Footfall now ‘irrelevant’ indicator of retail success.
As a result of ever-growing smartphone penetration and the on-going economic pressures facing consumers across Europe, high street footfall is now an obsolete method of measuring retail success. At least that’s the opinion of marketing solutions firm Tradedoubler.
According to Tradedoubler, 92 per cent of connected consumers are making performance marketing websites and mobile apps their first port of call when it comes to researching potential purchases.
The report suggests that high street retailers’ traditional metric - footfall – is no longer a guarantee of success. 60 per cent of connected consumers now use their smartphones whilst out shopping, of which three quarters will look up information on a product they see in a store, with 70 per cent checking for a better price elsewhere and 60 per cent going home to buy the product online after checking the price on their phone in-store.
“This is a wake-up call for marketers and high street retailers,” said Dan Cohen, Regional director, Tradedoubler. “Retailers’ traditional metric - footfall – is now an irrelevant indicator of retail success and they need to embrace performance marketing strategies now that 51 per cent of mobile shoppers are searching for vouchers or discounts for products they have seen in-store and 44 per cent are using vouchers sent to their mobile.
“Retailers need defensive and offensive strategies to protect and grow their revenues and indeed, to even remain relevant in this intense multichannel world,” concluded Cohen.