Industry spotlight: Retail Time to rethink retail
Global Mobile Consumer Survey 2019 – The Nordic Cut
Industry spotlight: Retail
Time to rethink retail
The retail industry is in transition due to tension in the global economy and a wave of emerging technologies.
In a market of constant disruption, a focus on ecommerce and mobile solutions is essential in order for retail businesses to thrive. The Nordic ecommerce market has reached a value of 46 billion euro in 2019. Concurrently, the use of mobile phones for shopping is growing, now representing a little more than a third of Nordic ecommerce spending.
The Global Mobile Consumer Survey 2019 data confirm the rise of the mobile phone as an important part of shopping, both as a means of purchasing and as a tool for navigating and researching the retail universe.
Five highlights from the retail industry:
- Although the computer is still the preferred device for searching and browsing, the preference for mobile devices for 18-44-year-olds is growing so fast that smartphones will likely be the number one device for searching in 2020, and the top choice for browsing by 2023 or so.
- Across all age groups, one out of four prefers the mobile phone for making online purchases, up from one out of 10 in 2017.
- 57 per cent have used their mobile phone to purchase a product online, while 45 per cent have purchased a service.
- 58 per cent of the respondents have used their phone for making an in-store purchase, up from 45 per cent in 2018.
- 74 per cent have used their mobile phone to read reviews about a product or service.