The technology boom has positively impacted retailers across the world and almost doubled their annual sales figures. A survey conducted by Deloitte showed some very powerful evidence to back this claim. Smartphones influence 5.1% of annual retail sales and this is just the start, trade pundits predict this figure will double in the coming years.
To engage with consumers, more and more sellers are adopting technology based services. The intention is to get more visibility and to reach a wider consumer base. Retailers who still follow conventional methods to make sales are quickly losing out and lagging behind.
Deloitte’s study suggests that 61% of smartphone owners use their phones to shop at stores and nearly 48% of smartphone users agreed that their phones influence their decision to buy a product. Using traditional methods of sale may help in retaining current clientele but it does not present the opportunity to attract new customers.
In this day and age, where everything is instant and at the tip of the consumer’s fingertips; technology backed techniques to drive sales are now the industry standard. To market a product or service to the right audience in less time, in the most cost effective manner has taken precedence over any other aspect of retail sales.
Sellers have started focusing on becoming more digitally advanced in order to increase their sales. Mobile shopping apps allow stores to get a substantial amount of business nowadays than any other method used previously. The research conducted by Deloitte confirmed that smartphone users who use shopping apps are more likely to convert and make a purchase in the store than non-smartphone users. The use of mobile phones is evidently influencing consumer behaviour. It is the right time when retailers are getting in and taking full advantage of this technology fuelled consumerism to push their sales even further. This trend will only see an upward movement with time. Deloitte forecasts that by 2016, total retail sales will grow by 19% due to use of smartphones by consumers for buying purposes.
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