With more than six billion mobile subscriptions active around the world, the retail ground is shifting. Mobile technologies such as 3G and 4G networks, Machine-to-Machine (M2M) solutions, Wi-Fi, and location and behaviour-based data analytics are dramatically changing how consumers make decisions, engage brands and purchase products. Success in this new retail world demands business strategies that leverage mobile innovations. These technologies are no longer the sole domain of the Chief Information Officer; they are now essential tools in the Chief Marketing Officer’s arsenal. They unleash new opportunities for merchants to increase personalization, productivity and profitability. They also pose big questions about how to capitalize on the many benefits of this technology. Bombarded with options and uncertain about how to begin, retailers may defer decision-making, or worse, take no action at all. Risk-adverse merchants will be left behind as bolder leaders embrace mobile-enabled shopping.
It is critical for merchants to:
- Understand the mobile-enabled retail landscape and the new connected customer;
- Explore key opportunities presented by mobile solutions in the retail sector, and how they can help deliver a more personalized and positive customer experience, as well as boost retailer productivity and profitability;
- Learn how these technologies are being applied in the Canadian and global retail market; and
- Offer recommendations on how retailers can use mobile technologies to gain competitive advantage, improve decision-making and increase return on marketing dollars and achieve greater results.
With aggressive American and European retailers entering the Canadian market, the time to develop a mobile strategy and exploit wireless capabilities to increase competitiveness—and sales—is now.
The New Retail Reality: A Few Facts and Figures
- Seventy percent of smartphone users plan to use their device for online shopping in the coming year (International Data Corporation, 2014)
- Global mobile transaction volume and value is expected to experience an average of 35 percent annual growth between 2012 and 2017, and achieve a market value of $721 billion with more than 450 million users by 2017 (Gartner, 2013)
- In the 2013 holiday shopping season, more than $16 billion was left on the mobile table due to abandoned mobile shopping carts (Jumio, 2014)
If you are interested in reading more about how mobile and wireless solutions are creating a new wave of opportunity in retail, download Wavefront’s white paper The Retail Revolution: Harnessing the Power of Mobile Solutions.