Retailers can use App Annie mobile market data to create rich omnichannel experiences, drive customer engagement, and build a competitive advantage.
Thin margins have traditionally plagued many sectors of the retail industry. In recent years, margins have faced even greater pressure from rising costs, lower pricing power, required investments in digital technologies, and the rise of digital-first competitors.
Meanwhile, shifting customer preferences have made it challenging to lure customers to physical stores. Indeed, with more millennials and members of Generation Z entering the workforce with more spending power, these digital natives have distinct, evolving expectations for the customer experience.
Companies that do not adapt to these market realities risk their long-term viability. The evidence of retailers that were too slow or unable to adapt can be found in the record number of retail defaults in the United States and eroding market share of big box retailers in Western and Southern Europe.
Forward-thinking retailers have adopted e-commerce and mobile technologies to address these challenges. Retailers and technology companies in Asia, such as Alibaba and Tencent, have developed platforms that offer not only new services but also deliver an integrated omnichannel experience — all of which engage customers and drive loyalty.
But embracing mobile technologies without a comprehensive strategy can cause companies to stumble. For example, many retailers that have newly embraced digital technologies run their brick-and-mortar operations separately from their online and mobile commerce businesses.
But today’s retail world requires a unified, omnichannel approach. In fact, at App Annie, we’ve found that using mobile technologies to reach and engage consumers benefits all customer touchpoints, in turn streamlining brick-and-mortar, mobile, and e-commerce experiences.
To mitigate potential pitfalls in navigating the mobile market, retailers should rely on data to substantiate assumptions and strategic decisions. After all, the mobile app market is saturated and hyper-competitive. It is extremely difficult to attract consumer attention that leads to app downloads, usage, and revenue, all factors to sustaining a profitable business.
It is also a fast-moving market, with quick shifts in competitors and customer preferences. Investments in the wrong mobile app features and marketing campaigns not only consume valuable time and resources, but it can also force retailers to cede market share.
App Annie’s latest whitepaper discusses how retailers can use mobile market data to develop winning strategies to drive customer engagement and build a competitive advantage. The whitepaper will guide retailers in:
- Using market data to develop rich, omnichannel customer experiences
- Getting the most out of Black Friday, Prime Day, Singles’ Day, and other special shopping holidays
- Predicting what mobile app features and campaigns customers will love
- Defining the right performance metrics and setting the right goals for mobile businesses
- Benchmarking against relevant competitors — both traditional and mobile-first players
Mobile market data can help retailers uncover the keys to capturing the hearts and minds of customers. With these insights, retailers can develop mobile apps and omnichannel experiences that customers love — the foundation of a sustainable competitive advantage. Download our whitepaper to learn how.
Note: Prime Day is a trademark of Amazon Technologies, Inc.
September 13, 2018Mobile App Strategy