Prentice Capitalâ€™s Zimmerman highlights new research that shows the rapid growth of "showrooming" nearly 25% of smartphone users report using their smartphone to compare competing prices for purchases while inside a store.
Online PR News – 25-April-2014 – New Jersey – Prentice Capital CEO Michael Zimmerman notes new research highlighting the rapid growth of "showrooming" - increasing numbers of consumers are using of mobile devices in shops to check information about a purchase, compare reviews and competitive pricing.
A third (34%) of smartphone users have made a purchase via their smartphone, and 72% of these report using their smartphone while inside a store, research from DigitasLBi has found. (1)
It was also revealed that 19% of consumers left a store after consulting their smartphone and finding a product they want is cheaper elsewhere, while a further 29% of surveyed consumers said they would consider doing so.
"Not only are customers shopping more on their phones, they're also spending," said Chris Mason, Branding Brand co-founder and CEO. "Our data shows large numbers of consumers rapidly embracing mobile as a fundamental tool to conveniently connect with retailers." (2)
Tina Spooner, Chief Information Officer at IMRG, says, â€śAn increasing number of consumers now using their mobile devices to browse and compare products while in-store.â€ť (3)
Zimmerman believes modern retailers need an innovative multichannel mobile strategy at the core of their integrated marketing strategic plan. Zimmerman is backing his opinions: his pattern of investing as indicated through Prentice Capital's regulatory disclosures shows the Michael Zimmerman hedge fund favors stocks with powerful brands and well-conceived mobile and online commerce strategies (4).
"Given the evidence, we seem to be entering the start of a persistent mobile age," Scott Galloway at NYU Stern commented. "Brands ignore this shift at their own peril." (5)
Michael Zimmerman's fund Prentice Capital Management is a Greenwich financial investment advisory firm specialized in U.S. consumer retail sector investments. Zimmerman also sits as Chairman of the Board at retailer dELiA*s Inc.
(1) 'Connected Commerce: A Snapshot of the Modern Shopper' 3 April 2014 DigitasLBI
(2) Mobile Commerce Index data from Branding Brand
(3) IMRG e-Retail Survey, April 2014
(4) SEC EDGAR Filings, 15 April 2014
(5) "High-End Brands Are Missing the Boat on Mobile, Study Finds" - Mashable, 11 Jan. 2012