How Mobile Data Can Change Your Retail StrategyPosted by Kush Khandelwal on April 14, 2014
Google’s Our Mobile Planet report showed mobile shoppers spend 25 percent more on average than traditional shoppers. Retailers need to embrace this new era, and embrace the fact that 80 percent of shoppers carry around an Internet-ready device at all times. Furthermore, 78 percent of shoppers use their smartphone while in a store. A mobile website or app is a great start, but to capitalize on mobile shoppers, you must discover who they are and what they’re doing.
Scan and Run
It’s been called showroomingâ€”a smartphone user scans the barcode of an item to see if they can get the item cheaper on Amazon. A brick and mortar store can’t be surprised by a consumer who wants to save money and time if there’s a long checkout. These shoppers are not a lost cause though. A comScore report found the average amount of time to receive online goods is 7.2 days. And, 78 percent of those polled say they choose the least expensive shipping option available, according to Internet Retailer. In our impulsive world, consumers still prefer to pay less and wait longer. Combat this trend by benefiting from smartphone usage yourself. Offer discounts through email or app notifications. Expect consumers to price check and don’t set premium prices on goods that are widely distributed especially if they retain value over time. If you’re able to offer exclusive products not sold online, make it happen.
A Yankee Group survey last year found 32 percent of companies with 500 or more employees are already using mobile POS and 29 percent plan to convert in the next 12 months. Retailers need to plan now as the checkout process is transforming. First, focus on customer service with your checkout process. A bad experience may be enough for a customer to switch to online shopping for good. Conduct surveys to find out what your customers desire and apply it to the checkout process. On the technology end, research firm IHL Group found mobile POS sales reached $2 billion in 2013. Integrated with several of the new breed of POS systems, ShoppinPal allows customers to browse a your store’s items, order ahead to have items ready for pick-up, and redeem rewards and self-pay on their phones so you keep their business. Take advantage of mobile POS and the value-driving mobile shopping solutions that work hand in hand with these point-of-sale systems.
Big Data, Big Strategy
Online retailers got a jump on big data by collecting information from ISP addresses. Now, brick and mortars can use Bluetooth and Wi-Fi technology to obtain valuable consumer information. Retailers can find what areas of a store a customer visits, how long they stay and their reaction to digital offers. This is all done without compromising the users security i.e gathering phone numbers and contacts. This data can be used to form a strategy that gives the customer a personalized and one of the kind experience. If one area of a store gets heavy traffic but low volume of purchases, decipher whether the issue is pricing or display. Analyze purchase history by integrating POS data into Quickbooks. This allows customers to be treated like VIPs when they are offered relevant deals and suggestions. Return customers should be given the most attention, these are the dollars that stores can keep away from their online competitors.
If you offer customers a personalized experience whether it be on though mobile or face-to-face, they are likely to come back for more.