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Archive for November, 2017

28
Nov

UK banks could handle ‘disorderly Brexit’

All the UK’s biggest lenders pass tests on how they would cope in the event of a new financial crisis.

28
Nov

How to Get Shoppers to Download Your Retail App

Now that the holiday season is fast approaching, retailers are doing everything they can to attract consumers. But what they’re not doing is getting consumers to shop using their retail apps.

According to the latest Pulse of the Online Shopper report from UPS, four out of every five shoppers around the world have used a retailer’s app. The numbers are not so surprising as the rise of millennial shoppers mean that more purchases will be done on a mobile device.Image result for time spent on app by us consumer 2017

It’s a fact that people are on their mobile devices longer now and a huge chunk of that time is dedicated to shopping-related tasks. For instance, 72% of the time is used to track an order delivery while 69% is used to compare prices among various retailers. But despite these impressive numbers, a small segment of consumers are actually using a retailer’s mobile app, much to the consternation of these companies.

Reasons Why Shoppers are Not Using Retail Apps

The sad truth is that while many shoppers are willing to download retailer mobile apps, they are quickly abandoned or forgotten. Here are the reasons why:

Shoppers Don’t Know Their Favorite Retailer Has a Mobile AppRetail Mobile Apps

It would appear that one major reason why shoppers are not using retail apps is that they’re not aware their favorite shop has one. Business Insider mentioned that 64% of American consumers are in the dark about this issue. This is a big blow for retailers who have focused time and money on mobile apps because they give higher conversion rates than mobile browsers.

It’s imperative for retailers to find a way to get around this visibility issue. Failure to do so will lead to the industry’s stagnation and can cause companies to miss out on the $285 million that consumers are expected to spend on mobile purchases by 2020.

Consumers Prefer Using Retailer’s Website

The UPS report also revealed that 53% of shoppers around the world prefer using a brand’s mobile website rather than the mobile retailer app. As a matter of fact, only 8% of shoppers actually use a retailer’s app in-store. The main reason for this is that these apps do not offer anything different from the brand’s mobile site. Shoppers want retailer apps that will give them a better shopping experience but they usually just receive the same incentives or discounts that they would get from the mobile site.

Shoppers are Worried About Online Security

It’s not surprising that a lot of people (31% according to the UPS report) are wary of using retailer mobile apps because of security concerns. Shoppers are worried because they don’t know how the stored information retailers will receive will be used.

Retails Apps are Difficult to Use or not Working

An app that’s not user-friendly or doesn’t work will definitely cause users to lose interest. This particularly holds trueLeading Reasons that US iPhone Owners Delete Retailers' Mobile Apps, May 2016 (% of respondents) for retailer apps. The problem is compounded by retail brands not investing enough in these apps, with multiple companies outright dropping their retail apps from the App Store or from Google Play. Meanwhile, other retailer apps have not even been updated since 2016.

There are also complaints about how retail apps are not optimized for mobile devices or how shoppers can’t access these apps in-store because of connectivity issues. One survey showed that 92% iPhone users deleted retailer apps because the program was too slow or it crashed or froze.

What Can Retailers do to Improve App Download and Use

While it’s a sad fact that many companies have not been able to utilize retail apps to their full advantage, luxury brand Gucci have figured out how to make sales through their app.

Gucci has invested heavily in its retailer app and has used it to successfully integrate customers’ online and offline shopping experiences. Just recently, the fashion giant unveiled a new feature called the “Cabinet of Curiosities.” App users would have to scan a mobile sticker in Gucci’s store window displays to activate digital artist Ignasi Monreal’s latest masterpiece. Once done, shoppers can check out the brand’s 2017 gifts selection. Gucci is also using fun elements like stickers, emojis, and VR videos to attract consumers and boost the odds of securing direct purchases.

