It was a very busy week for the news industry…
Patriots and Falcons advancing to the Superbowl, the beloved Mary Tyler Moore passing away, and even more rumors on major retail store closures. While we’re not in the business to talk sports or entertainment, we do have some expertise in the retail, marketing and mobile fields. So, to get you caught up, here are our top 3 news articles from the week in no particular order and obviously, our take on them.
- GeoMarketing: Geotargeted Mobile Ad Dollars To Hit $32 Billion Within Five Years
GeoMarketing’s David Kaplan released an article on Wednesday taking a look at what mobile ad-spend could look like in the next 4 years. He had a little help from BIA Kelsey and their mobile ad revenue forecast report. Basically, geotargeted ad sales are expected to rise from $12.4 billion in 2016 to $32.4 billion in 2021 says Geo. It’s actually pretty fascinating when you think about how drastically different ad spending has changed just within the past year alone.
Our Take: If you haven’t already got the gist, mobile is here and it is here to stay. So, if brands and retailers can start customizing and personalizing their native-ads and using mobile to their advantage, they have a real shot at reaching their most desired targeted audience. Geolocation, as our CEO suggests, is becoming a commodity. Brands and retailers will need stronger location data, along with other intelligence, to see any kind of sustainable foot traffic. Intelligence like a shopper’s context (i.e., season, time of day, weather, and travel patterns), can make all difference in reaching the right consumer at the right time and in the right place. This data can help you walk them from that mobile ad right into your store.
2. eMarketer: Retail Shoppers, What Frustrates You Most About the Physical Store?
We were rooting for this article to be seen by every retail marketing executive out there. With so much talk of Macy’s, Sear’s and other big box retailers closing some of their doors, eMarketer really lays out some of the obvious answers as to why. One of the top frustrations was product comparison and product location in the store. Another shopper distress – not being able to check to see if products are in-stock before they go into the store to purchase. Our Take: These shopper frustrations make sense. Think about a time you received a push notification or in-app offer to a store and when you went to claim that offer, that product was the wrong color or size, or even more frustrating, out-of-stock. Yes, retailers may be able to bridge the long line gap with self-checkout and robots, but how will they guarantee consumers that the product they were just inspired to buy is in fact, in-stock? One way, is to power your mobile marketing campaigns with some product availability intelligence and do your homework with a pre-campaign product analysis. ShopAdvisor has these capabilities and yes, we have the cases to prove the success of it.
3. TechCrunch: Target will launch its own mobile payments system this year
What advantage does Target have over most big box retailers? It’s not necessarily that they have one of the strongest millennial followings around, but rather, their mobile app, Cartwheel by Target that entertains 30 million users and allows mobile shoppers to scan their items in-store and earn points for every dollar they spend at the physical retail location. This week, Target announced that they will be expanding their app to include mobile payment features. The addition will target those millennials who, research has shown, have been the quickest of any generation to adopt mobile payments.
Our Take: Can we get a hallelujah! We love that Target is making it a priority to engage their shoppers through mobile and finding ways to make it convenient for them to come into their store. This move could be a real gamechanger for Target, since they are essentially adding the final step to the shoppers path-to-purchase in store and forgoing shopper frustrations of checkout lines.. And while eMarketer confirms that mobile payment transactions could more than double this year – reaching a hair under $62 billion dollars – Target is making some serious strides towards hitting the bullseye when it comes to creating a seamless shopping experience for their customers.
As a major retail shopper, I am amazed at some of the technology that has been coming to the forefront for those who still appreciate the in-store shopping experience such as myself. Target’s Cartwheel app is pretty darn savvy, and I’m sure that I’m going to spend even more now with a mobile payment feature. On the other hand, Target should also be thinking about how they can assure shoppers that the products they are promoting on the app are in-stock and in real-time. Once they link up with ShopAdvisor for that type of intelligence, I will totally be doing my own cartwheels into my nearest Target location.