According to CFI Group's Retail Satisfaction Barometer 2014, 41 percent of consumers now actively use mobile apps while shopping, nearly double the 21 percent that did so in a similar survey last year.
The findings, based on a pool of approximately 1,200 consumers, found that 67 percent of 18-34 year-olds — the coveted Millennial crowd — use mobile apps while shopping. But 50 percent of 35-44 year olds and 30 percent of 45-54 year olds also use them. Overall, most consumers of all ages indicate that they have two to four shopping apps installed, which CFI said proves "mobile isn't a generational-only trend."
Moreover, while the majority of usage of mobile devices while shopping is said to be focused on price comparisons (68 percent), the current year's survey indicates usage becoming more varied. While price comparisons still lead application usage at 47 percent, nearly 45 percent of shopping app users took advantage of mobile coupling apps, 41 percent used apps to view product reviews, and 40 percent tapped their devices to research product information.
Looking ahead, consumers showed they wanted a much broader range of options, including being able to check store inventory, find products in store, manage coupons, scan products to speed checkout, for checking out, and checking loyalty balances. Overall, 51 percent of respondents indicated they would very likely use mobile apps to speed checkout when they become available.
Attempting to define "The Mobile Payoff," CFI found 55 percent of the core mobile user group — 18-44 year olds — were likely to "favor" a store with advanced mobile capabilities. Explored in other ways, a store with "robust mobile capabilities" would cause 66 percent of 18-44 year olds to shop more with a retailer, 39 percent to buy more per visit, 24 percent to drive further to a retailer, and 20 percent to be willing to pay slightly more.
Which of the following app capabilities should stores be focused on developing?