Tag: Boston Retail Partners

Emerging opportunities push retailers to become more mobile-centric

New opportunities are emerging for retailers in the mobile space, which is leading to them upgrading their mobile applications and websites in order to effectively engage consumers, according to a new report from Boston Retail Partners. The report shows that mobile commerce has become quite profitable for retailers, but in order to find continued success in this space, they must address issues concerning security and consumer privacy. This is becoming especially important as fraud is growing more prevalent in the e-commerce and mobile commerce spaces.

Report highlights the need for retailers to upgrade their mobile websites and apps

The report shows that mobile websites are becoming an important priority for retailers. These websites allow retailers to better engage mobile consumers, and Google has recently required businesses to ensure that they have mobile sites in order to retain their search rankings. Mobile apps are also a priority for retailers, as they allow consumers to efficiently shop online. For physical retailers, these apps are especially important, as they will allow merchants to effectively engage consumers that are interested in mobile commerce.

Security is becoming a top priority as EMV standards spread throughout the world

As mobile commerce grows, retailers will have to address issues concerning security and privacy. The report shows that as EMV standards are imposed in counties, in-store fraud falls dramatically. The problem, however, is that the introduction of these standards causes the online fraud to skyrocket. With many retailers embracing these standards, they are finding it more important to improve their security measures, especially if they want to compete in the mobile commerce market aggressively.

Retailers are beginning to see the challenges associated with bringing their various channels together alongside mobile

With mobile commerce becoming more important, retailers are finding it more challenging to integrate all of their channels. Retailers must provide consumers with seamless experiences in order to provide them with effective services, but this has proven quite challenging for some businesses, especially if they do not have extensive experience with the mobile and digital spaces.

Only a very small percentage of companies actually know what they’re doing when advertising on smartphones.

A recent study conducted by Boston Retail Partners has revealed that while many retailers are attempting to use mobile marketing to their best advantage, only a very small number of them are actually proving that they understand this channel and are utilizing it properly.

Smartphone ads and promotions have a great deal of potential for reaching a consumer at the best possible moment.

The opportunity presented by mobile marketing is a unique one, as the retailer would ideally be able to engage a customer using a device that he or she has available and turned on at virtually every moment. When that customer is already in or near a shop location, added enticements can be provided to encourage a sale – or a larger sale. However, as much as merchants do say that they want to be able to provide this experience, few have shown that they have figured out how to do it, quite yet.

Ninety five percent of retailers have identified customer engagement among top initiatives for mobile marketing.

At the same time, only 3 percent showed Boston Retail Partners that they had the ability to identify a customer when he or she actually stepped into a shop, according to the firm’s survey results.

The Commerce Benchmark Survey included the participation of 500 retailers and showed that within the next five years, the majority (three quarters) of retailers do intend to put technology into place that will allow them to be able to identify customers who have stepped into their locations.

That said, at the same time, the survey showed that retailers are starting to learn the ropes and they are discovering what they need to do when it comes to mobile marketing in the most effective way, through the use of location based technologies. Approximately 63 percent have intentions to provide real-time retail from their point of sale, while another 62 percent have plans to advertise over smartphones. Moreover, 61 percent intend to set up real-time analytics that will give them a measure of their effectiveness through proper analysis.