Are you ready for radical change?
Can a retailer afford not to think about the ways that mobile technologies are changing the how, when, and what of selling? According to Deloitte research, by 2016, smartphones, used as part of a shopping experience, could impact 17-21 percent of retail sales — a whopping $627-$752 billion. If you are not preparing for that today, you are already behind the curve.
Mobile technology is making possible the constantly connected consumer, and that is already impacting many parts of a retailer’s business: from operating models to cross-channel integration, from talent recruitment and compensation to IT investment, and from data mining to inventory management. When it comes to taking advantage of the mobile revolution, there is no “one size fits all” solution. However, there are several implications of mobile retailing that are emerging as universal:
- When customers know more, they buy more
- Data analytics is a “must have” capability
- Instant gratification is the retailer’s best friend
- The boundaries between social media and retail apps are blurring
- Mobile payments are more efficient for everyone
- Mobile-empowered associates may deliver better service to shoppers
- An “app” alone will not do it …
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