Customers use mobile devices to browse competitors’ prices while in-store
Smartphones can be retailers' best friends, enabling consumers to find their stores when they aren't at home or secure discounts that encourage them to make purchases. However, retail brands that aren't offering their customers the best prices may also want to take heed – a startling high number of users are tapping their devices to check prices elsewhere.
According to a new survey conducted by Prosper Mobile Insights, new mobile technology is being employed by consumers who are in-store to check prices at other retailers to make sure they are getting the best prices. Nearly half of respondents (40.6 percent) said they had used their phones to do just that. Conversely, only 30.6 percent of consumers compared prices and ended up buying the product from the store they were currently in.
"The data reveals that many mobile users are taking advantage of their smartphones and tablets while shopping, and some of them are walking out the door to make a purchase at another retailer," Prosper Mobile Insights says.
Not all tech-savvy consumers are using their phones for this purpose. For example, 35.8 percent said they used their phones to read product reviews, 29.7 percent scanned quick response codes with their devices and 26.7 percent accessed social check-in platforms while in-store.
Smartphones are giving consumers the power to shop smarter and inform their purchase decisions. There are a variety of actions that can be performed through these devices. They aren't something to fear but retailers do need to recognize the power they can have on customers and embrace the technology rather than work against it.
"Consumers are now able to ask questions of the sales staff, touch the product, check for the best price on their mobile device and then walk out the door. The best way for retailers to counter the comparison shopper is to offer an in-store price match or other promotion to influence them to purchase," Phil Rist, executive vice president of strategy at Prosper, explains.
As of November, more than 91 million Americans own smartphones. In 2011, the number of smartphone owners shot up by more than 20 million. That trend will only continue as plans and devices become less expensive. It's vital for retail brands to develop a mobile strategy sooner rather than later to avoid being burned by the new technology.
