Enterprise Mobility: How it impacts the Retail and Consumer Products Industry?
Enterprise mobility has made huge difference to the consumer products and retail industry. Arguably, for almost any industry to succeed, it is important for the involved companies to thrive with persistent innovations and transformations; the same holds for consumer products and retail industry. However, like all the other industries, this one also continues to face severe challenges that need to deal with significantly. This is where the role of enterprise mobility is effectual as it takes care of the hassles in this domain and heralds positive outcomes.
Retail and Consumer products industry
Abiding by the lexicon, the term retail refers to the sale of goods or commodities in small quantities directly to consumers. Likewise, consumer products are the goods that are consumed in entirety instead of being leveraged as a raw material for the production of other goods. Together, the retail and consumer products industry makes up for a bulk of revenue, leading to a proliferating global economy. Additionally, the industry also performs well at the equity market, opens the avenues for steady employment and drives considerable consumer cash flow.
While it promises a whole lot of pluses, the retail and consumer goods industry is also compelled to look for improvements in the wake of:
- Competitive marketplace of the modern times.
- Change in consumer behavior.
- Introduction of modern technologies.
- Increasing buying power the world over.
- Dearth of apt resources to meet consumer expectations.
- Spreading awareness about consumer products.
Fortunately, enterprise mobility has emerged as a feasible solution to all such challenges. The phenomenon has proved to be an effectual boon both for the businesses as well as consumers. Moreover, it is expected to churn even more benefits for all and sundry in the coming times.
Enterprise mobility in retail and consumer goods industry
Mobility has helped companies in retail as well as consumer industries to capitalize on their erstwhile CRM investments. This has ultimately lead to one-to-one interaction between the company and business partners, seller and the shopper, and so on.
Among the major advantages it has vested on this specific business domain include:
- Real-time supply chain to enable businesses respond instantly to abrupt demands swings.
- Resourceful shelf-space utilization by field associates through apt mobile planogram.
- Transformation of distribution and warehousing functions resulting in increased productivity and operational efficiency.
- Positive response of retailers in the form of fine-tuned mobile commerce channel strategies.
- Heavy use of mobile browsers and applications by retailers to update the consumer on their offerings.
- Effective mobile devices and apps for product research comparison by value-driven consumers.
The significant contribution of enterprise mobility in retail and consumer goods industry is evident. The same is heralded by a thick of survey reports as well, conducted worldwide at regular intervals. Let’s check out few of them:
- In a report revealed by Cognizant, mobile commerce is expected to produce exceptional retail revenues, good enough to influence store sales between 17% – 21% by 2016. Widespread use of smartphone and tablets across the globe is cited as one of the major reasons behind this surge.
- Another report by Retail Sails highlights the most productive retailers in the US in 2012. Not surprisingly, it shows the Apple retail store generating the maximum sales per square foot. Others to follow include Tiffany & Co., Coach, and so on.
- In a 2012 Neilson report, the findings reveal a sizable 15+% increase in the sales from convenience stores between 2010 and 2011. Hypermarkets were among the other major gainers in the survey report.
Some of the prominent examples associated with varied marketplace reflect how the enterprise mobility world has resulted in a settle overhaul of the consumer goods and retail industry.
Pharmaceutical companies can leverage mobility to win more potential consumers by linking important drug related information to subsequent transactions. For example, a person buying a medicine can receive alerts for prescription drug refill, side-effects for overdose, the effect of medicine when taken with over the counter (OTC) drug, etc., right on their mobile phones.
Specialty retailers refer to the companies that are involved in the operation of retail stores of only a single merchandise. Examples include auto parts, office supplies, kitchenware, sporting equipment, and so on. Such specialty retailers keep pace with their up-to-date consumers so as to grasp their minds and to devise marketing strategy accordingly. Mobility facilities further help these retailers as they can communicate more frequently with the modern consumers through mobile devices. The retailers can then nibble on a range of important data pertaining to the consumer products, loyalty programs, consumer feedback, etc. Notably, the next generation consumers prefer relying on their sophisticated mobile devices rather than on traditional shopping through brick and mortar shops. Specialty retailers strive to make the most of this opportunity and are even successful to a great extent.
Most of the retail grocers help consumers prepare shopping list while on the move or while relaxing and enjoying a TV show. The shopper is provided with real-time pricing list of several items available in the store. He then uses the list to shortlist one or more of those commodities for buying. Grocers may also provide the customers with electronic coupons based on the latter’s purchase history. Proper analysis of data generated with every such sort of interaction could help them understand consumer behavior, preferences, budget constraints, etc. This in turn helps retailers as well as their partners cope up with losses and ensure a foothold in the contemporary market.
In a nutshell, with enterprise mobility enabling progressive outcomes for various ambitious businesses, its contribution to the retail environment and consumer goods industry is also worthwhile. Though, like almost any other business domain this industry also faces numerous challenges. However, owing to the advanced technology and intrusion of enterprise mobility, the involved threatening issues are dealt with satisfyingly. To conclude, the industry has been benefited heavily by the mobility trend. Its utmost success is being continuously revealed through certain survey reports and projections from renowned bodies. Considering its present state, it won’t be wrong to postulate a bright future for the retail and consumer products industry, thanks to the growing demand for enterprise mobility.
Finoit can provide apt mobile development solutions to accommodate the intensifying demand for mobility in the sector of retail and consumer products. We strive to benefit multiple business verticals through our capable mobile app development services. Our credible experience subsumes Android, iOS, Windows Phone development, among others.
If you also wish to benefit from enterprise mobility just approach us at the earnest. We are dexterous in developing a profitable mobile app to simplify your retail and consumer goods business related tasks.