The Rise in Mobile Shopping (Podcast 101)

By Abhinav Girdhar | Last Updated on March 20th, 2022 9:49 am

Highlights:

• Effective data management will provide valuable customer insights
• Adapt or die – digital transformation is key for continued survival
• Cryptocurrency payments could become mainstream

As consumers rely more on technology for their daily life, mobile shopping has become more prevalent. Using apps, consumers can interact with brands, view their offerings and buy, all without leaving the comfort of their home.

In this episode, I investigate the rise of mobile shopping, Buy Now Pay Later schemes, increased digital transformation, buy buttons and social media integration.

• 89% of retailers say their digital and e-commerce platforms need improvement
• 32% of retailers are also looking to launch or improve their social media sales
• 31% of retailers want to better their e-commerce apps to deliver a more seamless, omnichannel experience for customers.

Are we seeing a post-pandemic economic boom? With the rise of Buy Now Pay Later schemes, consumers can purchase interest-free and pay in installments. Now with much easier access to finance, new consumers are flooding the market, boosting retail sales and encouraging extra spending.

BNPL schemes have taken off in Europe, with 23% of all e-commerce purchases in Sweden being made with a BNPL scheme, 19% in Germany and just 5% in the UK. BNPLs offers flexibility for consumers and introduces new consumers that weren’t eligible for traditional credit.

Some retailers are using AR to show products in the home or directly to the customer. Ikea’s augmented-reality powered shopping app is a textbook example of making the best of the mobile platform. It allows users to check how the furniture will look by superimposing them to the actual living space.

In essence, retail is going digital! As shoppers are relying more on their phones for online shopping, shopping apps are making waves. Using a digital wallet for payments has become increasingly popular with the younger generations. Gen Z uses them the most, while only a third of UK Millennials said they used mobile and digital wallets for their payments. Buyers have so many payment options: the conventional credit card, PayPal, BNPLs, or even crypto – these can all be integrated into your mobile store.

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