Shoppers are rapidly turning to phones as a key way to look for and research products, but actually buying items on phones is still lagging behind. Look for experiments -- retailers throwing things against the wall to see what works -- and a willingness to build in features that don't lead directly to conversions, but might instead inspire return visits and loyalty.
"With mobile payments adoption on the rise, merchants are searching for new ways to keep customers coming back," said Tony Rose, director of mobile product management at Vantiv. "One way merchants can increase brand loyalty is with offers such as mobile coupons and loyalty programs, but most merchants don't know how to use these programs because they don't know their customers' preferences. We believe merchants would best be served to invest in new technology such as putting smart targeted offers and coupons into mobile wallets where they are organized and transmitted automatically, offering not only environmental benefit but a much more convenient consumer experience." Not only are younger generations leading the charge for alternative ways to redeem offers, Millennials and Gen Xers are also the most likely to share promotions with their family and friends, especially through social media. The ShopTalk survey shows Millennials and Gen Xers (43 percent) are more likely than Boomers (12 percent) or Retirees (three percent) to share promotions through Facebook.
Thank you for subscribing to the monthly THINK Marketing newsletter. Stop by IBM Amplify at MGM Grand for free* as part of your conference experience March 20 to 22 to see Watson firsthand! With more than 250 marketing, commerce, and supply chain sessions, you'll discover how to redefine customer engagement in the cognitive era. Also, the first 100 qualifying people to stop by the Registration Information desk at IBM Amplify on Sunday, March 19 or Monday, March 20 will also get a free Watson shirt. Join us at IBM Amplify and learn how cognitive is transforming customer engagement to make each customer feel recognized and special at every step of their journey.
Both branded manufacturers and their retail partners are anxious to establish deeper relationships with their customers. Most brands still rely heavily on retail partners for sales, but today they are also investing in their own digital offerings--many are expanding the breadth and depth of their site content and building ecommerce capabilities to sell directly to shoppers. This session will look at both sides of the equation: (1) How retailers are ensuring brands have a superior experience on their platform and (2) how brands are balancing their relationships with retailers with their own desire to better analyze and understand customer behavior as well as realize a greater margin on sales.
This year's sold out #shoptalk2019 conference was both engaging and enlightening. The event brought together 8,500 participants from the retail ecosystem to share trends, technologies, and innovations on how to be a better retailer – particularly in the age of digital. Anil Aggarwal, CEO of Shoptalk, introduced himself to the crowd with the comment, "[Retail] needs to transform for a modern digital age." For Anil, this was an imperative, not just a nice to have. For me, however, the experience was even more lucid than Anil's interpretation – especially around AI technology.