A recent survey in the US has indicated that consumers using mobile for shopping have new expectations for pricing standardisation across channels and require a steady stream of promotions to remain engaged.
Also, consumers want to capitalise on powerful tools that enable them to access independent recommendations, price comparisons, the opinions of friends, and reviews anytime, anywhere, according to L.E.K. Consulting’s study, for which it surveyed 1,600 U.S. consumers to better understand how mobile technology is changing consumers’ decision-making and purchase behaviour.
The company found that 39 percent actually make purchases with their handheld devices at least every month (excluding music and video downloads), with 60 percent using smart phones to research purchases each month in a variety of ways. The company refers to these consumers as Active Mobile Consumers and those smartphone owners who shop less frequently as Mobile Window Shoppers.
Four key findings that will impact businesses:
1. Driving Price Harmonisation: During the past six months, more than half of Active Mobile Consumers surveyed reported using at least one mobile coupon app (e.g., Coupon Clipper), nearly one-third checked a pricing comparison tool (e.g., RedLaser), and 29 percent tapped a loyalty or similar tool (e.g., Shopkick). And they did this while standing in store aisles.
This new level of price transparency across stores and channels provides consumers with added impetus to seek out the best deals -- and demand that pricing be consistent across a retailer or a brand's distribution channels.
2. Fostering Deeper Customer Relationships: More than half of Active Mobile Consumers are willing to share their location with brands in exchange for real-time offers when they "check in" via Foursquare or similar geolocation-based apps, which is twice the rate of Mobile Window Shoppers.
And 37 percent of Active Mobile Consumers are willing to have brands track them all the time in order to receive special deals. By contrast, only 14 percent of Mobile Window Shoppers are willing to do the same. Based on our broader work in this area, it appears that privacy concerns significantly outweigh the allure of special offers for this group.
However, brands must provide the right incentives to keep mobile consumers engaged and willing to share certain information. Marketing tactics with an immediate payoff resonate strongly with this consumer group (e.g., coupons, discounts, rewards or loyalty points).
3. Increasing the Influence on Social Media: Active Mobile Consumers are much less influenced by traditional information sources than their older counterparts. Instead, they turn to independent reviews, friends and family for recommendations before making purchases; and movile puts these powerful influences in the palm of their hand in the aisle.
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Importantly, flash sites are also disrupting the market by capturing share of planned purchases from other channels. L.E.K. found that flash sites are successfully penetrating traditional purchasing decisions for Active Mobile Consumers, and driving conversion given the immediacy and perishability of the mobile flash proposition.
Implications
There are several strategic steps that senior executives should take to address consumers’ growing reliance on mobile devices, and the resulting impact on sales and marketing strategies.
1. Review pricing strategy:
- Factor the impact of price harmonisation across channels and on competitiveness
2. Fine-tune marketing strategy:
- Rebalance promotional spend across marketing channels
- Develop a new promotion strategy for Gen Y and the “mobile enabled” shopper
3. Revisit sales channel strategy:
- Calibrate channel priorities given new pricing dynamics
- Establish a strategy for the flash channel
4. Reassess loyalty programs:
- Address how mobile offers new ways to recognise and reward loyalty
5. Review your in-store value proposition and labor model:
- Identify added services that can recapture margin
- Pinpoint changes to your in-store cost model
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