How Many Mobile Commerce Users Are Abandoning Purchases in Store?
If you think mobile isn't disrupting the point of sale in retail yet, you'll be surprised by the findings in the new "Mobile Phone Shopping Diaries" survey sponsored by the Interactive Advertising Bureau. Keep in mind, however, that only 260 individuals were surveyed and each respondent was paid $10 for their time.
IAB found that 76 per cent of mobile commerce users have used their mobile device in a retail store and 53 per cent have abandoned a purchase in store as a result of finding a better deal. Of those abandoned purchases, 38 per cent were due to a better price in another store and 30 per cent were due to a better price online. Additionally, 11 per cent of those abandoned purchases were primarily due to a lack of product information online. More than half, or 55 per cent of those surveyed, said they are likely to use their mobile device to make purchase decisions and 34 percent said they have used their mobile device to check prices while in the store. IAB reports that 70 per cent of the respondents view mobile ads a personal invitation, which is promising for brands that are advertising on the platform. Respondents cited their location and favorite brands as the most relevant data, and by extension the type of mobile advertising they find most appealing.
"In touch economic times consumers are searching for the best deal. The mobile Internet is allowing consumers to search and find this in the best price in the best location, be that on mobile or in the physical retail store. This leaves retailers with nowhere to hide, giving consumers true price transparency," On Device Research concludes in the report.