics, you can understand the user behavior and can improve the user experience significantly. To offer useful, delightful interaction, and easy to use m-commerce applications, make sure that you hire the best UX design company in India.
1. Log-in with Social Media Account
Another critical feature that you should consider while developing an m-commerce application is providing a simple and easy log-in option. Offering Social Media log-in option, users can seamlessly register themselves within the app without any fuss. This system will also help you to get the required information about your potential audience.
2. Push Notification
One of the most compelling features is incorporating the push notifications, which helps you to reach out to your every potential user with an immediate effect. With push notification, you can inform your users about promotions, discounts, sales, and other marketing activities that give you beneficial results. Customers can get all the latest updates about your m-commerce application. From the perspective of business growth, push notifications are helpful.
3. Search and Filter Option
Must include advanced search and filter option features in your m-commerce application to offer a seamless experience to the users. With the help of an advanced search option, users can search the product based on their needs, which saves the users time.
Filters are an extension to search the target product or similar ones when applying the filter option, either individually or in combinations.
If you are planning to develop an m-commerce mobile application, it is necessary to offer an amazing experience with all the critical elements. A great experience is a soul of shopping for users.
According to Business Insider, it is expected that m-commerce volume to rise at a 25.5% CAGR from 2019 to hit $488.0 billion in 2024. Smartphones and Tablets are driving the m-commerce revolution. Are you looking for a top mobile app development company in India? Share your app idea with us and take your business to the new level!
In the digital era, new technologies and techniques accelerate at a rapid pace, and no wonders your cybersecurity defense need more support than ever. Over the past years, we have seen cybercriminals gangs become much more sophisticated, and it will continue to target organizations and individuals all around the globe. According to the global market insights report, the global market size will surpass $300 million by the year 2024. It is quite essential to secure our private information as it is more vulnerable than ever before.
As the year 2020 is here, so we have a list of some standard cybersecurity prediction too that is going to happen in the year. Cybersecurity solutions that worked nicely in 2019 may not necessarily work in 2020. we believe, if you are aware of cyber risks, then it may be easier to protect yourself from numerous hackers, malware, and viruses. Here, in this article, we will discuss some cybersecurity predictions for 2020 that you must not ignore. It will be quite interesting to see what cybercrime has in store with it :
Hackers will be Supposed to Target the 2020 Voter Registration Systems During the 2020 Elections
As we already know, the 2016 U.S. Presidential Elections were not the fair one, and election hacking happened so, we can predict the same about the upcoming 2020 elections too. Hackers will try their best to target the state and local voter databases as their main goal is to create voting havoc and triggering voter fraud alerts during the 2020 election.
Healthcare Security could Top the Charts in 2020
In today’s world, almost everyone health insurance. In the year 2020, we can see a massive rise in healthcare insurance that opens up the possibilities of fraud in this sector. For hackers, this sector is one of the most comfortable areas to hake as it has no apparent loser insight so, we can predict in the year 2020 healthcare fraud could see an enormous spike.
Businesses will start Allocating more Towards Cybersecurity Budgets
According to the findings of EYs’ Global Information Security Survey’, approximately more than 70% of Indian companies are supposed to increase their cybersecurity budget as cybercrimes are growing in huge numbers. As the demand is so high, we can predict in 2020; the cybersecurity budget is also going to increase.
Privacy and Security Risks will become Reputational
Without any doubt, privacy and security breaches will have financial or technical impacts. It includes credit/identity theft insurance, monetary losses through fraud, consultant’s fees to investigate the breach, costs of communicating to affected customers, the well-publicized regulatory fines, PR costs, legal fees as well as marketing costs to repair a damaged customer relationship.
The businesses will know the importance of their companies’ reputations and started valuing because this is something that can be irrevocably damaged. This is not only limited to security – this could be because of environmental impacts, labor practices, service shortcomings, paying taxes, or boardroom tangles. “Data steward” – or how carefully people’s data is to treat people’s increasingly a part of corporate social responsibility. This is something that can never be ignored. An increasingly energized citizenry is part of a new reality that calls for new rules for managing brands and reputation. An increasing rate of consumer boycotts, activism, and social media means then it will be tough for brands to recover from failures – and this increasingly energized citizenry power brings corporate failings. It will continue to be a factor in 2020.
