Your Mobile Time, Dime Aren’t Worth the Same as Mine
Mobile behavior for consumption differs greatly from Gen Xers to Millennials, according to the results of a study by InMoment (opens as a PDF). Today’s data prevalence has afforded us new, detailed insights you should consider applying to your Web and mobile designs. But Web and mobile research is only half of the picture: Sales associates still play a crucial role in securing sales, creating lifelong customers and generating word-of-mouth advertising. For total optimization, you should design your company’s in-person and online approaches to complement each other. But what guidelines should you consider?
The recent study found that consumers aged 18 to 24 are nearly twice as likely as any other age group to visit a brand’s website before visiting the store. Meanwhile, those aged 35 to 44 are the most prominent demographic when it comes to consumers visiting a brand’s website while in-store. This is a glaring divide in behavior — let’s think about how to capitalize on it.
Perhaps the most distinctive feature contributing to these behavioral differences is respective resource pools: 35- to 44-year-olds are much more likely to have more disposable income and access to luxury markets than young adults. Thus, those aged 18 to 24 plan carefully, researching their purchases ahead of time, because their resources are more limited (their dollars have a high marginal utility).
Meanwhile, 35- to 44-year-olds generally are much more willing to disregard price differentials for the sake of other conveniences, like store location and hours (their dollars have a lower marginal utility than those of 18- to 24-year-olds). With busy careers and other responsibilities, there also is not generally as much pre-planning time for purchases, resulting in last-minute mobile searches at the store itself. General economic theory mirrors this idea: There is a direct correlation between age (when directly correlated with salary, as is typical) and the value of a person’s time.
Additionally, the study found that consumers who visit the brand’s website while in-store spend, on average, 2.2 times more than those who do not visit the site. Considering this and in-store mobile use prevalence, you can angle your in-store and mobile marketing to capitalize on the most profitable demographic — those 35- to 44-year-olds with disposable income:
- Place prompts around your store and popular product displays to remind shoppers of your website.
- Offer special features that further explain specific products, or comparisons with similar products at other stores.
- Don’t be afraid that the Web will lead your in-store customer astray, as even those who visited competitors’ websites while in-store still spent an average of 1.2 times more than those who did not.
But the design and catering of your mobile sites are only half of the picture. You must also capitalize on that which neither Web nor mobile can offer: face-to-face interaction. The study found that customers who interacted with a sales associate on the floor were likely to spend twice as much as someone who did not — with nearly no overlap upon the increase in expenditure caused by accessing mobile sites while in-store. Customers who both check the mobile site while in-store and engage with a sales associate spend, on average, four times as much as those who do neither.
Remembering that it is cheaper to optimize on existing customers than to acquire new ones, use these findings to improve your per-capita sales and ROI. And help your sales staff help you: Make sure they are familiar with your store’s mobile and Web sites so they can better relate to what the customer has seen. Make basic information clear on your sites so the salesperson can spend more time with quality engagement rather than having to recite frivolous details. Give your employees opportunities to give you feedback about what patterns and insights they are picking up on from their interactions with your customers.
Marketers can check out InMoment’s "2016 Retail Industry Report" for more details on this year in retail, and clues to what you can do to improve your campaigns and increase your ROI.