A recent study by consultancy firm Technopak estimates the e-tailing market in India has the potential to grow to hundred-folds in the next nine years to reach a value of $76 billion by 2021. While another study by Kentico Software suggests that about 40% visitors wouldn’t return to a site that wasn’t mobile ready.
Meaning that if you are into e-tailing business (or e-commerce) and if your site is not mobile ready, you may tend to loose over 40% of your customers, the balance 45% would prefer to visit a store and remaining 15% would manage the other way by searching the product online and buying it though a store. The way products are searched and compared is also dynamic as compared with the conventional way of internet/Google search or by smart phone search as in any case your smart phone is going to add 'instant search' , 'Compare' and 'buy' products for you. And 'payment' tools are enablers of these trends and helping such concepts evolve and offer ease to users. According to this survey, over 85% smartphone owners still use the mobile devise to search products or brand, locations and comparing prices before making a buying decision.
Your smartphone also allows you to have a 'functional' and 'transactional' value to associate with a brand along with the convenience factor (which is defined as a Loyalty type by Thad Peterson- 4 types of Loyalty)
Have a look at the sources of internet search (visit by the same set of respondents of this study).
- Smartphone 78%
- Tablet 75%
- Laptop 69%
In another study by Pearsons, over 43% of the kids have smartphone access meaning the target market for you in shifting from the traditional PC based market to a smartphone based 'smart' market.
Though, the comparison is with the market estimation and trends in US, but still by 2015 we would find it very tough to survive with the conventional approach of handling customers (till now you were thinking of just print medium and a bit of online)..Can you woo your customers by a mere Facebook advertisement campaign or through a simple referral banner. Your strategy has to change completely as you are now in a pure digital world- i.e. the world bringing in 40% of the value to your business..Soon the tool you feel are your 'forte' in online marketing would deplete by the new trends, and by virtue of addition in new technologies including cloud computing, NFC and many more; there would be a complete business dynamism in our strategies too...