We are more dependent on technology today than we’ve ever been, and people are turning to online shopping to meet their retail needs. Technology can be leveraged to benefit both retailers and consumers so it’s important to understand our current online marketplace and trends.
COVID-19 has created a pull away from in-store retail shopping due to restrictions and health concerns. 63% of consumers are avoiding stores and making purchases online, 81% of which are driven to this decision by health concerns due to the pandemic (DigitalCommerce360). But there’s still hope for retailers, and it’s found in mobile phone sales and trends. According to new data from Digital Commerce 360, there will be an additional $40 billion in online holiday revenue due to the COVID-19 pandemic, a magnitude of online holiday sales that wasn’t expected to be reached until 2024. Over a quarter of holiday sales this year are expected to take place online, something we haven’t seen before (ROI Revolution).
There’s an increase in popularity among m-commerce (shopping on a mobile device), and it’s predicted to comprise 45% of the U.S. e-commerce market by the end of 2020. (Insider Intelligence). It’s clear that shopping on mobile devices is growing at a rapid rate, and both retailers and buyers can benefit from this.
Online shopping platforms make shopping more accessible, easy, and convent than ever before, especially on social media. Instagram has created “shoppable posts” that enable users to find products through pictures, add their card, and make purchases without ever having to leave the app. Snapchat has launched a new advertisement format that allow brands to showcase products and allow customers to purchase them from the advertisement entirely through the app. Pinterest has released a visual search tool called “Lens” where all you have to do is point your camera at an object and the app will match the object with related items. With features such as these, shopping and finding products has never been easier or more convenient.
Another component of m-commerce that can benefit both retailers and buyers is its use of algorithms. These algorithms analyze customers past behavior and the behavior of similar shoppers to create a personalized shopping experience that increases the likelihood of sales and customer satisfaction (Forbes). Now m-commerce not only makes it easy for buyers to shop and to find a match they’ll love but also for retailers to increase their sales.
For additional help with mobile retail trends and understanding how you can benefit from mobile sales, Oster and Associates is your source both for strategy and implementation.
Five tips to stay on trend with mobile sales:
- Get on social media and take advantage of the features that help users to find and buy products easily. This is a great way to make your brand and your products known and to increase sales through these sites
- Make sure the sites you use for selling your products on mobile devices are easy to navigate and make buying and finding products as effortless as possible.
- Use algorithms to your advantage to help create a personalized customer experience for buyers. Promoting products they will likely buy will increase both your sales and customer satisfaction with your brand.
- Keep yourself updated on the newest techniques and trends in technology for enhancing the customer experience to stay up to date and accessible to customers. Consider creating virtual experiences for your customers or other forms of virtual promotion that are receiving lots of attention in our technology-based reality today.
- Be available and responsive to customers with their questions or concerns. Chatbots, the integration of virtual assistance and live chat services, are increasingly popular as they can help answer customers questions, improving customer satisfaction while saving on labor costs.