Introduction:

The process of buying and selling of goods and services via mobile devices, such as laptops and smartphones, is referred to as m-commerce, or mobile commerce. It entails online transactions through websites, mobile apps, and other devices. It gives users comfort. The rise of mobile commerce, or m-commerce promises never-before-seen levels of accessibility and convenience in the ever-changing world of international trade. Nevertheless, there are numerous obstacles to m-commerce integration in developing nations like Bangladesh that go beyond simple technological ones. There are many obstacles that prevent mobile commerce from becoming widely adopted in Bangladesh. We need Shed light on a number of issues, including concerns about security, trust, and the complex interplay of cultural factors, limited internet access, and low digital literacy. Comprehending these obstacles is imperative in order to formulate tactics that facilitate the smooth assimilation of mcommerce into the economic activities of Bangladesh.

Types of E-Commerce

E-commerce means buying and selling things online. There are different kinds of e-commerce for businesses and people.

1. Business-to-Consumer (B2C):

This is the usual online shopping. Businesses sell things directly to people. Think of places like Amazon where you buy stuff online.

2. Business-to-Business (B2B):

This is when businesses sell things to other businesses. Like a factory selling products to a store.

3. Consumer-to-Business (C2B)

Here, people sell things or offer services to businesses. For example, someone freelancing or selling products to companies.

4. Consumer-to-Consumer (C2C):

This is when people sell things to each other. Think of online auctions or sites like eBay and Craigslist.

5. Business-to-Administration (B2A):

Businesses sell things or services to the government. This can be providing services to government agencies.

6. Consumer-to-Administration (C2A):

People do transactions with the government. Like filing taxes or paying fees online.

7. Mobile Commerce (m-commerce):

Using phones or tablets for buying and selling online. This includes shopping apps and mobile banking.

8. Social Commerce:

Buying things directly from social media. You might see a post on Instagram and buy the product from there.

9. Voice Commerce (V-commerce):

Buying things using voice commands with devices like smart speakers. You tell the device what you want to buy.

10. Cross-border E-commerce:

Buying or selling things across different countries online. It's like international online shopping.

Advantage and opportunities of m-commerce

1. Improved customer experience: In an age where customers are demanding more from the companies they interact with, offering a seamless customer experience is vital. Customers want a hassle-free buying journey where they can shop wherever and whenever they want through their wireless devices. Getting the mobile experience right can open up doors for businesses from a whole new range of shoppers. From a customer standpoint, the biggest benefit of commerce is that it’s quicker, easier and more convenient than other shopping channels – meaning more conversions for you.

2. Increased product discovery: You may have your eCommerce site, your social media and potentially a brick-and-mortar store, so why not combine these to create an extra marketing channel to sell products to end-users? Social media platforms such as Facebook, TikTok, Instagram and Pinterest have all introduced “buy now buttons” that allow shoppers to make purchases without leaving the platform. At the end of the day, if social media sites are where consumers spend their time, why interrupt their product discovery process by navigating through to other pages? As social platforms continue to grow and develop, they can be a major contributor to sales growth amongst Gen Zers and Millennials. Younger generations are increasingly influenced by products they discover on social media and through influencers, so why not continue their product discovery experience and allow them to make their purchases right there and then? That’s why having a fully optimized site for mCommerce – or better, an app – is the key to better shopping experiences and increased conversion rates.

3. Reach a wider audience: Mobile shopping allows you to enter new markets that you couldn’t before. Each customer will have a preferred way to shop, whether on their desktop, mobile or through social media, so this is perfect for acquiring new customers in the M-Commerce world. At the end of the day, every user with a smartphone is a potential customer. With 83.72% of people having smartphones in 2022, that’s plenty of opportunities.3 You can have a new audience to acquire and focus on generating and nurturing those customer relationships to take your business further. At the end of the day, every user with a smartphone is a potential customer. With 83.72% of people having smartphones in 2022, that’s plenty of opportunities.3 You can have a new audience to acquire and focus on generating and nurturing those customer relationships to take your business further.

