Albert Einstein once said the definition of insanity is doing the same thing over and over again and expecting different results. Does this mean the retail sector is insane?
With post-Christmas sales been and gone most retailers felt little joy from the cash register this holiday season. This comes hot on the heels of Clickfrenzy, the much hyped online shopping sale that left many retailers angry and disappointed, potentially setting back e-commerce in Australia by several years.
Online shopping, which grew by 25% in the last year, the strong dollar and slow recovering consumer confidence have combined in a perfect storm for pureplay in-store retailers. Yet with so much going against them, most retailers are soldiering on, business as usual, despite indications that consumers want more.
From the emergence of pop-up culture, to branded experiences, sustainability and the ubiquity and convergence of mobile devices, today’s consumers bear little resemblance to those a few short years ago.
Consumer behaviour and expectations have changed considerably. With the convenience and seemingly infinite choice afforded by the Internet, the reasons for shopping in-store are becoming fewer and farther between.
While it is clear, from the hordes of consumers converging at shopping centres across the country on Boxing Day, that we Australians like nothing better than to get out and browse, being busy doesn’t necessarily translate into sales.
In a recent study conducted by Square Holes market research on behalf of NoQ, eight in 10 shoppers said they would walk away from a sale to avoid waiting in line. So even when it comes to convenience and immediacy, two of the last remaining ‘advantages’ of buying in-store, retailers are beginning to lose ground especially as services such as Want It Now and The Iconic’s three hour same day delivery become more common.
While major brands such as Tesco, Adidas and Telstra are using technology to create innovative experiences to drive more traffic in-store, the problem is not how to get more people there it’s how to convert them better.
Knowledge and expertise is no longer a competitive advantage, especially considering how the combination of Google and a smartphone puts that information in the hands of the customer, empowering them like never before.
Relying heavily and regularly on endless discounts and promotions can do more harm than good in the long run (unless that’s your brand) with consumer interest moving away from these traditional tactics that were previously relied upon to drive sales.
In-store choice is also no longer a factor when anything you want can be found on Amazon at the click of a few buttons.
Which brings us back to convenience and the progression of mobile technology presents in-store retailers with an opportunity to create better purchasing experiences that align with the increasingly busy lifestyles of consumers by empowering them to use the technology already in their pocket.
Starbucks continues to be the poster child for retail innovation, creating mobile experiences that make buying from them easier, while the Domino’s app makes ordering pizza intuitive and, dare I say, fun while helping to ease congestion and shorten waiting times in-store.
Put simply, it’s becoming evident that mobile will be the next frontier. Consumers aren’t just using their phones to make a call -they’re incorporating them into every aspect of their lives.
With technology now commonplace and barriers to entry dropping by the day, the time is now for retailers to drop the insanity and shift their thinking by embracing the endless possibilities right at our fingertips.
Brad Moran is the Founder and CEO of mobile commerce platform NoQ
Please login with linkedin to comment
Independent brand and digital agency, Archibald Williams (AW) has been appointed to lead the NBA account across the APAC region. The NBA is one of the most prestigious sporting leagues in the world and basketball is one of the fastest-growing sports in Australia. Effective immediately, AW said it was “excited” to work across all digital, […]
B&T's shining a light on industry folk prior to adland. Preference given to anyone purporting actual UFO abduction.
Leading digital outdoor company QMS has announced it is the first-ever inaugural partner for Most Contagious APAC, the landmark London event by creative and strategic intelligence company Contagious, which will be showcased in Australia on Tuesday, 12 December in Sydney and Wednesday, 13 December in Melbourne. Most Contagious is an event that delivers key advertising […]
Omnicom’s data and analytics division Annalect has partnered with Meta, giving it access to Advanced Analytics (AA) – one of Meta’s privacy-focused measurement solutions – to provide Omnicom’s clients with future-proof, next-level measurement. Omnicom is the first holding company to have access to AA. AA allows advertisers to combine their first-party data with Meta’s ads […]
WPP’s AKQA has launched Fixmas.gift, an environmentally conscious AI-powered DIY assistant, affectionately known as Fixie, for a one-stop solution for all things repair. Fixmas.gift hosts an array of guides and inspiration to empower people to prolong the lives of their belongings or purchase pre-owned items that need a little love and care. Fixie can: Help […]
Marc Collister (pictured) of P2 Content Creators spills the beans on his 2024 predictions drawing from two decades of experience in the advertising, film and television industry. I’m certain it will come as no surprise that in 2024, we can expect our industry to move at breakneck speed again. With even more rapid shifts in […]
Zeno Australia has announced expanded creative design capabilities and the appointment of Jim Michell (lead image) to its senior leadership team. The new moves support strong growth in the region. Zeno Australia’s clients, including Abano Healthcare, Motorola and Yorkshire Tea, can now tap into a suite of creative design services to augment the agency’s work […]
Assembled Media, is drawing upon the creative power of TikTok Creator Marketplace to help generate unique, impactful content for iconic stationery brand, BIC. The social activation campaign titled ‘A Pen for Every Side of You’ promotes the flexibility of BIC’s 4 Colours pen and is active nationwide on the BIC Stationery TikTok account. The campaign […]
Pinterest reckons jellyfish & moody cowboys will be big in 2024. Refused to be drawn on the return of shoulder pads.
IAB Australia has launched ‘Evolution in Market Mix Modelling’, the fourth module in its Marketing Measurement Innovation Series, which has been developed by IAB Australia’s Ad Effectiveness Council. The module explores what is driving the increased use of MMM and how the technique is evolving with advances in computing power and machine learning to provide […]
Scope3, the collaborative sustainability platform leading the decarbonisation of media and advertising, announced the addition of digital out-of-home (DOOH) to its emissions measurement. With DOOH ad spending predicted to grow from $17B in 2023 to nearly $24B by 2028, measuring this channel brings us one step closer to understanding the total impact of digital advertising […]
NRF 2024: Retail’s Big Show Asia Pacific, is now open for online registrations for the main conference. Jointly organized by the National Retail Federation and Comexposium, Retail’s Big Show Asia Pacific will take place from 11 – 13 June, 2024 at the Sands Expo and Convention Centre in Singapore and is expected to draw thousands […]