The Mobile App Revolution and its Impact on Retail Industry
The software applications that are designed to run on smartphones, tablets and other mobile devices are called mobile apps.
Some of the most popular operating app stores are Google Play, Apple’s App Store, Windows Phone Store and BlackBerry App World.
It is estimated that by 2021, the number of mobile app downloads worldwide would grow to 352.9 billion. In fact by 2020, mobile apps are expected to generate a revenue of 188.9 billion U.S. dollars via app stores and in-app advertising.
A mobile app is a perfect tool for retail megastores to increase their revenue as more and more consumers are becoming tech savvy.
How are mobile apps beneficial to the Retail industry?
1. Loyalty campaigns
Loyalty campaigns like sales coupon, discount offers or deals etc. help the retailers increase the sales as well as create upsell of its products or services. This strategy, if correctly used, could increase the customer base and generate engagement.
2. Better shopping experience
With the help of the interactive business apps, the retailers get the privilege to provide detailed information and description about the product to their target customers. And since the customers possess all the adequate information, they are inclined to hit the shopping carts.
3. Mobile geo-targeting
When geo -location technology is integrated into a mobile application, companies can narrow down their focus and deliver targeted ads to its consumers at the right time. Basically, it becomes very easy to target key users with location centric, time sensitive messages, as businesses can send special offers to customers in close proximity to the stores and thereby, making the most out of the mobile apps.
4. Mobile payments
A lot of businesses are allowing customers to use swipe or scan credit cards and handle any payments via phone or tablet. This is a big time saver and easiest way of making payments in seconds which is hassle free.
What the future holds:
1. Mobile Wallets
This concept has already come into practice with Amazon and Walmart putting it into good use. Many more companies will adapt this method of payment as it is fast and secure.
2. AI and Machine Learning
It has been predicted that by 2020, chatbots will be assisting 85% of interaction with customer service department. This would be quite easy for customers to get an instant reply to their queries and at the same time, it will cut down on company’s operational costs.
3. Cloud-based Mobile Apps
We all face the problem of not having enough storage space in our mobile devices which leads to our inability of installing various other applications. But in the near future, cloud technology will bring about a major alteration and allow users to keep their sensitive data in the dedicated cloud server which the users can access from multiple devices.