4. Capitalize on impulse purchases: Having a mobile app or a mobile optimized site gives your shoppers the ability to find out information in just a few clicks. This is perfect for the on-the-go shoppers who want to quickly complete a purchase. First things first, for these shoppers you need to make it easy for them. Don’t make them jump through hoops just to find your CTA. These impulsive shoppers often rely on the instant gratification of completing a purchase and the combined rush of stress and excitement from quickly grabbing a deal. It’s a great way to secure sales from this audience of consumers and drive sales in the long run. Plus, if they have a positive experience with you, they’ll likely return.

5. Better pull of data and analytics: Mobile generates a larger pool of customer data due to higher traffic and more frequent use; this can be used by retailers to provide valuable insights into their customers. Mobile software can easily collect customer data, including location, buying history, and email addresses. This data can be used to segment your customer lists based on their characteristics and help you provide more targeted marketing campaigns. This greater pull of data through mCommerce allows retailers to analyse user behavior and build up a clearer picture of their shoppers.

Greater engagement and communication with customers M-Commerce works to increase engagement and communication with shoppers by providing:

· Immediate contact with customers: In the form of push notifications which promote your discounts, and new product releases, mobile shoppers have quicker, easier access to your latest content.

· Greater communication through omnichannel marketing: You can interact with customers through multiple different channels such as SMS, mobile apps, social media platforms and emails. This omnichannel approach expands the possibilities of marketing materials and leads to greater engagement with your communications.

· Expand the customer experience: You can connect with your shoppers in many different ways and develop a tone of voice they come to know and love. These opportunities for greater communications allow your shoppers to build up a relationship with your brand and increase your shoppers’ loyalty. Mobile makes it possible for retailers to communicate more effectively and reach consumers quickly, across different platforms.

Barriers to M-Commerce in Bangladesh

Several barriers to M-Commerce (Mobile Commerce) in Bangladesh include:

a) Limited Internet Penetration: Despite its development, mobile based commerce is unable to reach most people in the country due to in constant internet access which prevents it to attain the masses.

b) Smartphone Affordability: It is very costly for a high proportion of people to purchase smartphones that are compatible with m-commerce.

c) Digital Literacy: Certain people in the society are not digitally literate hence cannot make use of mobile based transaction records.

d) Security Concerns: M-Commerce transactions are not usually made by users due to some perceived and actual security threats which involve loss of data or fraud.

e) Payment Infrastructure: This is because, there are no strong and widespread digital payments system that ease the process of mobile money transactions.

f) Regulatory Hurdles: In some cases, complex and complicated laws may serve as a huddle for the growth of M-Commerce. It also addresses uncertainties from both business and user sides.

g) Cultural Factors: This aspect relates to culture and choice because some consumers still prefer trade in the conventional way compared to the mobile-based transaction system.

h) Limited Product and Service Offerings: Appeal could also be reduced in M-Commerce if companies did not produce enough variety of products and services.

i) Infrastructure Challenges: Low internet speed in areas and poor network coverage make it difficult for efficient flow of M-com services.

j) Customer Trust: However, these doubts about reliability and authenticity may hinder the adoption of the platforms. Integrated policies incorporating public, private, and e-literacy and ICT infrastructure efforts are used to overcome these barriers.

Regulatory Engagement and compliance:

Brief overview of regulatory environment on mobile commerce up to January 2022, more here. As appropriate, they also target M- commerce statues of banking, FTC, and financial telecommunications industry in general. uitgen: They offer reproductive teaching, guidance, family planning, and health teaching among other things. /***/: They also report on issues pertaining to reproduction.

Key points to consider:

Central Bank Regulations:Bangladesh Bank would facilitate this through making its general terms of payment agreement, having special features that fit mobile money payments. Ensure compliance with their guidelines.

Telecommunication Regulatory Authority: Discussing the procedure of approving such instructions as a recommendation for telecoms regulator authority in Bangladesh.

Data Protection:Properly following these personal data security rules. Principles and rules in connection with the privacy or data protection laws currently in operation.

Payment Gateway Regulations:This is because m-payment has numerous electronic payment processors that follow varying laws concerning commercial money transfers. Accordingly, the message at hand was extremely timely as well as crucial.

