Executive Briefings

Retail Success Turns on Having Comprehensive Mobile Strategy, Survey Says

Retailers require a comprehensive mobile strategy if they are to effectively engage shoppers and enhance the customer experience, a survey of nearly 7,000 Synchrony Bank cardholders and shoppers in March and April reveals.

Retail Success Turns on Having Comprehensive Mobile Strategy, Survey Says

Key findings of the third annual study include:

• Almost 50 percent of survey respondents are now shopping using a mobile device.

• Almost one-third are purchasing a product after seeing it on social media.

• Approximately one-third of survey respondents indicate that text offers would drive an incremental shopping visit.

• Value propositions, including free shipping, loyalty programs and personalized offers, continue to be important.

Results show that the use of mobile technology by shoppers continues to climb, with adoption growing among key segments of the population – 45 percent of all respondents said they used a mobile device to perform a shopping-related task (researching, sharing, purchasing and reviewing) in 2015, up four percent from 2014, and nine percent from 2013.

As mobile usage increases among all shoppers and across all devices, retail habits are changing. Mobile device usage for purchases is steadily increasing – 18 percent of respondents now report using a mobile device to make a purchase, up from 16 percent in 2014, and 12 percent in 2013.

Social media continues to be an important channel for retailers to drive sales and engage with customers. With 85 percent of consumers accessing social media and 45 percent following brands via social media channels, social media is important to driving engagement. Thirty percent of all age groups report purchasing a product after seeing it on social media and the numbers are higher for younger shoppers – 52 percent of Millennials and 42 percent of Gen Xers.

"It's clear from our research that shoppers across every segment are becoming more mobile-enabled and savvy, using all digital resources available to them to shop and purchase in and out of the store," said Toni White, chief marketing officer, Synchrony Financial. "Retailers who focus on creating an integrated customer experience across all channels can differentiate themselves."

Source: Synchrony Financial

Key findings of the third annual study include:

• Almost 50 percent of survey respondents are now shopping using a mobile device.

• Almost one-third are purchasing a product after seeing it on social media.

• Approximately one-third of survey respondents indicate that text offers would drive an incremental shopping visit.

• Value propositions, including free shipping, loyalty programs and personalized offers, continue to be important.

Results show that the use of mobile technology by shoppers continues to climb, with adoption growing among key segments of the population – 45 percent of all respondents said they used a mobile device to perform a shopping-related task (researching, sharing, purchasing and reviewing) in 2015, up four percent from 2014, and nine percent from 2013.

As mobile usage increases among all shoppers and across all devices, retail habits are changing. Mobile device usage for purchases is steadily increasing – 18 percent of respondents now report using a mobile device to make a purchase, up from 16 percent in 2014, and 12 percent in 2013.

Social media continues to be an important channel for retailers to drive sales and engage with customers. With 85 percent of consumers accessing social media and 45 percent following brands via social media channels, social media is important to driving engagement. Thirty percent of all age groups report purchasing a product after seeing it on social media and the numbers are higher for younger shoppers – 52 percent of Millennials and 42 percent of Gen Xers.

"It's clear from our research that shoppers across every segment are becoming more mobile-enabled and savvy, using all digital resources available to them to shop and purchase in and out of the store," said Toni White, chief marketing officer, Synchrony Financial. "Retailers who focus on creating an integrated customer experience across all channels can differentiate themselves."

Source: Synchrony Financial

Retail Success Turns on Having Comprehensive Mobile Strategy, Survey Says