Following this autumn 2014’s poor performance and with the retail sector feeling the pressure of slow growth and increased competition, retailers are betting on Black Friday and Cyber Monday to compensate for falling profits.
Large scale discount days have been institutionalised in the global retail landscape as opportunities for retailers and brands to increase revenue and reverse decreasing footfall. With £281m predicted to be spent on Cyber Monday alone, the retail sector is expected to grow by 2.9% during the 2014 holiday season making up for a poor autumn.
Shopping habits are changing dramatically with consumers increasingly forgoing traditional retail channels for the flexibility, speed and convenience of mobile platforms, with an estimated 16.4 million individuals in the UK making purchases on their mobiles. Retailers and brands need to be mobile commerce-ready in order to not only capture consumer attention, but also successfully translate it into sales.
Dan Wagner, CEO of Powa Technologies, comments: “Online purchases are expected to reach a phenomenal number this Black Friday and drive the much anticipated retail growth. Retailers need to have a mobile commerce strategy in place that can mirror the myriad of devices that their customers are using and enable them to complete purchases any time, any where.”