AML and KYC Requirements:Enhance anti-money laundering measures and know your customer (KYC).

Consumer Protection Laws:Competition law evaluation includes observance of anti-abuse policies, such as restrictions on abusive consumer protection and protective customs’ duties.

Licensing and Registration:Ensure that appropriate permits licensure and registration are available for the duration of the m-commerce period. The lawyers in Bangladesh or the regulatory bodies may provide guidelines for other laws that apply to the same problem. It also happens that the regulators usually amend their laws frequently.

Monitoring and adaptation

Barriers to M-Commerce adoption in developing countries like Bangladesh may include limited internet infrastructure, low digital literacy, concerns about security and privacy, and a lack of trust in online transactions. Monitoring and adaptation strategies should focus on improving connectivity, providing education on digital technologies, addressing security issues, and fostering trust through reliable payment systems and customer support. Additionally, tailoring M-Commerce solutions to suit local needs and preferences can enhance adoption in the specific context of Bangladesh.

Collaboration with financial

In Bangladesh, several barriers impede the widespread adoption of Mobile Commerce (M-

Commerce) in the context of collaboration with financial institutions. One significant obstacle is the limited access to the internet, particularly in rural areas. The lack of robust telecommunications infrastructure hampers the seamless connectivity required for M-Commerce transactions. Expanding internet accessibility through infrastructure development initiatives is crucial to overcoming this challenge.

Moreover, low levels of digital literacy among the population pose a substantial barrier. Many individuals may not be familiar with M-Commerce platforms or lack the skills to navigate them effectively. Addressing this issue requires concerted efforts in digital education and awareness programs to enhance the overall digital literacy of the populace.

M-Commerce's Impact on Society and Communities

M-commerce, or mobile commerce, has fundamentally altered how we shop and engage with businesses. Its impact goes far beyond mere convenience and economic gains, influencing social interactions and communities in intricate ways. The social impact of m-commerce can be described based on Uplifting Communities, Navigating the Challenges, and Community-Driven Solutions which represents both negative and positives side of M-commerce.

Uplifting Communities:

• Financial Inclusion:

M-commerce empowers individuals in underbanked communities by granting access to essential financial services. Mobile wallets and banking apps enable seamless transactions, savings, and micro-loans, fostering entrepreneurial spirit and empowering individuals.

• Knowledge for All:

M-commerce platforms serve as gateways to education and information for those in remote areas or lacking traditional educational opportunities. E-learning platforms, mobile apps, and online resources improve literacy rates, enhance digital skills, and empower communities with valuable knowledge.

• Bridging the Healthcare Gap:

M-commerce facilitates remote healthcare through telemedicine platforms and mobile apps. Patients can consult doctors online, receive diagnoses, and access medication delivery, making healthcare more accessible and affordable, particularly in rural areas.

• Connecting and Engaging:

M-commerce platforms foster social connection through online marketplaces, social media integration, and e-commerce platforms. Communities can connect around shared interests, promote local businesses, and collaborate on projects, strengthening social ties and fostering a sense of belonging.

• Economic Engine:

M-commerce platforms provide opportunities for small businesses and entrepreneurs to reach wider markets and customers, leading to increased income, job creation, and overall community economic growth.

Navigating the Challenges:

• Digital Divide:

Unequal access to technology and internet connectivity exacerbates existing social inequalities, limiting the benefits of m-commerce for certain communities. This can further marginalize vulnerable populations and hinder their economic and social advancement.

• Privacy Concerns:

M-commerce platforms collect and store vast amounts of user data, leading to concerns about privacy and data security. Lack of awareness and control over data usage can expose users to discrimination, targeted advertising, and manipulation.

• Social Isolation and Addiction:

Excessive reliance on m-commerce platforms can lead to social isolation, decreased physical activity, and even addiction to online shopping. These can have detrimental consequences for mental health and overall well-being.

• Job Displacement:

Automation and online platforms can lead to job losses in traditional retail and service sectors, displacing workers and negatively impacting their livelihoods.

