Showrooming is the practice of checking out products in a traditional brick and mortar retail store without buying it and then shopping online to get a lower price for the same item. Online stores usually offer lesser prices than their brick and mortar counterparts, because they do not have the same overhead expenses. Showrooming can be expensive for retailers, not only in terms of the reduction of the sale, but also due to damage caused to the store’s floor samples of merchandise by constant examination from consumers.
A strategy focused on price, convenience, and selection alone will not set apart most retailers as it is not successful in to delivering a unique, brand driven experience. A unique and brand-driven experience is what smart and winning merchants have long known to be the key to customer loyalty.
A recent survey from IDC found that two-thirds of respondents say that their smartphone is a “critical tool” for shopping, and 70 percent say they plan to use their smartphone more often for shopping in 2014.
This is no surprise to Mind Commerce. In our report, Wireless Solutions to Improve In-store Sales, Optimize Shopper Engagement, and Combat “Showrooming”, we evaluate trends in retail shopping and the relationship between mobile payments and shopping. We also analyze the impact of the smartphone informed, social, and entertained shopper. Our research indicates that there is not only a keen willingness to use smartphones but also a great interest in identifying and trying applications that leverage social networks, recommended and referral buying, and loyalty incentives.
In our related report, Market for Mobile Payment Solutions: User Interfaces, Wallets, and Banking 2014 – 2019, we analyze different mobile payment systems, including wallet types and vendor approaches, as this there is a key linkage between the evolution of mobile payments and the progression of mobile commerce evolving from mostly digital good to a keystone aspect of retail consumer physical goods and services.
For more information, see:
Wireless Solutions to Improve In-store Sales, Optimize Shopper Engagement, and Combat “Showrooming”
Market for Mobile Payment Solutions: User Interfaces, Wallets, and Banking 2014 – 2019