The world is evolving, and with it, every sector of the world is undergoing significant changes. From the way people travel to how they manage businesses – the world is full of tech-powered solutions. The tech and digital innovations today are introducing ease and convenience in people’s lives.
It can be stated that the conveniences people enjoy today were inconceivable a few decades ago. Among the many innovations, the one that has proved the most beneficial for the consumers is, of course, the facility of shopping from one’s favourite stores from the comfort of their homes.
Thanks to the evolution in mobile technology, people today have the privilege to shop for groceries, clothes, accessories, and even services from the palm of their hands. The most attractive feature is the capability to pay online and eliminate the stress of carrying cash or a card around the town!
Aiding this evolution are the mobile commerce platforms; NetSuite, Salesforce.com, Moltin, Oracle Commerce Platform, Kony, Retalo, and many more. The number of mobile commerce platforms available indicates the widespread popularity of the concept of mobile shopping.
Understanding Mobile Commerce Platforms
Before we understand how these innovative tools are expected to revolutionize the way retailers manage online stores, we must understand the basics.
What are mobile commerce platforms?
These platforms are developed specifically to make ‘shopping’ a convenient experience for all. Even retailers and merchants can significantly benefit from these tools. Mobile commerce platforms help a shopper enjoy electronic commerce assistance anywhere and anytime. Not only are the online stores leveraging these tools, but even the brick-and-mortar stores are integrating them into the business models in an attempt to elevate the in-store shopper experience.
How? Well, these platforms allow physical stores to provide their customers with location-based assistance, push notifications, barcode scanning, and much more.
What more? Mobile commerce platforms also offer mobile banking capabilities. It can be said that these platforms are surely changing the landscape of the commerce sector.
The Growth of Mobile Commerce Platforms
Did you know that the industry of mobile commerce touched $467.35 billion in 2019? Given that the industry was valued at only $116.12 billion in 2014, this significantly increased. The industry, as of 2019, was growing at a rate of 32% (Compound Annual Growth Rate (CAGR)). [Reference: Mobile Commerce Platforms Industry Analysis, Market Size, Share, Trends, Growth and Forecast 2021 – 2029: https://jcmarketresearch.com/report-details/1320889]
As the industry of mobile devices, including smartphones, tablets, phablets, is expected only to grow, the sector of mobile commerce platforms will only expand. That is why the world sees tools like NetSuite, Salesforce.com, Moltin, Oracle Commerce Platform, Kony, and Retalo in the market. Other factors that are aiding the growth of this industry are; the ever-growing number of internet users, improved broadband speed, and the onset of digitalization.
The Key Players
There is no denying there; mobile commerce is on its way to becoming the next big phase in technology. Even though this concept made its way through the concept of eCommerce, but is, without doubt, surpassing its popularity.
Today, platforms such as NetSuite, Salesforce, Oracle, along several others are boosting the growth of this industry. Salesforce.com is one of the strongest competitors when it comes to mobile commerce tools. It is a commerce cloud that helps retailers streamline all commercial operations and align them with their growth goals. From purchase to post-sale, this platform is proving powerful in unifying the customer experience.
Next in line is the Oracle Commerce platform. This platform, offering omnichannel support, provides the users complete control over a business’s scalability. From managing omnichannel experiences to boosting promotions, this platform works wonders for merchants and retailers with its functionality to process data to deliver unparalleled experiences.
Kony is another market key player in mobile commerce through offering support to the entire SDLC application. It enables businesses to design and deploy multi-edge customer experiences.
These are the key players in the market that are set to disrupt the industry by changing the way retailers craft customer experiences. Mobile commerce is gaining momentum, making it evident that these platforms will only grow to include more functionalities to make things convenient for their users!