The right mobile strategy could bolster retail sales
For retailers to remain competitive in their fast-changing sector, it is important that they stay up to date on the latest trends. The most recent report from Deloitte revealed that mobile shopping may not be evolving as rapidly as is often speculated. It is hard to deny that more people are spending more time staring at their mobile devices, but the findings of the report showed that only a small percentage of mobile users were also buying products online from their handheld technology.
"Mobile and online transactions represent only a sliver of total retail revenue potential," Kasey Lobaugh, a principal in Deloitte Consulting LLP and the chief retail innovation officer for Deloitte Digital, said in a release. "Retailers that narrowly focus on digital commerce – rather than the full journey that leads to a purchase – often fail to recognize how their customers shop and make decisions in the store. The result is a digital divide between what consumers do and what retailers deliver. This gap not only threatens overall revenue, but requires retailers to reset the way they measure and invest in digital efforts."
Mobile plays a big role in all retail sales
Just because shoppers may not always buy items on their phones doesn't mean this channel provides no benefits for retailers. In fact, it's quite the opposite. CNBC reported that only about $25 billion of the $235.3 billion spent online in 2013 came from mobile sales. However, Deloitte's recent findings indicated that mobile shopping has more value than just the sales made on these handheld devices. The research firm found that mobile use has influenced more than $1 trillion in sales made in-store or online. Mobile-driven sales accounted for 19 percent of brick-and-mortar purchases, but this could skyrocket to 50 percent by the end of 2014.
Consumers use their own smartphones and tablets, as well as those provided in stores, to get product information (80 percent), find out if items are available (78 percent), and to make payments (76 percent).
Make this trend work for your business
Retailers can put this trend to work by using ecommerce software that can be optimized for mobile use. They may also want to offer mobile payment options for digital wallets at their point of sale, making it easier for customers to purchase goods. As the Deloitte study found that 69 percent of shoppers use their mobile devices before visiting brick-and-mortar locations, it may behoove retailers to make features such as product availability, store hours and directions easy to find on their mobile sites.
