65% of Retailers say Mobile Tech has Increased Their Revenue
In a study published by online messaging firm Quig, it has been revealed that 65% of retailers interviewed say that mobile technology has led to a growth in their revenue.
Mobile technology is becoming more important than ever for retailers as customers continue to increasingly use their smartphones for shopping, with many ditching laptops and desktops as a means for online shopping.
The survey found that smartphones don’t just act to drive revenue online, but also as a key point of contact between a company and customer, allowing them to support customer service communications.
Nearly two-thirds of retailers said mobile technology is becoming a part of their eCommerce and operations, however, only 14% described themselves as a “mobile-first organization”. Along with this, 19% said that they’re only in the early stages of their mobile strategy.
According to Quig, 42% of sales that retailers are generating can be accounted for by mobile devices. A large majority said mobile technology makes them more accessible to their customer base, and 66% noted that it has created a higher level of customer satisfaction.
Pinterest Announce New AR Function
Pinterest has announced a new feature that combines product listings of top beauty brands with new Augmented Reality (AR) facial recognition technology to allow customers to see how they look with different types and shades of lipstick.
Powered by Lens, a tool Pinterest has used for its visual search engine, the new feature will be known as ‘Try On’.
Pinterest also announced they are working on a new verified merchants program, with a currently unknown launch date. CEO Ben Silberman said, We’re building a verified merchant programme so that we can show products from merchants that our users can trust.” “The verified merchant programme will look at return and tracking policies, trust and “once a year, we’ll tell users who is verified”.
Silbermann shared his opinion that “the next big frontier for shopping” is users finding ‘a look’ online, but expect the gap from discovery to purchase to be bridged for them. “It’s important to reach people at the very beginning of their purchasing journey,” he said, making the point that pumping money into remarketing is becoming a futile exercise. “You’ve already generated the demand, so it’s less [effective]. It’s more about getting to people before they have made that demand decision,” he explained.
BRC Calls for a Zero-Tariff Trade Deal to be Prioritised During Brexit Negotiations
The British Retail Consortium (BRC), the trade association for UK retailers, has called for a Brexit trade deal that “puts the customer first”.
Chief Executive of the BRC, Helen Dickinson said “a comprehensive trade deal” should be the “most important” aspect of the British government’s on-going negotiations.
She said, ”What happens after (Brexit) will depend on the numerous trade negotiations that the UK will now be engaging in, and we look forward to the opportunities that new trade deals may have for consumers around the world.”
Dickinson added, ”Most important among all the government’s negotiations is the need for a comprehensive trade deal with the European Union. We need a UK-EU deal which puts consumers first: one that continues zero-tariff trade and minimises any new barriers to trade. Without these, it will be the public who will face higher costs and reduced choice on the shelves. A pragmatic approach is essential if we are to ensure the NI protocol is workable from next January, without damaging trade between Northern Ireland and its neighbours to the East and South.”
According to estimates by eMarketer, the British retail market is likely to be affected negatively by the UK’s Brexit deal. Total UK retail sales (including auto sales) for the full 2020 year will grow 1.2% to £487.30 billion ($649.66 billion), according to their estimates. That’s the slowest growth rate since 2015, when it was down by 0.2%. However, they predict that eCommerce will grow by 8.9% in 2020, reaching £114.26 billion.