For retailers and brands, the ability to connect with and sell to consumers across all platforms is critical — but the latest evidence shows that marketing managers may want to pay particular attention to the mobile channel.
A report from Cowen & Co.’s equity research team, released Wednesday, offers up a slew of evidence in support of the need for more efficient design and execution on mobile.
Most consumers who are spending time on retail websites are doing so via their mobile devices, suggests the Cowen report. In an increasingly omnichannel-driven environment, having a digital presence is important — but doing digital effectively is even more critical.
Here are three key takeaways from the Cowen report, based on data provided by information-technology and analytics firm comScore Inc.
Where Shoppers Spend Their Time
Consumers spend 60 percent of digital shopping minutes on mobile. Smartphones have changed the retail landscape — more and more consumers are using their cell phones to help them research buying options, compare prices and products and save time.
But It’s Not Where They Spend Their Money
While mobile has become the primary platform for consumers, only 16 percent of digital dollars are spent via the platform. Among the reasons many consumers don’t make a purchase through mobile applications are difficulty seeing product detail, lack of full product information and difficulty navigating among mobile screens and tabs. For shoe companies and other retailers, the “mobile conversion challenge” is evident. Also, consumer fears regarding data security is a major barrier to selling on mobile, though the same can be said of online shopping in general.
The Importance of Perks
Data from comScore reveal that 51 percent of e-commerce shoppers view free shipping as the most important factor in online shopping. While offering discounts has been a common and traditional promotional tactic, only 28 percent of online shoppers cited the availability of online-only discounts as the most important factor in online shopping.
“Features like in-store returns and buy online/pick up in store can give multi-channel retailers an advantage over e-commerce pure plays like Amazon by driving incremental spending and converting online visits to in-store purchases,” Cowen & Co. wrote, adding that Nordstrom Inc. has “excelled” at online and in-store integration.