Mobile & Big Data in the future of shopping
Shopping, shopping,shopping for some is just a way to buy & sell Stuff , for some it is a hobby , for some it is their own life .
A lot of feeling goes along with shopping : Fun , Thrilling, Addictive, Hunting ,….
Although at the end , it is a simple form of trade , all our activities in our life are a subject to the laws of trade. Shopping is the basic essence in commerce for this century . May be the open market environment have been changed to a closed shopping mall, although it is the same concept.
May be even the closed Market have been changed to the screen of your laptop or your mobile , again it is the same concept .
If someone tries to quantify a shopping behavior, it will be simple & repetitive : Go to the market, see the products, check the products Quality, check the product prices. Then goes to a Different Store and repeat the process all over again. During this process an individual is building internal database for the specific item. In the end decision to buy is based on “feeling” which is developed on his internal database of price, brand, store ……
Few years ago , the e-Commerce Concept appeared & many shops started to go online .
The E-Commerce Shops is an excellent tool as it gives an indication about what the Customer bought , wish list , or even what are the products that he has browsed . The New Form of the e-commerce is its mobile version the m-commerce where basically, you have the same website for e-commerce to fit the mobile screen .
Out Of the $44 billion spent online in year 2012, the number one category was digital content and subscriptions. Second was Consumer Electronics, followed by Flowers, Greetings & Gifts, Computer Hardware, and Apparel & Accessories. This Gives us an Indication that most of the products that are being sold online are mostly software, licenses , mp3 ,subscriptions.
Although there is huge list of shopping list that consumers still go for normal Shopping when it comes to make a buy Decision like Clothes, Shoes , Furniture , Kitchenware , Food , jewelry, …..These Items and more Consumers needs to touch them , feel them , get the feedback from store employees , check other Consumers feedback on the spot in a face-to-face engagement
Consumer behavior shift
Although with the penetration of smart mobile devices into our lives is huge , the Consumer behavior will not rotate 180 degree away from the traditional Shopping , the shopping behavior have deviated a little bit , consumers now take advantage of having a camera in their mobile phones to record their look in the new outfit , take digital notes about the prices , save geo-notes about the shops location .
The Consumer behavior is already drifting with a SmartPhone.
Smart Phone Filling the GAP
The Gap between the Traditional Commerce & the e-commerce have to be filled by a solution in order to make better communication between the shopper( end user ) & the shops ( service Provider ) when it comes to missing opportunities, mobile Payments,…… .
The End user when using his phone to Collect Photos & information about specific item that he/she likes , he is building his own database for his own interest .
This Database or ” Shopping Log” is very value information in the process of in-store experience digitization .
This ” Shopping Log” is like the “FaceBook Like” about articles or photos or videos although this time it is for something that matters to shop owners .
BIG Data, the Smart Phone & The Shops
If the “Shop owners” have access to the ” Shopping Log ” of every customer that ” Likes ” their products , they will be able to wonders with proper business analysis & communication tools :
For items who have the most likes , they can prepare in advance more stock from required sizes & colors .
For items who have have high price , they can offer Prices Discount , or make auctions among the people who likes it the most.
For items who have the lest Likes , they can remove them from the display or offer more discounts or return them to the manufacturer.
They can understand the shoppers budget for each item ,& hence price correctly accordingly .
They will be able to have better understanding in profiling their customers
They will be able to build relationship with their customers & have better communication with them
They will be able to finish the Sales Cycle from the mobile , the customer does not need to return back to the shop to finish his deal , he can finish from his mobile .
They will be able to market to new products based on the customer preferences & previous likes.
The Customer who share their “Digitized Likes ” among Friends using Social Networks who are available on their phone , this will be the best marketing campaign
Source:Mobile Innovators http://bit.ly/mobileinnovators
it is a whole new domain & territory for shop owners that they need to tackle & behave according to it .
The Faster they will adopt this new Concept of Analysis of Shopping BIG DATA , the more Sales they have through more Customer intimacy . The Shop owners will have a place in their Customers Phones & they will nag them about useless products that they don’ like or need , they will be targeting products or services that the Customer already likes. The conversion rate for these likes to be materialized as real time Sales will be huge .
All of the Above Rainbow dreams are based on 1 single assumption , the Customer will be willingly sharing his ” Shopping log ” With the shop.
Well Some will , the others will not unless there is something in return .
Here is the Greatest factor of Customer & brand loyalty , trust & customer needs fulfillment by this brand.
By Creating a Value Added to the Customer , the customer will be willingly to give back such information .
the Value added Services can vary accordingly but for example it can range from :
loyalty points in the brand/shop Loyalty scheme
Advance access to Sales/Discount items ( 1 day ahead of everybody else)
Access to the Special Size, color that they require
more Discounts ( 1-5% more than everybody else)
Offering Complementing Products or services ( Shoes that goes with Dress , …..)
Inclusion in e-auction between shoplogers for the item they are interested in
The Shopping as form of Trade has been changed by the introduction of the SmartPhone with their flashy cameras , Business owners have to shift their mind set into using this disturbance into their own advantage & seize the opportunity to combine the online & the store experience into one