The world today is extremely technology-oriented. Striking developmental changes have been brought to society since the adoption of the smartphone. Presently, more than 50% of the population worldwide have a smartphone device in their hand. On top of that, an average person spends 89% of their daily time on a mobile phone, going back and forth between popular apps. Furthermore, the global pandemic exacerbated the rate of channel-agnostic shoppers. Trends have especially shown in 2020, the use of retails apps skyrocketed through the roof.
The History Of Retail Marketing
Like mankind, the existence of retail has gone under evolution as well. Historians estimate that the concept of buying or selling something in exchange for value can be traced back to the 7th millennium B.C in the Asia Minor Civilization, present-day Turkey.
The Mesopotamian civilization known as present-day Iraq in 3000 B.C created shekels as a unit of weight measurement, which was soon adopted as a currency in neighbouring ancient civilizations as well.
However, it was the Romans who added the touch of sophistication and luxury to the concept of retail goods. Roman aristocrats fancied consuming imported goods such as oysters from Londinium, present-day London city, cinnamon from the Middle East etc.
Present Day Retail Business
Fast-forward a few thousand years; the term Retail Marketing has become so vast that it now includes the mammoth retail companies like Tesco, Superdrug, Asda etc.
Consequently, came the era of revolutionary E-commerce technology where big guns like Amazon took the lead and made the concept popular to the consumers. Amazon, which started off as a small online bookselling platform, bagged a net income of $10 billion at the advent of 2019.
The creation of Amazon, along with the advancement of internet bandwidth and technology, became a game-changer for the E-commerce industry. Furthermore, people started warming up to the idea of shopping online with the development of SSL security protocol, as it watered down the fear of personal data being stolen.
Next came social interactions outlets like Twitter and Facebook, which soon became the popular user interface platforms for E- sellers. At present, Facebook has over 60 million active business pages where users can interact with the seller and buy their desired products through the screen of their laptop or mobile. Furthermore, it is estimated that the number of commercial pages on Facebook will further see a big increase.
The Historical Context Of Mobile Marketing
It goes without saying that a mobile phone has been deeply ingrained into our daily life. So, there should be no doubt why a business needs to develop its future marketing strategies centred around this tiny device of wonder.
George Precourt in 2009, said that the introduction of smartphones had altered the media ecosystem. Furthermore, it added variation and efficiency to the way consumers receive advertising news and increased consumer spending. In order to incorporate retail into mobile marketing apps, businesses need to understand consumer’s attitude towards and willingness to use their specific mobile app.
The Dynamic Relation Between Retail & Mobile Industry
By 2020, 100% of consumers in the UK have taken up a smartphone and digitized their lifestyle. As smartphones are considered to be the first screen for the majority of the population, almost every other industry is now seeing it as obligatory to make their presence known in mobile commerce. From mobile banking to travel, health and insurance, everyone has gone digital. Key brands from the retail industry have seen the wonders mobile commerce can do to bloom the business and have revolutionized the usage of smartphones.
The advent of smartphones has played a significant role in elevating the retail customer experience. Today, more than 65% of consumers have one or two retail mobile applications installed on their phone. Moreover, 45% of the consumers use their phone for in-store price comparisons. The mobile industry has changed the way retail businesses presented and sold themselves to the consumers.
Retail companies now have the opportunity to leverage consumers data, securely manage it and perform meaningful analytics to improve the customer experience. In 2020, mobile commerce-related spendings had exceeded $41.2 billion. Furthermore, retail businesses in the US had earned $338 billion between the year 2013 to 2020 through mobile commerce.
Mobile Applications For Exponential Growth in Retail
Mobile applications took the concept of consumer interface online platforms ten steps ahead in recent years. One of the prime reasons behind the success of a mobile application is considered to be its interactive features that resonate with customers’ needs.
Consequently, phone and tab commerce is to increase by 50% in the upcoming years in the UK. At this pace, the retailers should not think of a mobile app as a complementary feature to their brand. Instead, a mobile app will be the one to help them keep up with shoppers pace and hold a strong position in the market. Moreover, research has shown that 83% of smart users spend the first 60 minutes of their day surfing their phone. Hence, retailers need to think ahead of the consumers to stay on top of the game.
A Better Application Program For Future Mobile Commerce
Mobile application systems will be a prerogative for retail business in the foreseeable future. The bottom line is that if retail businesses don’t do it now, it will be hard to catch up later.