US retailers have the ability to grow profits by more than $460 bn over the next 10 years by leveraging the Internet of Everything (IoE ), according to a Cisco research.
An emerging class of "tech-savvy shoppers" overwhelmingly looks for ways to use smartphones and the Internet to save time and money while shopping in stores, according to a Zogby Analytics poll commissioned by Cisco.
These tech-savvy shoppers represent nearly half of all Americans. They find it valuable when stores offer free Wi-Fi, apps for smartphones, the ability to order out-of-stock items while in a store and digital couponing. Most important, these shoppers are planning to make purchasing decisions based on the advanced online services offered by retailers. "More than 60% of tech-savvy shoppers said that they would be more likely to visit or shop at a store that offers smartphone apps and other in-store online services. And these shoppers have the money to spend. Nearly 30% of tech-savvy shoppers live in households that earned more than $100,000 per year - more than double the rate of all other shoppers," CISCO mentioned in its report.
"Consumers want the best of both worlds this holiday season - they want the social aspects of in-store shopping coupled with the benefits enabled by the Internet of Everything," said Blair Christie, Cisco senior vice president and chief marketing officer.
He further added, "This study shows that retailers who make investments in advanced technologies will be rewarded by tech-savvy shoppers with a larger discretionary income as well as build increased brand loyalty with young shoppers."
According to the study, the most tech-savvy of all in-store shoppers are the first generation of smartphone natives: 18-to-24-year-olds. The Zogby poll found that more than 80% of 18-to-24-year-olds own a smartphone, yet more than 75% plan on doing the majority of their holiday shopping at retail stores.
These consumers in particular want to combine the power of their smartphones with their desire to shop in stores. More than 95% found it valuable to receive holiday discounts/coupons via text or smartphone apps, and to use their smartphones to quickly check prices and order out-of-stock items with free delivery when shopping in a physical store. - See more at: http://www.voicendata.com/voice-data/news/201824/ioe-help-us-retailers-earn-usd460-bn-study#sthash.X54aO57K.dpuf