Scarcity of Skill will Continue
A year is too short to bridge the skills gap, such as in cybersecurity. It is a long term challenge!
The demands for skills are not for “security” only but for those who have a comprehensive view across cyber risk and the areas elsewhere in the business to which it relates. There is a high scarcity of multi-skilled individuals, and it will become particularly evident in the short term as cyber risk interfaces quickly with audit, marketing, compliance, and other business functions.
In 2020, Expect to see the demand for the security team for various needs-
The demand for security teams that understand the broader business risk landscape (as well as security risk management)
For privacy and security managers that can shape their strategies in terms of marketing and reputational endeavors.
For IT staff that can understand the point of view of audit (and vice versa).
And, for cybersecurity operations teams that will understand and see audit as a beneficial determiner, rather than an overhead.
Managed Security Service Provider (MSSP) market will grow more
The Global Managed Security Services Market is expected to exceed more than US$ 58 billion by 2024 and will grow at a CAGR of more than 14.5% in the given forecast period.” By MarketWatch. We don’t see this trend abating soon since businesses increasingly struggle with growing cyber threats. Small businesses are not able to deal with advanced and organized cyber threats, and often their technology is outsourced to hosting companies, development teams, cloud providers, etc. Security monitoring, threat detection, and incident response follow the same model. All MSSPs will want to grow their business – that means finding more customers (and hence having keenly priced entry-level services) and having a portfolio of value-added services they can offer on top. So this market growth will bring increased importance & focused on the role of the MSSP with an escalating no.of new and existing customers as well as SMEs. The adoption of MSSP services will continue to grow because they are the last, first, and the only line of defense from cyber attacks.
Insider threat is one of the significant factors concerning cybersecurity. According to the U.S. State of Cybercrime Survey, Insider threat continues to be a problem with approximately 50% of organizations. This threat will continue to remain a significant one in the year 2020 too.
The third-party attack will rule the roost
Hackers are always looking for the easiest way to infiltrate into computer networks. Third-party supply chain attack is undoubtedly considered as the most favorable way to infiltration so, and we can predict the third party attack is going to rule in the year 2020 too.
In security, we often talk about the ability to see threats coming, or to detect attacks, or to gain better oversight over the activities on our networks and the systems we protect. It is all about perceptibility. Putting efforts into detection solutions, AI, reporting, and dashboards mean that marketing teams will be unable to avoid the temptation to draw pictures and write copy linking that ambition to measurements of human vision.
Parangat Technologies can provide you with the ability to threat model successfully with mobile, web, IOT-embedded applications, AWS and Azure. Contact us to speak with an application threat modeling expert today.
Do you want to know the exciting developments that are coming your way in the coming year? What technology trends can we expect to see in the future? As we all know, technology is evolving at a rapid pace; it isn’t easy to predict the annual mobile app development trends. As we look into the future techniques and imagine the possibilities, then it seems more exciting and bright than ever.
As technology evolves, IT professionals also need to up-scale themselves and stay up-to-date with development in technology. The year 2020 brings many game-changing technology trends that you need to master and skill. Some technology already is embraced by modern enterprises, while some new technologies are still left and are not common finds in the IT industry. Other technologies are ‘prime pickings’ which not only change the way we work but also as we live and socialize. The upcoming modern technology that we know and savor evolves drastically with newer applications and use cases. We will begin to see the new benefits and opportunities for advanced technology.
IT Workers have to keep their eyes on the future, understanding what skills they need to learn. Without wasting more time, now I would like to draw your attention to the top technology trend that you should look in 2020. Also, these technology trends will create huge advantages for businesses too.
