Retail is one of the most dynamic industries that is witnessing an upward growth trend. And this growing demand is facilitated by online ecommerce and mobile technology that is playing a pivotal role in creating the sweeping digital transformation modulating the shopping behavior of consumers worldwide. It is important to partner with mobile application development company to create a positive impact on retailers to expand their business with omnichannel model such as Ecommerce website and/or a retail mobile application combined with robust payment gateway integration.
Nowadays it is important to align with a specialist mobile app development agency to leverage breakthrough Ecommerce and Mcommerce opportunities for retailers with offline retail business, as well those who are solely focused on creating intuitive digital shopping experience for their customers. Consumers are looking for new kinds of digital experiences, both in-store and out - that are more ‘relevant’ shopping experience rather than a personalized one.
The Industry Driver for Retail
Retail business owners and the industry are realizing the power of online shopping as well as the emerging dominance of the digital consumer whose priorities are based on convenience and value rather than personalization – hinting at a revolutionary change in the way the retail industry functions.
Here are a few proven ways to reinvent your business model to create the right impact in the retail industry.
- Retailers have grown used to competing against internet giants like Amazon and Google, but if people extensively depend on voice search then that problem will aggravate.
- Artificial intelligence (AI) is a growing trend across industries, and it's easy to see why. It can decipher and process data far more efficiently than any human mind ever envision, and when this is combined with machine learning and other emerging technologies, it can allow us to access much deeper insights to transform customer experience.
- Taking risks is indispensable to make your mark in the dynamic retail sector, as the industry is fast changing its course in tune with the emerging dominance of online shopping. With the growing affinity of consumers for the ecommerce websites and mobile app for retail, businesses are increasingly found to be shifting focus to online retail.
The changing ecosystem of the retail industry cutting across geographical borders calls for retailers to offer their customers the right engagements, the right technologies, and the right experiences they are looking for.
Shoppers across the globe are browsing and buying across all environments. However the shift is now more active on mobile than ever.
61% Advertisers who promote their shopping app generate 61% of transactions on mobile devices.
Conversion rates are three times higher on app than on mobile web.
Europe, Middle East and Africa
59% Mobile accounts for more than half of all sales for advertisers who promote their shopping apps
European Shoppers are browsing and buying across all environments and more active on smartphone than ever.
Shoppers in the Asia Pacific region are browsing and buying across all environments and more active on mobile than ever.
Advertisers who promote their shopping app generate 71% of transactions on mobile devices and 46% in apps.
Conversion rates are 6 times higher on app (20%) then on mobile web (3%)
The retail industry is moving through a transformation phase, where retailers are considering shifting their focus to a more collaborative, cross-functional, and holistic approach. And this is happening taking into consideration the challenges business owners in retail industry are accommodating, due to the strong influence of web and mobile technology that enables consumers to buy anything, anywhere and anytime.
More and more retailers worldwide are now seen to be making new investments in creating digital products (Ecommerce websites and Retail mobile applications), expanding their digital strategy and embracing social media as a tool to take their business to the next level.
Growing Impetus of Ecommerce on the Retail Industry
The growing impetus of Ecommerce on the retail industry, as feared by many do not seem to pose as threat for brick-and-mortar businesses. Convenience is what drives Ecommerce. It is now gradually been accepted at the retail industry that age, gender, location, income, family status, etc. no longer form the basis for online shopping patterns for consumers. What matters now is real time and contextual segmentation; and at the same time this is emerging as a significant challenge to retailers already coping with growing complexity in their operations.
The transition of the retail industry powered by the changing patterns of consumer behavior calls for the need to revolutionize business models – that deliver faster and better - so as to create dynamic experiences for the new digital consumer. Many retail businesses have failed drastically as they failed to envisage the gradual shift from the traditional business model to the digital business models. At the same time, many even though being aware that technology is inducing change in their business fundamentally need to partner with a mobile application development agency.
There is a greater involvement and revamping in the culture and skillsets for the industry workforce in general – from digitization of individual businesses that involves creating ecommerce platform, to building retail mobile applications – while building the foundation for embracing the Internet of (Every)thing.
Retail Industry: The Future Ahead
Retail businesses are largely banking on ecommerce as the path-breaking platform that will change the way the industry works. With more and more retail consumers opting for online stores as a convenient way of shopping, retailers are quickly moving on to creating ecommerce websites with high-end user friendly features like secure Payment Gateway integration, Shipping integration, Invoice management, online chat for customer support, including dynamic management of website from backend of Magento.
The recent years have seen encouraging growth in the number of retailers (both online only and combined) having taken active steps to focus on technology – mainly website design enhancement, conducting email campaigns and mobile apps development. However, Mobile for retail is a highly progressive platform and having mobile apps can play a key role to stay ahead of competition are generated through mobile.