Rating: SoLoMo (social, location and mobile) is big news
Over three quarters (78 per cent) of respondents to a focused survey of top UK retail companies stated that strategic investment to enhance consumers’ multi-channel experience will drive retail sales this year. The research was carried out by Coleman Parkes who interviewed a total of 100 c-level and senior decision makers with UK retail organisations. Stibo Systems which commissioned the study believes that it clearly shows cross-channel retailing is a clear priority for UK retailers. Disappointingly only a quarter of retailers say they are actually planning on investing in location-based and geo-spatial technology in 2012. Indeed, around half (48 per cent) planning to enhance their mobile offering by the end of the year.Of those 48 per cent, 53 per cent are looking to enable their existing websites for mobile while 44 per cent plan to facilitate mobile transactions.
In fact 87 per cent of all respondents believed that location and mapping will be a big trend in mobile commerce for 2012.
Significantly, half of retailers state that consumers expect shopping on the move via transactional mobile sites.
Social commerce is also a key trend, with retailers reporting that approximately a third of consumers are looking for more online social interaction as part of their online retail experience.
What’s holding retailers back? 58 per cent cited a lack of budget whilst 37 per cent named legacy technology systems as the biggest barriers to investment in mobile.
Stibo Systems’ UK md, Mark Thorpe, commented, “Our previous research has found that consumers aren’t satisfied with their mobile shopping experience.
Worryingly, lack of ‘know how’ was cited by 15 per cent of retailers as a reason for slow implementation of m-commerce.”
“We have found that retailers recognise that consumers are moving on from using mobile devices simply for browsing to actively purchasing,” observed Ian Parkes, a director with Coleman Parkes.
He added, “‘SoLoMo’ (social, location and mobile) seems to be one of the biggest growth areas.”