With messaging on the rise, the internet linked mobile usage is set to reshape the retail business with mobile moving from being a mere technology to consumer behavior.
Speaking on the Day 1 of the India Retail Forum, Prateek Sinha, Industry Manager, Retail & eCommerce, Facebook India said, “By 2020 mobile will drive the majority of all sales but 90 percent plus of these sales will still occur in stores.”
Mobile is increasingly reshaping the retail business with 2.2 hours per day mobile usage per young adult and 80 percent users using net on their mobile while watching TV, he said.
As mobile is disrupting business, media and experiences its influences on sales are on the rise with increasing co-existence of offline and online retail.
According to Sinha, influences of mobile on business indicate that a market size of US$ 66 billion constituting 65 percent of branded sales. While 76 percent of mobile users explore products, 42 percent use for transaction and purchase.
With people wanting experiences that enable expressions, reactions, messengers and Instagram stories are on the rise with traditional brands too joining in to capture the value of personalization. As a result, from a 12 second of an advertising message in the past, consumers now need to connect in 2.8 seconds or the message is likely to get lost, Sinha said.