Mobile Is The Future Of Indian Commerce; Is Your Business Ready?

Katyayan Gupta

Indian consumers are more likely to own a mobile phone and use it to access the Internet than own a PC or laptop and use a wired Internet connection. The stats speak for themselves: As of September 2014, India has more than 930 million wireless subscribers against just 27 million wireline subscribers. And while just 8% of these 957 million subscribers have a broadband connection (with download speeds of 512 kbps or better), fully 80% of them are mobile users.

This is leading to the mobile mind shift: the expectation that consumers can get what they want in their immediate context and moments of need. This trend is particularly evident in retail; today’s consumers are increasingly using their mobile devices to accomplish a variety of shopping-related tasks online – from researching a product to buying it.

Forrester has developed a global retail segmentation framework to identify, assess, and compare the behaviors of shoppers in various countries. Five segments identify the most prevalent and regular shopper behaviors (see figure below). According to this framework, 6% of metro Indian online users fall into the Mobile Shoppers segment. In comparison, only 4% of online users in the US are Mobile Shoppers! Even the percentage of Super-Shoppers in India is more than twice that in the US.

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Mobile Laggards Beware - Google Is Exposing Your Shortcomings

Peter Sheldon

This week Google started promoting mobile optimized websites in their search results:

Frankly I'm amazed it's taken Google this long to implement, however for mobile users it's a welcome addition to the search experience that alleviates the pain of clicking on a link only to find a desktop site at the other end. Now the consumer is in control and armed upfront with a Google endorsement of mobile readiness. This strategy is part of an evolution of preemptive warnings for mobile search users. Earlier this year Google started warning mobile users of destinations using Flash or destinations with broken links that would result in a re-direction to the destination homepage

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The Digital Store Platform Will Support The Retail Store Of The Future

Adam Silverman

The in-store shopping experience is increasingly being transformed into a digitally enhanced experience for both the customer and retailer. Technologies such as beacons, retail store analytics, and store fulfillment programs are rapidly changing the definition of how a retail store operates and engages with customers. While 68% of customers use a mobile device while in a store, retailers are just beginning to take an active role in that in-store digital experience.

Forrester believes that, in the future, retail stores that drive convenience, service, and relevant personalized experiences through the use of digital store technology will succeed. Why? Because today. customers show an affinity for digital store technology. In fact, 66% of luxury apparel customers are more likely to shop with a digitally-enabled associate. Those retailers who wait on the sidelines are at risk of maintaining the status quo and may only grow marginally.

In 2015, Forrester predicts that:

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Insurers Will Pour Capital Into New Digital Innovation Ventures In 2015

Ellen Carney

Think that insurance is a sleepy industry? Think again.  In 2014, global insurance companies raced to out-innovate each other. They turned to new digital innovations to fend off threats from insurance start-ups like MetroMile and PolicyGenius and sorted out new ways to remain relevant as a host of well-known brands like Google and AT&T crept into realms historically owned by insurance firms.   We noted this innovation urgency among European and North American insurance firms earlier this year.

In casting an eye forward, we predicted seven events that would change the insurance landscape in 2015. A major force informing all seven predictions is the fact that smart insurers are recognizing that in the need to generate more good ideas faster, they have to radically change how they develop and execute new thinking. That means that insurers need to short cut the industry’s traditional “we’ll build and control” culture and instead go into the market, spot a hot business technology start-up that brings a lot of what’s needed to create a minimum viable product, and partner with them. And the smartest of the smart insurers are employing two unique industry forces—a very regular flow of premiums and the dynamics of equity markets— to get even closer to the source of new ideas:  By investing in them. In 2015, we’ll see more insurance venture capital startups form in the wake of similar VC business launches from insurers like American Family, AXA, MassMutual, and Transamerica.

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Ready to Write Your Digital Strategy? Read This First.

Who Does Mobile Commerce Well?

Sucharita  Mulpuru

As mobile becomes a critical component of your digital strategy and overall business, eBusiness professionals should have an answer when their executive teams ask, “Who does mobile commerce well?” Forrester has answered that question for you in our new report published today.  Using a proprietary framework, we analyzed top retailers’ mobile experiences (sites and apps) and measured how well they addressed key challenges to mobile commerce sales and supported mobile-enabled commerce in other channels. We selected the best of the best for our review to highlight the strongest functionality and uncover cross-category best practices.

