One-third of consumers still make in-store purchase after mobile price comparisons
Everyday, the impact of smartphones and web-enabled cellphones on purchasing habits can be seen – when consumers are looking around stores, they can frequently be seen looking up products on their mobile phones. Now, a common fear has arisen among many brick-and-mortar retailers: Consumers will use these devices to find better prices elsewhere.
A new survey from the Pew Research Center suggests that actually isn't always the case, perhaps allowing retailers to breathe a sigh of relief. In fact, more than one-third of the time (35 percent), consumers do purchase the item they were researching on their phones. Conversely, only 19 percent opt to buy the product online and 8 percent purchase the item from another store.
In fact, consumers frequently don't even use their phones to research prices on the web. When Pew asked respondents what they used their mobile devices for as they shopped, 38 percent revealed they called their friends to ask for advice. That said, one-quarter (25 percent) responded that they did look up prices online while in-store, and 24 percent searched product reviews.
"These findings show that the growing availability of smartphones and other mobile devices has dramatically changed the shopping experience," says Aaron W. Smith, a Pew senior research specialist.
"Consumers are frequently using their phones to make sure they get the most highly-rated product at the best price, and in many cases they are willing to go elsewhere or delay their purchase until they find the right combination of value and quality," Smith added.
Of course, younger consumers – the ones who tend to be on the bleeding edge of technology – are the most likely to use their mobile phones to research products and services. Nearly two-thirds (63 percent) of consumers between the ages of 18 and 29 use their mobile devices while they browse retail shelves. Conversely, only 36 percent of consumers between 50 and 64 utilize their phones for the same purpose.
Younger consumers are also more likely to compare prices – 38 percent of 18- to 29-year-old shoppers check prices elsewhere on their phones, while only 16 percent of those between 50 and 64 did the same.
The key is embracing this new technology rather than fearing it. Have a mobile app and implement price-matching policies to keep these shoppers from going to competitors.
