Posts tagged: mobile shopping

Black Friday Numbers Confirm the Growing Power of the Tablet

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A couple of weeks ago I called the tablet computer the gift that keeps on giving, and some Black Friday numbers out from I.B.M. confirm just how important the tablet is becoming for retailers.
 
Highlights of an I.B.M. Digital Analytics Benchmark include some familiar figures about the growth in online shopping: Black Friday sales online were up 20.7 percent over last year. Sales on mobile devices, I.B.M. says, accounted for 16.3 percent of online sales even though they’ve only been part of the shopping equation for a relatively short time. Tablets have only been a factor for a few years, but according to I.B.M., on Black Friday they were behind 41.4 percent of sales made on mobile devices.
 
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Taking the Next Step with Image Recognition

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Barcode scanning opened up a new world for shoppers by allowing them to use their smartphones to quickly and easily gather information about products they were considering for purchase. Now, image recognition technology makes it possible to make a purchase based on a photograph of an item, giving mobile shopping applications a real opportunity to significantly enhance their user experience.

Image recognition technology is a key element of augmented reality. And while it’s hard to say whether we’ll all be wearing Google Glasses in 10 years, it’s a safe bet that we’ll be using our phones in new and different ways in two years, even less.

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At Last, Retailers Are Ready to Embrace Big Data

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I delivered the closing keynote address at last week’s Cross-Channel Retail Executive Summit, and came away convinced that retailers are finally ready to embrace big data to target customers. It’s also clear that when it comes to direct one-on-one relationships with customers, brands are leading the way.
 
“The Future of Retail: Retail Without Boundaries” was the tagline for the sixth-annual event, which attracted more than 120 retail and vendor executives from companies like Target, eBay, Buy.com, O’Reilly Auto Parts, Shop.com, Tourneau and Sports Authority. In my remarks I talked about how with mobile shopping applications like ShopSavvy, retailers are able to gather the data needed to communicate effectively with customers at the point of intent.
 
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Numbers Clarify the Showrooming ‘Threat’

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In my recent article here I was dubious of a survey that claimed shoppers are willing to leave a store to complete a purchase online just to save a few dollars. Now comes a study that gives a clearer picture of showrooming and the opportunities – yes, opportunities – it’s creating.
 
That first survey, titled, “Showrooming & The Price of Keeping Buyers In-Store,” said that 45% of consumers will convert to an online purchase for a discount of 2.5%, that 60% of consumers will convert to online for a discount of 5%, and if the price is $5 less online, most customers will leave the store.
 
As I said, I think people like to sound smart: “Sure I’d leave the store for a savings of 2.5%.” That level of defiance just didn’t square with our experience at ShopSavvy. We’ve found that 75% of the time, a consumer can only purchase a scanned item from the store in which they are standing. In the 25% of cases in which products are eligible for online conversion, there is no reason to assume the store will lose the sale.
 
Now comes a study from Vibes Media (find it here) that puts a number on the showrooming “threat,” and that number is 6. Vibes found that although 82 percent of consumers have smartphones with them while shopping, only 6 percent of them purchased later from a competitor.
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The Future of Retail: Showrooming

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If you are a student of retail you are well aware of the phenomenon called ‘showrooming’. According to a study by Pew 52% of shoppers used their smartphone to perform research while standing in retail stores – more than 19% convert their offline/in-store purchase to an online retailer. We believe retailers should not fear showrooming – instead they should embrace it sooner than later.
 
The ShopSavvy team works with almost every major brick and mortar retailer as well as lots of online retailers – more than 40,000 in total. We began hearing concerns about ‘showrooming’ more than two years ago. In fact, as recently as last week I was in London speaking at the Rutberg Summit and half of the audience questions were about the topic of showrooming. Some of the other panelists recommended various ‘answers’ to the phenomenon including: Read More…

The Future of Retail: The Grand Bazaar

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The Grand Bazaar is located deep inside of the walled city of Istanbul. Founded in 1455, it is the largest and oldest covered markets in the world with more than 61 covered streets and 3,000 shops attracting more than 250,000 visitors each day. It might seem strange to look back to a 15th century shopping experience to point to the future of retail, but we believe retail is headed ‘back to the future’.
 
Many retail watchers are beginning to realize that in-store experiences are too linear and too one dimensional. Today shoppers enter retail stores and see the same products for the same prices every other shopper experiences. We believe that retailers who strive to create specialized experiences will see their share of consumer spending increase. Read More…