If the 2016 holiday season has taught us anything, it’s that mobile commerce is skyrocketing. After years of hype and speculation, we’re finally witnessing mobile commerce emerge as a major pillar of global retail. According to recent findings from Adobe Digital Insights:
- Smartphones made up the vast majority of mobile transactions between November 1 – December 20 with 68% (or $16.63 billion) of mobile sales coming from smartphones, compared to 32% ($7.92) from tablets
- On Thanksgiving Day, a record $449 million in U.S. revenue was reported in mobile commerce
- Black Friday was the first $1 billion mobile-shopping day in U.S. history!
- On Cyber Monday, mobile commerce generated $1.07 billion in sales, representing a 34% increase from last year
These figures are impressive, however mobile commerce growth stands to gain even more momentum in 2017. To capitalize on this trend, retailers need to optimize their mobile experiences in order to better convert consumer traffic. They also need to find new ways to capture mobile consumers’ attention and engage with smartphone shoppers. Also worth noting, these types of mobile content and engagement tactics need to be relevant to each shopper and delivered at the most optimal time of the customer journey.
The move to predictive mobile commerce
To more effectively and efficiently engage with mobile shoppers, many retailers are investing in predictive mobile commerce initiatives. In doing so, they’re reevaluating their mobile commerce experiences and moving away from relying on simple buy buttons. Instead, retailers are beginning to take each user’s preferences, moods and tastes – and how they evolve over time – into account, and during every interaction.
Powered by machine learning and Artificial Intelligence (AI) technology, predictive mobile commerce solutions have the ability to leverage retailers’ point of sale, CRM and loyalty systems to instantly and continually produce valuable customer transaction data. The resulting benefits include less noise for consumers (i.e. fewer undirected mass email blasts) and higher promotion response rates for brands, which in turn leads to improved user experiences, engagement and brand affinity.
How to best support mobile shoppers
Perhaps most importantly, predictive mobile commerce technology offers retailers the power to help consumers find what they want in the precise moment of need (and, in an ideal scenario, even before consumers recognize they have a need). To join the predictive commerce movement and remain more relevant to today’s shoppers, regardless of channel, retailers should consider the following best practices:
- Use Existing Data: Retailers are sitting on massive amounts of data, but many don’t yet understand how to make it actionable. Partner with a company that can help you leverage your existing data and combine it with their own to create the most spot-on predictions that can be turned into actionable marketing messages. For instance, retailers can leverage consumers’ social media sentiments for even better insights and highly targeted messaging capabilities.
- Use Existing Infrastructure: Most retailers have already invested millions in their ecommerce and marketing infrastructure and, as a result, they’re not interested in a complete rip and replace. Look for someone who can make your investments more intelligent by offering predictive consumer insights that are added to the back-end functionality of your existing systems, thereby doing away with the need for separate applications.
At Grey Jean Technologies, we deal with predictive mobile commerce intelligence every day. Our platform, Genie, combines retailers’ massive data sets (purchase history, brand preferences, price sensitivities, etc.) with third-party data to learn patterns for each customer.
To learn how Genie can add precision to your mobile commerce strategy in 2017, visit: http://gjny.com/meet-genie. Invaluable, customer insights await and better yet, machine learning and AI enable Genie to improve and get more sophisticated over time, ensuring your brand the most accurate and productive intelligence for years to come.