There is little doubt that the internet and mobile revolution of the digital age have caused a paradigm shift in retail. Many shoppers no longer take for granted that the deal they’re receiving at brick-and-mortar stores is the best price available and businesses must adapt to the challenges (and potential benefits) of society’s constant connectivity through mobile devices.
At first, the use of mobile devices in-store for price shopping was considered a threat by most retail businesses. Many still see it as such. The ease in which someone can take an item, scan it, and find out how much it would cost on Amazon or at the retail store down the block has caused many to rethink how they price and present their merchandise.
For those who do not want to go the way of Circuit City or Borders, there are ways to take advantage of the shift. First and foremost is understanding and acknowledging the facts. Over 40% of shoppers aged 18-29 search for online product reviews, while over 35% of the same age-group use their phones for price-matching.
One might assume that the next age group, 30-49, would be second on the list. That is not the case. People between the age of 50-64 are much more likely to use their mobile devices and the internet to compare.
In this graphic by Milo, the numbers are broken down for us. Retail is changing. Consumer behaviour is driving the change. Which stores will adapt and which ones will fail?