Published on March 4th, 2016 | by Linzi Breckenridge0
3 Important Trends Retailers Must Know
Good news for retailers! Dave Chaffey on Smart Insights gives online retailers the latest in growth figures. Of the many optimistic tidbits, he highlighted the 10 percent increase we saw in online sales just this past January. Perhaps even more insightful are the three big trends researchers have identified as areas of focus for retailers: Mobile, Millennials, and In-Store Beacons.
The mobile industry continues to scale at an impressive rate.
Currently, half of the world’s population has a mobile subscription, just up from 20 percent a decade ago. Product research, price comparisons, and purchases are within consumers’ hands and can be completed with a few finger taps. If your business hasn’t started thinking about its mobile strategy, it’s time to get moving.
At 80 million strong, millennials are a force to be reckoned with in the market. This population segment (ages 17 to 34) is expected to spend more than $200 billion annually starting in 2017, and a lifetime of $10 trillion. Marked by being extremely tech savvy and price conscious, one can only conclude that retailers focused on creating a strong mobile and online presence will leave more traditional retailers behind.
This relatively new technology is a one way transmission that gets picked up by a compatible mobile app or operating system. The use of Bluetooth Low Energy (BLE) transmissions can be used in-store to determine the mobile devices’ physical location, track customers, and trigger an action like a check-in on social media, or a push notification. This allows retailers the ability to personalize a customer’s experience as well as gather insights.
While it’s still important to have a strong traditional presence (read: desktop site), it’s never been more necessary to have a powerful mobile web / mobile app experience. As customers and the modern marketplace continue to grow, so can your business.
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See Chaffey’s post for more online retail insights and the full infographic.
© 2016, Linzi Breckenridge. All rights reserved.