Retail Strategy

I recently read an article by Adweek about the effects of customers who are browsing their mobile while in store. I didn’t even come to realize that I am definitely one of these customers. The article mainly talks about how customers use their mobile to compare price differences, which ultimately steals sales from the retailer if the lowest price isn’t offered. As the most indecisive consumer, I browse to check prices, reviews, and alternatives. I can stand there for hours with the product in front of me and never buy because I’m checking my phone for something better. I have a bad case of buyer’s remorse.

Adweek explains how to combat this issue through an info graphic shown below. Basically, a user will scan the barcode on a product to compare price differences on a programatic app. This not only provides the user with price and product information but also provides the retailer with information on user preferences and common competitors. Combining the technology and learned user preferences, the app will then create and offer a deal fitting to the user, which, in turn, deters them from buying from other resources.

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This is very clever and targeted well for those who use mobile devices when shopping. I would probably buy into something like this. Having worked in retail, I see this issue arise all the time and so far, price matching has been a huge strategy in trying to overcome the eCommerce rivalry. However, this new technology could work out to the company’s favour since it’ll provide them with more information on the consumer.

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