Advantages and Disadvantages of M Business
Mobile business or m business has withstood the harsh time amid global pandemic. Mobile business is the name given to business models using mobile and wireless technologies and devices like smartphones, tablets, and Bluetooth devices. Smart technology has revolutionized the businesses are conducted today. Besides the positive changes, the business has also raised some concerns. The Advantages and Disadvantages of M Business detail the pros and cons in today’s era.
What is M Business?
Mobile business or m-business started in 1997 with the installation of the first-ever mobile-phone enabled Coca Cola vending machines in Helsinki, Finland. Firstly two machines were set up that accepted payments via text messages.
The key feature of using mobile business is the mobility it provides to its user, who can access information from any place with the help of smartphones or mobile devices.
In the smartphone era, many companies like Amazon, Alibaba, eBay have introduced mobile apps that allow users to run the entire business electronically, including accepting payments, issuing refunds, packaging, inventory and delivery of products. In addition, it gives you a track of business with graphical and statistical representations.
What are the Advantages of M business?
In this modern era, smartphones and electronic gadgets have become an essential utility without which life would be different today. Now with the increasing use of modern-day equipment, almost everything is related to the internet. Without it, the IT sector might not be at the level it has reached today. The following advantages of M business have led to possibilities.
With automated apps and tools just on your mobile, you are ready to move along with your business anywhere. You can access them anywhere with just a mobile internet or WiFi network. With the applications, the whole business can be monitored and controlled. Also, daily, weekly statistics can help in planning future growth.
2. Online Presence
The whole idea in mobile business is to keep in mind the needs of businesses and access them through a mobile device. When the business is online, it has an online presence and can be seen easily by anyone. The website can be searched online, and the portfolio itself can help reach a large number of customers.
3. Global Reach is one of the key advantages of m business
According to the study conducted in January 2021, there were 4.66 billion active internet users worldwide, making up 59.5 % of the global population. A user spends an average of 145 minutes on social media every day. A large number of users spend their large time searching for online products and services. Even automated ads are feeding a lot of new things online.
Those who want to promote their products can share them online via social media networks or use paid advertising to get more customers from every part of the world.
4. Highly automated services
From Micro Business to Dating Apps, wow, with everything is controlled with a mobile device. The whole process is completely automated, where users can set the controls according to their preferences.
Uber and Ola use m Businesses tools to give users a friendly app experience. Likewise, many businesses run using one or multiple online services to offer the best services to the customer.
5. Ease of access
Both the business and customers reap these advantages of m business in an easy way of providing and accessing the services. After finding the right platform for your business, it is very easy to upload the business details, products, and services.
The clients can search for the right products and services, post their reviews, and get deals and discounts from the wide online market.
What are the Disadvantages of M business?
Without modern-day equipment such as smartphones and the internet, it's impossible to run a mobile business that is completely a new market to explore for many people. Here are some other concerns that count as major disadvantages of m business.
1. Technological Dependency
One of the main disadvantages of m business is the complete dependence on electronic equipment and the internet. Lack of internet or phones makes it quite difficult for m business to be conducted anywhere and everywhere.
Although internet services are available worldwide, the whole concept of mobile business is based on connecting online people to online businesses, which is impossible if the customers don't have access to the technology.
2. Initial and Maintenance cost
A mobile business needs to have an app or website to operate seamlessly. You require an initial investment that has to be made in advance before starting an online business. Also, the tools with advanced features are paid mostly.
Thus, if you are looking to launch your m business through mobile apps or other tools there are fixed monthly and yearly cost which has to be born by the business even if doesn't generate any revenue. For bigger businesses, cloud storage for bulk information is a must which further adds to cost.
3. Huge competition
With big brands like Amazon, eBay in the market, there is a little less scope for other businesses to enter the market. Smaller businesses may not meet the marketing costs incurred by bigger brands for selling their products and services.
Also, for every niche, there is a large number of people selling different variety of products. With everything running on search engines' algorithms, there is little you can do to rank your products higher in any category. Inability to make a strong presence in the market is one of the dreaded disadvantages of m business.
4. Privacy and Security
With everything available online encrypted with security, there is a huge chance of cybercriminals overpassing the security and breaching your personal and financial information.
With tools and technology, you might have to get proper security for your business and save yourself from sharing your passwords and other information online. Also, you need to aware of not sharing your info with other people also.
5. Business Loss is one of the leading disadvantages of m business
Since the whole business is based on electronics, a flaw in the technology can lead to business failure. Furthermore, losing the device can create further problems, especially when all the business-related details reside on your device.
In addition, while on the go, you can completely lose control of the business, and any need for an update of information cannot be rendered.
Conclusion on pros and cons of m business
Mobile business is the new normal for many businesses and startups. There are plenty of different ideas for starting a mobile business. With fewer downsides, m-business provides a good scope for newer types of business like food delivery, Cab booking, and even pet grooming services. Understanding the pros and cons of m business before investing time and funds is a considerable move.