• Environmental Burden:

The increased consumption and delivery associated with m-commerce can contribute to environmental problems like pollution and waste generation.

Community-Driven Solutions:

To maximize the positive impact of m-commerce while mitigating the negative, community involvement is essential. Here are some potential approaches:

• Digital Literacy Programs:

Providing training and resources to help individuals develop digital skills and navigate online platforms safely and effectively.

• Empowering Local Businesses:

Encouraging the use of local m-commerce platforms and online marketplaces to support small businesses and entrepreneurs within communities.

• Ethical Guidelines:

Establishing ethical frameworks for data collection, use, and sharing within m-commerce platforms to ensure user privacy and security.

• Bridging the Digital Divide:

Investing in infrastructure to expand internet access and provide affordable technology, ensuring equitable participation in the digital economy.

• Promoting Responsible Consumption:

Raising awareness about the environmental impact of m-commerce and encouraging sustainable consumption practices among users.

Through active community engagement, m-commerce can become a powerful tool for social good, fostering economic growth, improving access to essential services, and strengthening social connections. However, addressing the potential negative impacts and ensuring that m-commerce benefits all members of society, not just a select few, is crucial.

Future Outlook of M-commerce:

With mobile devices firmly entrenched in our daily lives, m-commerce has become the undisputed king of online shopping. Looking ahead, its trajectory is clear – a skyrocketing rise fueled by technology, changing consumer habits, and a globalized market.

1. The Mobile Reigns Supreme:

§ Mobile phone users, estimated to reach 7.7 billion by 2027, will further propel m-commerce's dominance.

§ The lightning-fast speeds and minimal lag promised by 5G networks will enable richer, more engaging mobile shopping experiences.

§ AR and VR technologies will break down the physical barriers, allowing customers to virtually try on clothes, furniture, and more before purchase.

§ AI and machine learning will take personalization to the next level, tailoring shopping experiences to individual preferences.

§ Social media giants will become even bigger players, allowing seamless shopping directly from their platforms.

2. Redefining the Shopping Landscape:

· Mobile wallets will rise as the preferred payment method, offering convenience, security, and loyalty program integration.

· Brick-and-mortar stores will integrate AR and VR technologies, creating interactive experiences where customers can virtually try products.

· As mobile penetration and internet access increase globally, m-commerce will reach new frontiers, bridging geographical limitations.

· The boundaries between online and physical retail will blur, offering seamless omnichannel experiences like order-online-pick-up-in-store or mobile in-store purchases with home delivery.

· AI and machine learning will personalize everything from product recommendations and pricing to promotions, shaping each customer's journey.

3. Beyond the Horizon:

· Wearable devices and voice assistants might become the next frontier of m-commerce interaction.

· The sharing economy's growth could see m-commerce platforms facilitating peer-to-peer transactions.

· Subscription services might gain traction, offering recurring deliveries and personalized product bundles.

· "Conscious consumers" seeking ethical and sustainable brands will influence m-commerce platforms to prioritize transparency and responsible practices.

· Sustainability concerns will likely drive the development of eco-friendly solutions within the m-commerce ecosystem.

4. The Future is Mobile:

M-commerce is on an unstoppable trajectory, driven by innovation, evolving consumer preferences, and a globalized market. Businesses that embrace these trends and adapt their strategies will be at the forefront of this exciting future. As technology continues to advance, the possibilities for m-commerce are endless, promising a revolutionized shopping experience that is personalized, convenient, and accessible to all.

Conclusion:

In conclusion we can say that M-commerce is completely changing how consumers shop and conduct business. Globally, its future appears bright, full of innovative business and consumer opportunities as well as convenience and accessibility. The retail industry is expected to witness a significant transformation with the increasing use of smartphones and their technological advancements. This will change the way goods are accessed and transactions are made, particularly in Bangladesh and other rapidly growing regions. M-commerce has a lot of potential in Bangladesh because smartphone adoption is rising, and internet infrastructure is getting better. It has the potential to completely change the retail industry by providing convenience and accessibility to a population that is ready for digital solutions. As it develops further, it offers a big chance for companies to get into a developing market and for customers to have a more convenient with various shopping experience.

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