I recently attended a conference in New York City called Social Media World Forum, and it was very informative with great panel sessions, presentations, and interesting thought leaders in the digital space.
One portion of the conference that was of particular interest was the future of mobile marketing in retail shopping. The panelists at one session were quite confident about the future. Here are some of the takeaways from the panel discussion.
1. Measurement is still a work in progress
Retailers are still learning how mobile marketing data can contribute to calculating the lifetime value of customers that are engaged in this channel. As data collection becomes more sophisticated, mobile shopping will become a key ingredient for an agile marketing organization. Much like traditional web, mobile allows marketers to make changes on the fly without compromising budget.
A great example of the measurement improvements is that retailers will be able to figure out what products customers are picking up but putting down after doing some research. They can make educated assumptions, based on data, about why the customer did not buy the product. Retailers could even choose to offload the products that continually achieve a low “pick up to purchase” ratio. This is huge!
2. Shift to Browser-Based Mobile Experiences
Three years from now, mobile experiences will transition to the browser rather than applications. This creates a huge opportunity in the market for lower costs and increased adoption rate. Think about it, if a consumer does not have to go through the extra steps of downloading an app, but simply types in an address or scans an item, this will naturally increase engagement rates.
3. Retailers Need to Conform to this New Reality
Scott Todaro from Aisle Buyer, said to the audience during the panel that retailers who do not offer mobile experiences will gradually find themselves going out of business. He was completely serious, and I believe him. So my advice to retailers is: start investing in mobile technology and experiences now!
Technology is moving faster than ever before. Companies that do not keep up with investments and new methods of marketing will be left behind. Start allocating budget to pilot programs today.
Do you think retailers will be out of business if they don’t implement mobile in their stores? If not, what is the alternative result?