
McKinsey iConsumer research that 50% of shoppers check their smart phones to compare prices or get product details while they’re shopping. More stunning is that 2/3 of them change their behavior based on what they learn from these checks. That means that 30+% of the retail economy is influenced by in-store price checks.While almost every retailer know that mobile shopping is a growing trend, few are attuned to how quickly this is happening. It’s clear to many of us that mobile is here to stay, and retailers need to deal with it.
More recently, I have also heard of brick & mortar retailers using mobile well. real-time geographic information enable retailers to interact with the on-the-go consumer at key decision points. For example, retailers can now send promotions or coupons to potential customers near them.
To ensure that their offers are most relevant, some retailers are even partnering with companies that have access to extensive consumer transaction data. For instance Visa, has enabled retailers such as the Gap to send messages to the mobile phones of opt-in customers when they scan a transaction near one of Gap’s stores. Gap can tailor the offer based on time of day, customer history, or other personalization methods. This capability allows it o reach their customers while they are on-the-go to stimulate a store visit and, ideally, an incremental purchase as well.
With these real time mobile interactions between customers and retailers, hardcopy flyers and coupons will soon be history.