Information is Power: Smartphones bring Power to the Retail Consumer for Physical Goods

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.

The Smartphone Shopper

 

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”

http://www.mindcommerce.com/Publications/WirelessSolnInstoreSalesCustEngageShowrooming.php

Market for Mobile Payment Solutions: User Interfaces, Wallets, and Banking 2014 – 2019

http://www.mindcommerce.com/Publications/MobilePaymentSolutions_2014-2019.php

About Mind Commerce

Analysis of telecom and ICT infrastructure, technologies, and applications.
This entry was posted in Applications, Devices, Mobile Commerce and Marketing, Mobile Data and Applications, Wireless Carriers. Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s