The Top 10 Technology Trends For 2020
1. Robotic Process Automation (RPA)
More companies are turning to robotic process automation to streamline enterprise operations and reduce costs. With RPA, businesses can free corporate workers to focus on higher-value work or to give more time to attending customers. Others see RPA as a temporary way to deal with a problem en route to intelligent automation via AI and ML tools, which can be trained to predict future outputs. As companies are more inclined towards this technology, making it an advantageous subject to learn. The demand for RPA developers is on the rise. So, it would be best for you if you learn RPA.
Explore the Curriculum with RPA skills.
The repetitive tasks are much included in any nine-to-five job in any industry. With the help of Robotic Process Automation, you can automate such routine and repetitive tasks.
There is no need to write any code to automate monotonous tasks.
The trend of bots and machine learning in 2020 is going to shoot up, which means RPA will become a valuable skill to have.
2. Internet of Things
The trend of IOT in 2020 is soon going to skyrocket in the market. It no longer remains a buzzword but has become a full-fledged technology ecosystem in itself that will quickly establish a strong foothold for all of us. And this can transform our lives completely. IoT essentially is a giant network that is connecting with many devices and creating a virtual system where everything works seamlessly via a single monitoring center of sorts. According to the Gartner, it is predicted that 20.4 billion connected things will be in use worldwide by 2020. It will be worthwhile to enhance analytical skills for churning out relevant information, especially from IoT devices.
3. Artificial Intelligence and Machine Learning (AI & ML)
Artificial technology or AI is not a new word in the tech industry. But it has created a buzz in today’s technology and business landscape. Still, since 2018, Artificial Intelligence and Machine Learning have reached a critical tipping point and is a crucial driver of the Fourth Industrial Revolution. The effects of AI (in its embodied form of robots) will soon be seen in businesses, homes, and even public spaces. ML and AI will provide companies with unparalleled visibility into their competitive landscape, actual performance, and allocation of resources.
In 2020, the trend of mainstream implementation of Artificial Intelligence solutions for enhancing business performance and productivity will continue to grow. In the decade, Up-skilling the knowledge with AI skills is required for IT software. Because ML and AI will not be going anywhere in the future. It is here to stay for a long period. This year 2020, the trend of AI and ML technology gives marketers a unique opportunity to deliver a brand-new value across their entire business. Explore the curriculum to Master AI and ML and have a bright crystal career ahead of you!
Blockchain is one of the top strategic technology trends for 2020. It is an open, digital ledger that stores all the data of the transactions done over its network. This is the technology that powers bitcoins, the most popular peer-to-peer currency that has taken over the world. The benefits of Blockchain are countless, including secure registry, smart contracts, secure user identification, smart storage, decentralization- the list is endless! A new blockchain trend, as a Service (BaaS), is a cloud service, which is offering by big tech companies, to enable the users to develop their own digital products by working with Blockchain.
Block is a new technology, and there are only a few developers who are expertise in Blockchain. So, its high time to develop skills and experience about blockchain technology because the demands for developers of Blockchain is on the rise.
The long-awaited technology, 5G roll-out, and is all set to make a move from concept to reality in 2020. The next-gen network technology will boost mobile networks and offer incredible high internet speed and extremely high capacity. 5G will take the industry beyond communication and will enable businesses to unlock the full potential of the cloud. This helps them to gain new insights.
“5G wireless networks will support 1,000-fold gains in capacity. Which means it will give connections for at least 100 billion devices and a 10 Gb/s individual user experience of extremely low latency and response times, by Huwaei
However, mobile network carriers will need to increase bandwidth and decrease network costs. So mobile users can also take advantage of its speed. Moreover, LTE adoption is supposed to reach $672 billion by the end of 2020.
Innovation & technology trends are emerging now and then all around us. Well, these are the top 5 trending technology that offers an excellent career path for the future and present too. As we know, the above-mentioned trending technologies are all new, and there are only a few people who are skilled with these technologies. So, this is the right time to choose one or choose all either and explore your curriculum at the early stages of the technology, and have a happy career this 2020.
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