With $0.56 of every dollar spent in store influenced by a digital interaction, the need to focus on mobile commerce has never been more urgent.
There is broad evidence across the retail landscape that keeping up with changing customer expectations equals more market share and better conversions. Today’s shoppers expect to get what they want immediately, in context. However, it’s important not to focus solely on what your competitors are doing – knowing who your customers are and what they want is far more beneficial.
Embrace Agile Development
To stay relevant – and keep up with the pace of technological and societal change – businesses need to prepare themselves internally.
Mobile commerce technology is accelerating at a tremendous pace. Always-on connected devices and the Internet of Things have changed the equation on delivering relevant experiences at scale. It requires a strategic approach and the ability to experiment to keep up. Teams need the scalability to handle unprecedented volume. Even the smallest experiments can be quickly adopted by millions of shoppers.
The moment you develop an improvement on an existing product, you need to be able to release it. Waiting for future launch dates prevents incremental gains and increases the risk of falling behind. Truly embracing agile development requires a new mindset company-wide – forget project kickoffs and product launches. Instead, adopt a culture of continuous improvement.
Focus On Mobile Moments
Mobile has fractured and fragmented customer behavior into hundreds of fleeting, intent-driven mobile moments, and this is where you need to focus your marketing efforts. And because of the highly personal nature of mobile devices, shopper expectations have changed to demand simplicity, convenience, and context. Since shoppers no longer move through a linear purchase funnel, the cost and complexity of marketing is going up.
Meeting customer expectations across screens and channels goes beyond transactions to understanding their intent and delivering value. Building a relationship through engagement is key to customer lifetime value. The opportunity is to focus on both borrowed and owned moments, while laying a foundation for continued success with continuous improvements.