We have the need…The Need for Speed

The Impact of Mobile Immediacy on Retail

The more prevalent the use of mobile, smart phones or tablets become, the faster people will want to see results.   Whatever the acceptable response speed was last year, it needs to be faster this year.  Waiting…… for answers, data, comparisons or any other request for information, will not be tolerated.   Money walks!  Retailers will be punished as the consumer leaves for another site.  The lack of speed will be akin to poor customer service in a bricks and mortar environment.  Retailers need to understand the new breed of customer is always online and, as the population ages and generations other than Boomers start to have more disposable cash, the need for speed will only increase.   Businesses will need to have strategies to maintain 24×7 access, call an expert, talk to an agent, social media, twitter alerts,  all supporting the bricks and mortar environment with in-house access to information.

Speed does not just apply to accessing information but to all aspects of the consumer experience.  Placing orders, making payments, tracking shipments and receiving orders all need to exceed the speed expectations of the consumer.  Retailers will be investing heavily in fully integrated ERP/POS solutions in order to facilitate the best experience possible for their customers who can easily leave for another offer at the simple swipe of a screen.

As retailers and brands seek to provide the ultimate web experience, the importance of building mobile friendly environments must be at the centre of their business strategy. The People’s Web Report, an independent consumer trend report published by Netbiscuits, found over 25% of respondents spend more than 6 hours on the mobile web each day, with 7% engaging with the web for 12 hours or greater. Close to half of all respondents spent between one and six hours on the mobile web.  These stats will only increase in the future.

These figures are evidence of the level of saturation mobile has already achieved in most parts of the world. As it increases so does user expectations. The report also indicated 76% of consumers will leave a brands website if it is not optimized for mobile. This lack of forgiveness is unlikely to lessen with time. As a matter of fact, a study by Google found 67% of people are more likely to make a purchase from a mobile friendly site. Google also found, 50% of these people will shop less often if the site is not mobile optimized even if they like a business! These two stats alone should be enough to motivate the creation of a mobile strategy.

Consumers worldwide are demanding a faster, richer online experience.  Retailers and brands must adapt their websites quickly to suit the smallest screen or risk being left behind.

Learn more about the impact of technology on the Canadian retail industry and get your free copy of the latest BDO 2014 Retail Issues & Trends.

By: Chris Johnsen, National Partner, BDO Canada LLP | Solutions

About BDO Solutions

BDO Solutions is a national firm with local practices throughout Canada, a Microsoft Gold Certified ERP and CRM Partner and Reseller of the Year in Canada for 2010, 2011 and 2012.

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