The retail market is growing exponentially with time. Every dawn brings a new technological milestone reshaping the predeceasing strategies. The retail mobile market is growing faster than it was ever expected. While there are retailers who are adopting the new methodologies out of curiosity or development perspective, there are some who have to do it to meet the demand and sustain in the competitive arena.
According to a report shared by localytics, 23% users abandon an app after using it for the first time. The same report further shares that only 38% users will be opening/using your application for 11 or more times.
Are we standing on the edge?
While some experts say that we are in a mobile engagement crisis, some believe that the changing technology is impacting the market.
Looking at the present market where people prefer online purchases over the physical shopping, it’s tough to believe the former statement.
However, the growth of companies through retail mobile app development largely depends on the way they utilize it. It is important to understand the requirement and of present and coming future subsequently according to availing the services to bridge the gap.
Do you want to know how?
Well, if the answer is yes, here are six retail app development predictions adopting which you can expand your business and enhance the chances of flourishing in the market. The predictions are:
1. Conversion rate optimization to be on top
According to a report which analyzed 1.9 billion shopping sessions in 2016, the average conversion rate of e-commerce sites stood between 2.5/3.0% while the add to card rates stood at 8.6-9.3 %. Looking at the reports we can say that more than half of the sessions end up without any purchase.
With this one thing is clear that for the year 2017, merchants will be focusing more on the increasing the conversion rates. It is also expected that by 2020, retailers will be investing $23 billion in digital marketing and online advertising.
2. Convenient and quick
The primary reason behind the expanding popularity of retail mobile apps is the convenience they offer. M-commerce enables users to buy products and services anytime and anywhere they want. However, the growth in technology has eventually grown the expectations. As a result of this, the users now not only expect more convenience but they also prefer buying from space which saves their time.
For the year 2017, retailers will be focusing on delivering convenient and swift m-shopping experience. This will include molding the interface/design elements and availing responsive retail mobile apps.
They began to expand their market in 2016 and by the end of the year we noticed some great examples of their usage. It is predicted that in the year 2017, Bots will change the way people shop online.
The advent of chatbots will add the blend of more personalized shopping and suggestion. This won’t just make the shopping interactive, but will also add ease through personalized recommendations based on gender, size, order history, and preferences.
It is believed that retailers will try to have the best of chatbots in mobile apps, as it indeed has proved itself in gaining the attention of users.
Read more: How to avoid retail app development pitfalls
4. Individual marketing
Gone are the days of mass marketing. With the growing competition and awareness, retailers will now be focusing on targeting the audience based on their preferences. To get this done, they’ll be using new technologies to crack the individual marketing approach. This will be ruled more by the Artificial Intelligence and is expected to overtake the world of beacons.
For the year 2017, retailers will be adopting in and out store individual marketing strategies to grab the eyeballs of their target audience.
5. Mobile media consumption
Videos have commendably shown their expertise with growing ‘YouTube’ user base. For the year 2017, retailers will be taking a step ahead by giving more attention to product videos. This will allow users to have better knowledge about the product and its usage. Many m-commerce merchants have already started to adopt the modus operandi, and the remaining are expected to join the race soon.
To have a better look at their proficiency, a report shared that product videos can have your business 74% increased conversion rates and enhance customer engagement by 340%.
6. Small business to join the league
The growing market had the attention of numerous people since quite some time. However, the vast competition till date restricted many from joining. Now, with the technological advancements rolling in the business, it is expected that the year 2017 will give chance to numerous small businesses to relish the benefits.
Small retailers with brick and mortar and the small m-commerce houses will be adopting the new methodologies to attract the customers.
7. Android Instant apps will begin to emerge
being recently launched, Android Instant apps have increased the chances of new mobile applications to get noticed. This will be another reason that small businesses will try to enter the retail mobile app market.
The year 2017 will see the knock of a new dawn with android instant apps for retail commerce. Business houses will try to use their creative technological expertise (or will hire an expert) to crack the benefits of this newly launched tech innovation.
The year 2017 will no doubts turn to be a milestone for the entire retail app development market. It is expected that while on one hand small business will join the competition, mobile app development agencies, on the other hand, will show their expertise by using new technologies while developing retail mobile apps.
The major concern for an entrepreneur with no technical background at this time should be either learning about these trends or consult a team of expert retail mobile app developers to have the best out of this changing market.