Retail gets connected
Fin24 - Jul 14th 2014, 10:49
Cape Town - The South African retail landscape is set to change drastically over the next few years, says Ctrlroom, a digital communication strategies specialist.
South Africa’s first quarter retail figures from 2014 showed that growth had slowed to a six-month low in March, it said in a statement.
“In 2013, South African consumer confidence slumped to its lowest level in 10 years,” it said.
“South African retailers are increasingly relying on promotions to attract customers. Major retailers say that growth is supported by discounts and promotions.”
Sub-Saharan Africa is the fastest growing mobile market in the world, it said.
“South Africa has a mobile penetration rate of around 130%. The number of adults in cities and towns using apps doubled from 24% in 2012 to 43% in 2013. The number of cell phone owners that use Wi-Fi hotspots is expected to double over 2014 from 14% to 26%,” explains Ctrlroom.
By 2015, it is predicted that shoppers worldwide will use their mobile devices to purchase $120bn in goods and services.
“In the UK, mobility already accounts for an estimated 24% of retail e-commerce sales and is expected rise to 35% in 2017. Shoppers who use a mobile device in-store are more likely to make a purchase,” it said.
Companies that prioritise digital across their whole enterprise are more likely to post exceptional financial performance than those who do not. “85% of companies in the US do not have the metrics to measure their mobility effectiveness,” said Ctrlroom.
Retail trends by Ctrlroom
- Omni-channel customer engagement: the brand experience must be available at a customer’s fingertips across all channels.
- Customisation and personalisation: consumers are gravitating toward products and experiences that can be catered specifically towards them.
- Business intelligence: analytics allow retailers to determine customer needs better and enhance customer experiences, allowing for brand loyalty and repeat business.From Fin24.com
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