Unfortunately, this year, these retailers are finding themselves in a tough spot. Two important factors are responsible for this situation. The first one is the absence of a proper mobile-first strategy, which plays an important role in rounding up customers; the second one is inflation.
Prices have gone up so high that, as of August 2022, the price index went up by 8%. Prices for mobile shopping increased by an additional 2%, for a total inflation increase of 10%. Ever since COVID-19 made its debut, things have gone out of hand. As the pandemic gave a boost to online shopping, having a proper strategy for such users will be important for businesses.
Since consumers have already started to do their homework, it is time for retailers to offer the best deals and prices so more consumers can be attracted.
To help businesses grow, Data.AI predicted what the upcoming holiday season has to offer. The results showed that mobile sessions would be up by almost 22% outside China. This means in the fourth quarter of the current year, sessions will surpass 450 billion mobile shopping applications visited.
With China included, the figures are set at almost 850 billion sessions. The United States alone is expected to receive 28 billion session visits.
Strategies such as loyalty points, sending out push notifications, and forming partnerships have played an important part in making buyers revisit the applications from time to time.
However, it is also expected that, in light of increasing inflation, consumers will also be looking out for ways through which they can save some money by not overspending it. Data.ai observed an all-time high rise in the downloading of rewards and coupons in the US alone. On a global level, the figures went up by 24%, whereas in the United States, the overall percentage went up by 31%.
Data.ai also highlighted that luxury goods are considered to be a sector that could be facing the most growth. As discussed above, retailers who want to ensure maximum sales in the upcoming holding season, need to understand what their customers want. They need to come up with strategic ideas that can help their audience with the inflation problem as well.
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by Arooj Ahmed via Digital Information World
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