The $4 trillion retail business in the U.S. is being forever altered by
mobile shopping applications. A new Yankee
Group report, "How
Brick-and-Mortars Can Thrive in a Smartphone World," indicates that
46 percent of U.S. consumers use their smartphones to check prices and
reviews while shopping at retail stores, up 5 percent from 2010. And
armed with that information, nearly half buy a less expensive product
"Our survey is a wakeup callthis adds up to millions in potential lost revenue for brick-and-mortars," said Sheryl Kingstone, Yankee Group research director and author of the report. "Retailers must embrace mobile beyond price comparison and target consumers who are not solely driven by price. Engaging mobile consumers with tools such as inventory availability, real-time personalized offers, personal shoppers and self-checkout will make the difference between retail success and failure in the new mobile economy."
Other findings from the report include:
Mobile is a fundamental part of the shopping experience. Fifty-four percent of consumers have downloaded a mobile shopping application, and 24 percent consider mobile shopping applications essential.
Online sites are trusted more than traditional retailers. Fifty-six percent of consumers say they trust online sites such as Amazon over traditional brick-and-mortar retailers for tasks such as price comparisons.
High-income consumers lead the way. High-income users are more likely to download price comparison applicationsand use the information to either buy from a different store or request a price match. Eighty-three percent of consumers whose income is over U.S.$200,000 are likely to use the information to purchase the product online instead.
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