Weekly Furniture World Media Note #55 from Lance Hanish-MobileFirst: Finding Retail Growth. Consumer Habits In Europe Give Insight.
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60 percent of European consumers report that they research these products online before buying, and nearly half make more than 25 percent of their purchases online.
Consumer habits in Europe can give some insight in how to find retail growth.
Consumers have already gone digital when shopping for products in categories such as consumer electronics and mobile/digital goods. In a Josh Leibowitz, McKinsey Partner blog, his expertise in multichannel sales and marketing pointed to the fact that some 60 percent of consumers report that they research these products online before buying, and nearly half make more than 25 percent of their purchases online. But product categories such as furniture, clothing, and footwear – once classic offline domains – are now also being researched and purchased in the digital space. This trend is expected to continue.
The number of consumers who use their computers, he notes, to conduct online research within certain purchase categories has already seen a significant rise from 41 percent in 2010 to 50 percent in 2012. In that same time period, the number of consumers using mobile devices for product research has nearly doubled – from 12 to 21 percent. Both means of information retrieval are especially popular among consumers shopping. Nearly every second consumer searches for information online and approximately one-third of them conduct mobile device-based research before purchasing.
There are still great differences between the European countries. The Netherlands is in front with 55 percent of Dutch consumers conducting computer-based research for a mobile phone and 43 percent using mobile devices to gather pre-purchase information. On the other end, only 33 percent of Polish consumers perform computer-based research for a mobile phone and only 9 percent of French shoppers use their mobile device for that purpose.
A major new disruption for retailers combines traditional and digital research – the in-store use of mobile devices. More than 20 percent of consumers already use mobile phones for product research across all categories, and 40 percent of them do it in store, primarily to consult professional reviews and price comparison sites.
He concludes if companies in all industries hope to capture the resulting growth opportunity, they will need to ensure that they offer their goods and services through the correct channels so that consumers can easily and quickly find what they are looking for.
Mobile is shaping the future of retail. Today is all about screens.
For retailers and manufacturers, a MOBILEFirst strategy should be at the center of your budgeting considerations. If not, you are destined to do what you did before. Doing that will get you what you got. That is a trail to fail.
Mobile is shaping the future of marketing innovation.
Lance Hanish is Co-Founding Partner in CNA | Sophis Integrated Marketing Communications.
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