Our framework evaluates the strengths of these mobile phone websites and their corresponding apps across six elements:

  • Findability. The ease of finding a mobile site or app altogether.
  • Utility. How useful the site or app is for shoppers.
  • Searchability. How well search and search functionality like predictive text works on mobile phones.
  • Browsability. How easy it is to browse the retailer’s mobile site or app.
  • Buyability. How easy and frictionless the buying process is on the mobile site or app.
  • Overall design. The ease of navigating content on mobile sites and apps, as well as other mobile content that shoppers engage with including email and text messages.
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The Truth About Showrooming

Adam Silverman

As we enter the 2014 holiday season, retail news outlets are latching on to dramatic headlines highlighting the risk of showrooming - the act of checking prices on a mobile device in a store and then purchasing at another retailer. Yes it’s true; customers use their mobile phones to compare prices in-stores. However the behavior of shopping multiple stores to find the lowest price is nothing new. My grandmother often "showroomed" a bag of peanuts at the farmers market just to save a few cents.  I suspect this behavior has been occurring as long as humans have been bartering goods.

 

While the behavior is not new, mobile phones have enabled customers to compare prices immediately across a vast set of digital retailers.  As mobile phones afford customers greater choice in-aisle, showrooming has instilled fear in legacy retail organizations who quickly realized they no longer completely control the experience in their stores.  At first, retailers responded with force by removing Wi-Fi, which in a world with rich cellular connectivity did little to curb showrooming behavior. Today retailers are reacting to showrooming by providing margin-eroding offers in-aisle. In the future, advanced retailers will begin to embrace showrooming, using the signals from price-checking on mobile phones (either by observing behavior or using retail store analytics) to offer greater convenience and rich experiences at the customer’s moment of need.

 

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Mobile Predictions: The Game Will Change in 2015

Julie Ask
Mobile reached a tipping point in 2014 as it solidified its position as one of the most disruptive technologies for businesses in decades. Not since the advent of the Internet, has a technology forced businesses to rethink completely how they win, serve and retain customers. Mobile has completely shifted consumer expectations. Today, consumers expect to get anything they need immediately, in context. Forrester refers to this as the mobile mind shift.
 
Forrester believes that, in 2015, the gap will increase between leaders and laggards. Leaders will use mobile to transform both their customer experience and their business. They will anticipate the needs of their customers and engage them at exactly the right moment with the right content and services. Forrester refers to these moments as mobile moments. Doing so will require massive spending in the tens if not hundreds of millions of dollars to put the infrastructure, technology, processes and organization in place to engage consumers in their mobile moments.
 
Most companies will fall short. They have a myopic view of mobile. Why?
 
  • Treat mobile has a squeezed down version of a PC experience or a portion of their digital strategy. Why? That is how they are organized and goaled. As a result, they fail to optimize the use of mobile for their overall business. Second, they fail to serve the needs of customers.
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You Need Stickiness To Make Your Mobile App A Destination

Julie Ask
Too many brands fail to leverage the potential of mobile because they act like destinations. Some of you may think being a destination is awesome. Who doesn’t like Paris or Bora Bora? But what does it mean to “act like a destination” in mobile? For most brands, their only strategy to engage their customers is on their own mobile web site or app.
 
Let’s step back a minute and talk about destinations.  
 
Atlantic City was conceptualized as a destination in the 1800’s. Tourism peaked during Prohibition when drinking and gambling rules were not enforced. Consumers had limited options. That changed. Fast forward 50+ years. In 1976, Atlantic City legalized gambling which led to a partial comeback, but they’ve struggled since the early 1990’s because consumers have better options and prefer to spend their time elsewhere. People still go there – just fewer. 
 
Developers have since tried to revitalize Atlantic City as a destination. In May 2012, the Revel Casino opened. Billions were spent to create a destination with shops, restaurants and gambling – everything a visitor could want. How many people visited last weekend? Zero. Revel – this casino - closed its doors in September 2014 with its assets liquidated for small change relative to the investment. 
 
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Digital Business Transformation Will Gain Critical Mass In 2015

Martin Gill
In 2014 digital business hit the boardroom and the C-suite offices: At the beginning of 2014, 93% of executives told us that they believed that their industries would experience digital disruption in 2014. But our surveys and interviews also tell us that many executives don’t believe that their firm has the ability to execute on that plan, and many don’t have confidence in the plan itself.
 
As leaders race ahead with their digital business transformations in 2015, eBusiness professionals have to help pivot their firms from planning mode to doing mode or risk falling behind their more digitally savvy competitors.
 
In the report, "Predictions 2015: Digital Business Transformation Will Gain Critical Mass", I outline the key digital business trends that will impact eBusiness and channel strategy professionals in 2015, including:
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