What do mobile payments, proximity technology, and shopping have in common? A forecast of the industry
09 Jul 2015

What do mobile payments, proximity technology, and shopping have in common? A forecast of the industry

The PSFK manifesto on The Future of

09 Jul 2015

The PSFK manifesto on The Future of Retail 2105 highlights the most important aspects that will improve or change our shopping experience in-store and online. Some of the takeaways are Empower Shoppers, Mobilize Staff, and Deliver Anywhere, among others. The latter, Deliver Anywhere, resonates with us here at Compass.to (in beta..yay!) deeply because it explains how technology can help customers have a better experience when shopping for products.

Proximity-based technology improves your shopping experience

We’ve all been in the situation when we want to shop at a store we really like and once inside, we notice two long lines: Fitting rooms and Cash Registers. More than often, customers exit the store even before they get the first foot in the door. This not only affects the store, brand, or product, but it affects the overall purchasing experience of customers. With LTE-direct, proximity-based applications (i.e. Compass.to) can create a much better experience. Instead of compromising your Sunday shopping with tedious queues, wouldn’t it be great to receive an expression (as Qualcomm likes to call them) from your preferred store saying something like “We know you’re looking for the perfect gift, save time on lines and purchase now via Compass.to, and we’ll have it ready in 5 minutes”. The use of this technology can even increase foot traffic – once customers agree on purchasing an item via LTE Direct, they can be furthered engaged once they are in-store. Needless to say, the mobile payment experience would be seamless and effortless.

New technologies and the future of the mobile market

The hype for location-based technologies has been going on for a while. Several companies are implementing proximal discovery features in their apps and stores for additional customer engagement and a more dynamic and interactive experience. For example, the recent Shazam partnership with Mood Media back in November 2014 generated a lot of buzz. Considering Shazam’s popularity in the music industry and sound recognition algorithms, this partnership will engage customers through “digital watermarks” while in store. While this is a very cool feat for Shazam users and shoppers, it lacks customisation (and drains your battery).

According to a recent study, the mobile influenced retail sales are forecasted to be 689 billion U.S. dollar in the US by the year 2016, overtaking e-commerce. This means that more users will use their mobile devices for their in-store shopping experiences and the innovators who take advantage of proximity-based customisation will see the benefits. Google’s branch of industry research studies, Think With Google, published very clever and granular insights on how mobile is influencing the shopping and retail experience. For instance, ‘near me’ mobile search queries have doubled from the last year and are expected to grow even more in the next months.

How often do you use your mobile device to improve your shopping experience? Share your thoughts and join our beta at www.compass.to.

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