As the mobile retail marketplace evolves, retailers and carriers must adopt new strategies and products to disrupt the status quo and remain a key player in the industry. Factors that are currently influencing changes occurring in the mobile retail marketplace include demographic dynamics, indirect competitors, customer demands for an omni-channel experience, and the next generation workforce. Phobio CEO, Stephen Wakeling, recently lead a panel discussion focused on these disruptive realities within the mobile retail marketplace at the CCA Mobile Carriers Show on March 29, 2018. As part of the discussion, Stephen evaluated how brands can adapt to market disruptions and optimize their business strategies for continued success.
An Omni-Chanel Experience
To elevate the customer journey, delivering an omni-channel experience is critical. Customers want the convenience of buying a mobile device online and then being able to pick it up at a local store. They also want the flexibility of starting a device upgrade in-store and then completing the upgrade at home to have ample time to backup the data stored on their old device. Either way, it’s no longer viable to complete transactions exclusively online or in-store. By synchronizing the physical and digital worlds, retailers can increase customer satisfaction across all channels and also increase spending power. Our reports have found that 73 percent of consumers use multiple channels during their shopping journey, which increases retail spending by four percent. As a flexible, channel-agnostic trade-in platform, SafeTrade allows customers to seamlessly upgrade in-store, online, or begin a trade in one channel and complete it in another. This drives the engagement of core shoppers and ultimately draws them to the physical retail store.
Millennial Communication Tools
Millennials are not only changing retail strategies and operations, but are also heavily influencing corporate culture and the technology and tools needed to conduct business. The new way to navigate the workplace is through mobile devices, messaging apps, and chatbots powered by artificial intelligence (AI). These enabling technologies allow employers to remain connected to the workforce and customers, and most importantly stay in front of market dynamics. Rodio, a mobile messaging platform designed for millennial-minded workforces, can initiate and foster a sense of teambuilding while improving efficiency and productivity. Integrating AI and machine learning technology, Rodio’s bot technology connects with disparate systems and provides users with instant access to information such as schedules, HR management solutions, internal intranet sites, CRM systems, employee handbook resources, and more.
Disruptive Technologies
Overall, retailers can successfully keep pace with the evolving marketplace by implementing disruptive technologies. To differentiate themselves among competitors, retailers must provide an omni-channel experience. This will not only revolutionize how consumers and businesses upgrade to the latest technology, but will also drive profitability and ensure a consistent customer experience.
As millennials currently make up 25 percent of the workforce, companies must utilize a shared communication platform between business headquarters and disparate retail locations to improve employee engagement and productivity. Communication is essential to create a vibrant internal community where the next generation is empowered to take ownership, solve problems, assist customers, and collaborate as a team.
