More and more people are using technology as a way to make the task of shopping easier. Though this isn’t a surprise to those who shop online, the retail experience is also changing thanks to technology. According to a study done by Deloitte, 75 percent of all shoppers currently research products online before they buy them in stores. This research gives them information on everything from the price of the same item at other retailers to consumer reviews. Having access to this information through technology simplifies the shopping experience.
Technology Helps Make Money Easier to Spend
Technology makes spending money easier. According to the website CPCStrategy.com, e-commerce in the US is growing by about 10 percent each year and is expected to continue this rate of growth into the future. Consumers are currently spending more than $279 billion dollars online, and part of the reason these numbers continue to grow is because online shopping is so easy. Suppose you remember that you need a new handbag for an upcoming wedding. You could drive to the mall, wrestle with finding a parking spot and spend a few hours going from store to store. However, it’s much faster if you take a couple minutes and shop for your new bag online.
Technology Helps to Monitor Expenses
Another way that technology is changing the way people shop is by helping consumers monitor expenses. Gone are the days where you had to drive to your bank to check your balance or meticulously monitor your checking account. Today, consumers are able to check their bank balance in a matter of seconds, simply by using an app on their mobile phone. There is no guessing and no waiting since this can occur 24/7. Consumers will know exactly how much they can spend and when they can spend it. Most major credit card companies are also offering these services.
Technology Gives Consumers More Options Than Ever Before
- How does this microwave compare to that one?
- Will these heels hold up for a few seasons?
- Can I get this cheaper somewhere else?
All of these questions have been asked by consumers, and years ago, they might have been difficult to answer. These days, however, almost any question you might have about a product can be answered in seconds by using technology. Consumers have access to product reviews, access to other retailers to check out their prices and can even find discount codes, coupons and other methods to save.
The habits of both consumers and retailers are changing quickly thanks to technology. In fact, in some cases, consumers know just as much about a product as retailers thanks to the fact that they have technology on their side. They can scan, research, monitor expenses and even shop right from their handheld smart phone or tablet. Retailers are doing all they can to keep up with this changing landscape, and according to a white paper by Samsung, 94 percent of people believe that companies that don’t keep up will find themselves at a disadvantage over the next several years.