Presenting the new digital #GucciGift campaign illustrated by artist #IgnasiMonreal. The Cabinet of Curiosities opens into a surreal and spellbinding world featuring the 2017 gifts selection. Discover more https://t.co/RKGldfZEDN #AlessandroMichele #GucciCruise18 pic.twitter.com/Csu04xpJTI

— gucci (@gucci) November 14, 2017

If retailers want to emulate Gucci’s success, there are certain steps they can take to optimize their retail apps:

  • Push for Wish Lists: Entice app users by offering deals that they can’t find on the mobile website or anywhere else online, like exclusive Wish Lists. Providing customized gift ideas, complete with price alerts and stock numbers could interest consumers into using the retail app.
  • Reward Loyal Customers: Make your hard-core customers feel even special by giving them special information or early access to seasonal deals. This will stoke their desire to keep using your app and continue their dedication to your brand.
  • Give Easy Access with Touch ID: Making it simpler and easier for customers to access their Wish Lists, Shopping Cart or Checkout will draw more in more users. Integrating a Touch ID feature will help with cart conversions.  

Getting your customers to download your business app and make purchases is a challenge. However, identifying your apps weaknesses and employing effective strategies to make it fun and useful to the customer could yield the boost in revenue your business needs this holiday season.

[Featured image via Techno Softwares]

The post How to Get Shoppers to Download Your Retail App appeared first on WebProNews.

28
Nov

I still believe in liberalism today as much as I ever did, but, oh, there was a happy time when I be …

I still believe in liberalism today as much as I ever did, but, oh, there was a happy time when I believed in liberals… G. K. Chesterton English author & mystery novelist (1874 – 1936)

28
Nov

Casting Wall Street as Victim, Trump Leads Deregulatory Charge

A decade after the financial crisis, bank regulators are starting to ease up and lawmakers are considering paring back on restrictions.

28
Nov

Amazon Web Services Improves AI for New Consultancy Program

Amazon has rolled out a consultancy program with the goal of assisting consumers with cloud machine learning. The company plans to do this by connecting clients with their own experts.

Dubbed the Amazon ML Solutions Lab, it helps clients unfamiliar with machine learning to find beneficial and efficient uses of it for their company. Amazon plans to do this by integrating brainstorming with workshops to help clients understand machine learning by cloud better. The company will also be utilizing its experts to act as advisors to clients. Together they will work through the problems the company will face and then come up with machine learning-based resolutions. Amazon’s cloud experts will also be checking in with the company weekly to see how the project progresses.

AWS ramps up in AI with new Rekognition features and consultancy services https://t.co/Cjd4va860B by @ingridlunden

— TechCrunch (@TechCrunch) November 22, 2017

No two solutions will be alike though, as the ML Solutions Lab will work according to the needs of the business. For instance, Amazon could send their developers on site if the client wants a more hands-on approach or clients could go to AWS’ Seattle headquarters for training.

How long the ML Solutions Lab will work with the company will also depend on the client. But it’s expected to last anywhere from 3 to 6 months.

Companies that have more experience with machine learning can avail of the ML Solutions Lab Express. It’s an expedited program that runs for a month and begins with a 7-day intensive bootcamp in Amazon headquarters. However, this program is only offered to companies with machine-learning quality data since it’s geared towards feature engineering and building models swiftly.

Amazon has not shared any details yet on how much the program will cost companies. No information has been posted on its website yet and company representatives are reportedly not responding to any requests at the moment.

Vinayak Agarwal, Amazon’s senior product manager for AWS Deep Learning, pointed out in a blog post that the company has been immersed in machine learning for the past two decades. He also added that Amazon has pioneered innovations in areas like forecasting, logistics, supply chain optimization, personalization and fraud prevention.

Agarwal further enjoined clients to take a closer look at the Amazon recommendations and fraud prevention ML Solutions Labsaying that they will have access to the experts that developed most of the company’s machine learning-based products and services.

The Amazon ML Solutions Lab is being offered to customers worldwide. However, the ML Solutions Lab Express is currently exclusive to US clients.

To get started with the Amazon ML Solutions Lab, visit https://aws.amazon.com/ml-solutions-lab.

[Featured image via Amazon Web Services]

The post Amazon Web Services Improves AI for New Consultancy Program appeared first on WebProNews.

28
Nov

Will AI Make Account-Based Marketing Obsolete?

AI will eventually be better than humans at marketing and creating a positive customer experience

26
Nov

Generous people are rarely mentally ill. …

Generous people are rarely mentally ill. Dr. Karl Menninger US psychiatrist (1893 – 1990)

26
Nov

Who Will Be Running Consumer Agency on Monday? It’s Unclear

A legal battle over who will run the Consumer Financial Protection Bureau broke out after its chief abruptly resigned on Friday.