The Dynamic Market of Mobile Retail Industry: Ken Research

Companies that are willing to grow and expand in the future take into account the customer needs and problems. One thing that is becoming particularly popular among the consumers is the cell phone or popularly known as the smart phone. This is one of the technologies that are set to change not only the way we connect to people but also how people conduct business. Smartphone’s have brought great ease into the lives of both the consumers as well as the retailers. The consumers can quickly open their Smartphone and look for the product they wish to buy rather travelling for a physical inspection of products. Retailers get the advantage of ease in promotional activities with reduced cost plus the benefit of wider reach which allows them to explore beyond their local market.
The overall penetration of smart phones has been increasing rapidly throughout the globe due to decreasing cost and improving interface which allows more and more users to easily use these devices. This is one of the key drivers of growth for the retail mobile phone industry. Other factors contributing growth include changing lifestyles followed by improved spending ability. According to the study, ‘Mobile In Retail - Thematic Research’, some of the major companies that are taking advantage of the rising Smartphone penetration include Amazon, Alibaba group,JD.com, ASOS Shop Direct, Best Buy, Otto group, Suning Electronics, Macys, Apple, Tesco, Home Depot, Sainsburys. There are numerous number of companies that are working in mobile retail throughout the globe, however only some of the major firms that possess financial capabilities are able to aggressively expand in this domain. Hence, the competition landscape turns out to be slightly consolidated in terms of market share, but the number of firms would be huge. Mobile Retail is a type of retail industry in which many companies can easily set up their business operations without making great capital investment or maintaining huge inventories in order to meet rising demands.
Another usage of Mobile Retail involves the usage of algorithms to make the shopping experience more interactive and helpful for the consumers. When the consumer initially uses the Smartphone, the algorithm keeps note of the product or category that is most favored by the consumer and the algorithm then shall focus the application or website into promoting the product that is most favored by the consumer. Smartphone technology has the potential of realising an Omni channel platform where a buyer can easily buy all types of goods and services which is driven by multiple factors that include rising Smartphone penetration, improved adoption by buyers for sales completion and improved mobile functionality for retail users.
The growth in mobile phone industry will lead to a simultaneous increase in the mobile retail industry. New innovations are completely changing the already dynamic industry of mobile retail. With introductions such as Virtual Assistance and Chat bots, this industry is set to expand in the future. The companies that wish to enter the market would have to bring in further innovation which enhances the consumer experience and is relatively cost effective as well. The future of this industry is extremely bright with major potential still unexplored.
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https://www.kenresearch.com/technology-and-telecom/telecommunications-and-networking/mobile-retail/150612-105.html
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