The modern-day retail industry is facing a complex and challenging environment with the growing penetration of new technologies and the rise of the mobile connected consumer a phenomenon that has completely disrupted the traditional retail business model. Today's connected and empowered consumers know exactly what they want: the advantages of physical stores such as personal service and the ability to touch products as well as the advantages of digital retail such as rich product information, broad selection, and customer tips and reviews. For these consumers, shopping is as much an experience as it is an event. The ginormous impact of social media has allowed consumers to be in constant touch with their favorite brands and tell them their preferences, likes, and dislikes. The e-wallet, or digital wallet, is fast emerging as a staple payment medium in e-commerce, addressing the challenges of failed payments, refunds, and security. The structural and user experience-based benefits presented by the digital wallet is spurring its adoption. The growing popularity of in-app purchases has also stemmed from the success of e-wallets, allowing mobile application users to access special features and content such as upgrades, restricted levels, and special characters. Consumers are also demanding a seamless shopping experience while switching between multiple electronic devices.
What Persistence Market Research offers its clients is a wealth of strategic information to know the power that the connected consumer holds in the retail sector and how to capitalize on this growing trend.