Market saturation is a term used to describe the situation whereby a market is no longer generating new demand for a product. There are many reasons why this may occur. From competition, to obsolescence, to simply a decrease in the need for the product – the options are varied. Nevertheless, a saturated market does not mean that there is no scope for growth. It simply means that the amount of product provided has been maximized in the current state of the marketplace.
Prime examples of this would be automobile and refrigerator markets. In these industries, the only way to achieve further growth is to improve the product or experience a rise in overall consumer demand. This is where mobile commerce comes into play. Mobile commerce can help you to bring added value to the consumer. Thus, by improving your product you are able to benefit from higher levels of demand, even if you operate in a marketplace that is indeed saturated.
Let’s illustrate the value of using mobile commerce in a saturated global market with an example. Take the financial services market. Many would agree that this is a saturated market where both traditional and mobile bank payment solutions suffice. When it comes to checking and managing your finances, this financial product has certainly maximized its potential in relation to quantity provided in the marketplace. However, this definitely does not mean there is no scope for potential. Mobile commerce provides an excellent opportunity for financial service providers to grow.
Why? Well, mobile commerce offers two distinct advantages. It provides both freedom and flexibility. These are two qualities that are beneficial in all industries and markets, not just finance. However, when it comes to finance, the ability to handle your money as you wish is and where you wish is extremely advantageous. By developing your mobile commerce solutions, you can really add value to the consumer and improve the user’s life.
So, how do you make the most of mobile commerce in a saturated market to ensure you reap the benefits and stand out in the crowd? It is all about addressing user experience. Of course, you need to have the foundations in place, i.e. the right coverage, reliable networks and so on and so forth. But once you have the solid basis, you then need to ask yourself how you can stand out from the competition and bring value to the consumer. It is all about making their life easier, more convenient and saving them money. So, when it comes to finances, you may wish to offer mobile wallets. Consequently, the consumer can have greater control over their financial situation. By introducing this feature, you will resultantly encourage individuals to use your mobile services.
To conclude, mobile commerce is an excellent way to add value to any marketplace, even those that are saturated. It provides the perfect platform for growth because you are able to add value to the consumer and encourage them to use your mobile services by bringing convenience to their everyday life.