New Report: Chasing Customer Expectations in Retail
What's the underlying shift that's fueling the growth of mobile devices and business apps? Will businesses outside of music and media be affected by digital disruption and the new expectations of their customers?
To answer these questions and more, the Apigee Institute surveyed 1,000 smartphone owners in the United States and United Kingdom for the second annual Digital Impact Survey. The results of the research are detailed in our new report, “Run, Don’t Walk: Chasing Customer Expectations in Retail."
We expected to find that customers are interacting with traditional businesses in new ways, but some of the statistics we uncovered in this research were surprising:
- 17% of smartphone owners (across the U.K. and U.S.) have started shopping at a new store “because of its app”
- More than 1 in 3 smartphone owners prefer to shop for clothing via an app
- 61% of smartphone owners use shopping apps monthly or more frequently, with 14% using apps daily or more frequently
All this means that customers with smartphones are going to play a critical part in the success—and failure—of traditional businesses. Just yesterday, shares of U.S. retailer Target climbed 7.39% in its stock price after exceeding earnings expectations, thanks in large part to more than 30% growth in digital sales.
Unfortunately, not all retailers have enjoyed this kind of success. Only 27% of smartphone owners have downloaded and expressed satisfaction with chain retail apps, below the 45% of smartphone owners who have downloaded and been satisfied by banking apps, and far below the 56% who were satisfied with apps from large internet companies.
Read our report to learn more about current customer expectations, projections of mobile spending for the upcoming holidays, and smartphone owners' views toward the next wave of consumer technology.