In the past week there have been so many developments in the mobile space that I am unable to keep up with all the news streaming into my RSS reader, Google+ Sparks and Twitter lists. In particular, I was captivated by three articles written about the fact that mobile commerce is on the rise.
The first article I read on the subject came from Power Retail, which shared that 66% of U.S shoppers ventured into a physical store to review a product themselves before purchasing it online for a lower price, and about 78% of these actually made the purchase from their smartphone! When was the last time you did something similar? Probably just on the last purchase you made!
Next up was an AdNews article discussing information from the Digital Life 2011 Report that was presented at the 2011 Digital Next Australia conference. This conference was a collaboration between Google, WPP agencies Hill & Knowlton, TNS, GPY&R and Group M, who are all heavyweights in the digital marketing space. The report found that in comparison to 2010, Australians are spending 16% more time shopping online. On top of that, 36% of Australians are now spending more time interacting online via forums, social networks and blogs than they were last year. This should not come as much surprise to those of us who regularly travel by public transport – provided we look up from our smartphones every now and then to watch our fellow mobile-engrossed commuters contributing to that 36% increase.
Now if you piece all of the above together, you will soon figure out where the direction of commerce for retailers is heading, so as a business you need to know where to capture your target market. Thankfully, Commonwealth Bank is poised to make going mobile easier for both businesses and consumers, having just released news of their new app Kaching. Available for download any day now, this smartphone app will help consumers buy your products online quickly, easily, and mobilely.
Mobile technology represents exciting opportunities for businesses to grow their revenue. The mobile device is a personal item that a large proportion of our population carry and is one of the primary means of connecting with one another – so why not also allow them to connect with your business? As technology evolves and consumers are holding more power in their hands, your business needs to also evolve to ensure that it survives and thrives.
If you’ve come to the end of this post, and still haven’t considered an mobile online store, a mobile website or a mobile application, consider this – how much in lost revenue are you willing to pass up before your business goes mobile?