The Rise of Mobile Technology in Retail - Infographic by RapidValue

The Rise of Mobile Technology in Retail - Infographic by RapidValue

• 1.
  User behavior based Promotions Personalization In-Store Location Finder Brand Engagement Loyalty with Rewards In-Store Assistance RETAILERINVESTMENT PLANS Ranked importance of investment Website and mobile sites Opening new stores Refurbishing existing stores IT systems Marketing customer services Marketing and advertising Product development International expansion Logistics Extending stores Staff facilities 90.9% 72.7% 72.7% 72.7% 72.7% 68.2% 50.0% 50.0% 36.4% 31.8% 22.7% 2014 2018 Forrester experts predict that in 2017 , the online and web-influenced retail sales is expected to go up by $1.8 trillion which was observed to be $1.3 trillion in 2013. 6.6 5.6 5.3 4.8 4.7 4.7 4.1 3.8 3.7 3.3 1.4 Chart shows the percentage of retailers planning to invest in certain areas. Note: Figures amount to more than 100%, since there may be multiple responses. Consumer-facing applications are a key consumer relationship management (CRM) component. When implemented well, a good consumer-facing app can be a huge cost saver. The most common use of mobile apps is to communicate with customers, which accounts to 83% of respondents. Future Customer communications Annual reports/ announcements Customer Service/support Product communications/ brochures Facilitate transactions (purchase order/ account lookup) Brand engagement Event support WHY ARE RETAILERS INVESTING IN MOBILE APPLICATIONS MOBILITY TRENDS IN RETAIL RETURN ON INVESTMENT FROM RETAIL APPS THE NEXT BIG TECHNOLOGIES IN RETAIL Apps have started becoming part of the user’s daily life. Successful retail apps create a daily experience that will reinforce a brand’s core values to the current and potential customers. Popular mobile apps have features that allow customers to earn and redeem loyalty rewards through their phones or at physical locations. Phones are being launched with pre-loaded retail apps. Sales personnel with access to any store related information are more inclined to serve customers better. These apps provide the store staff with information on products, inventory management etc. which results in higher customer retention. With iBeacon solutions from Apple and rBeacon solutions from RapidValue, retailers can send personalized notifications to each shopper’s device, depending on where they are in the store. POPULAR SMARTWALLETS When consumers visit online retail sites like Amazon, eBay and Etsy on mobile devices, 80% of the time it’s through an app. Tablets will play an important role, as worldwide consumer spending via mobile will drastically increase in the next four years. Coupon sites get 88% of their traffic from mobile devices. Among the US consumers, four in five (87%) smartphone and tablet owners say they use these devices for shopping activities. $626 BILLION $204 BILLION Websites and mobile sites are a major focus for investment Current 83% 87% 79% 82% 74% 81% 69% 65% 67% 73% 49% 62% 43% 65% BMW increased conversion by 30% for customized snow tires by sending images, video, sound files and text messages for customized snow tire offers. McDonald’s designed a ‘restaurant finder’ app to enable consumers to find a late-night McDonald. The app was downloaded by over 1,300,000 users and delivered ROI of 2:1. At Petco Mobile coupon redemption outnumber online coupon redemption by 5 to 1. Pizza hut created a mobile optimized website. By the end of the first week after going live, the site accounted for 10% of all online orders increasing at a rate 60% each week. Dunkin Donuts increased store traffic by 21% using SMS campaign offering mobile coupons. Harley-Davidson increased sales of helmets by 250% and leather jackets by 16% through Route 66’s mobile club and a mobile social media campaign. 2014 2016 2017 30% mobile subscribers will use AR at least once in a week 2.5 BILLION mobile AR apps are going to be downloaded $600 BILLION expected revenue generated from AR by 2016 93% – Surveyed retailers who cited that enabling ship-from-store had resulted in a positive or significantly positive uplift in online revenue. 71% – Consumers who cited the ability to view inventory information for in-store products as important or very important. 39% – Consumers who are unlikely or very unlikely to visit a retailer’s store if the online store does not provide physical store inventory information. 50% – Consumers who expect to buy online and pick up in-store. 200 BILLION 2 billion IoT objects in 2006 to 15 billion in 2016 to a projected 200 billion BY 2020 10% of all IOT investments are made by RETAILERS IN 2020 As per Gartner, IoT product and service suppliers will generate incremental revenue of more than $300 BILLION Source: Computerweekly Source: ComScore, Internet Retailer and Forrester Research Source: themobileretailblog Source: Momentagroup, Gartner, Intel and IDC retail insights ABOUT RAPIDVALUE RapidValue is a leading provider of end-to-end mobility, omni-channel, IOT and cloud solutions to enterprises worldwide. Armed with a large team of experts in consulting, UX design, application engineering, testing, along with experience delivering global projects, we offer a range of services across various industry verticals. RapidValue delivers its services to the world’s top brands and Fortune 1000 companies, and has offices in the United States, the United Kingdom and India. www.rapidvaluesolutions.com | [email protected] | +1-877-643-1850 © RapidValue Solutions Source: eMarketer Source: business2community MOBILE PAYMENTS WILL AMOUNT TO $90 BILLION IN 2017 Retailers have implemented mobile devices directly into the in-store shopping experience. From personal checkouts to in-store personalized marketing, mobile technology is set to revolutionize the shopping experience. A lot of contextual promotions are being pushed through the mobile apps. Retailers can leverage customer locations and local information to deliver automated contextual messages to the customer’s phones. THE RISE OF MOBILE TECHNOLOGY IN RETAIL