Do you know mobile technology is changing customer habits?

As the commercial world continues its advance to a technologically adept environment, businesses are forced to make changes to their business development strategies in an effort to capture as many customers as possible.

But how many Victorian businesses are prepared for changes to the consumer behaviour brought on by technological disruption?

Changing habits of online shoppers

Let's be honest, smartphones have transformed a huge number of activities that were once thought of as ossified. From booking hotels in Geelong's CBD to checking up-to-date product reviews, mobile technology is a game changer.

However, this is also a fantastic opportunity for businesses looking to drive growth. Research from the Kellogg School has found that mobile technology offers a number of unique advantages for retailers.

Specifically, the researchers found that when people shop with a mobile device they are not searching out new products but instead tend to purchase familiar ones. As such, mobile shopping is an excellent platform to drive up customer loyalty and develop better rapport.

Low volume the key

The findings highlight another unique aspect of mobile sales. For retailers, it strengthens the connection with customers who buy at low volume.

Specifically, it encourages shoppers to purchase more frequently as well as placing larger orders. Mobile technology thus offers retailers an avenue to drive revenue through customer retention and continual up-sale.

While this platform is a great way to increase overall business performance, it is also an area which demands investment. As such, SMEs need to ensure they have the necessary capital as well as cash flow available.

One way to achieve this is by talking to a small business consultant, such as WMC Accountants – talk to them today to learn more.