There’s an app for that, “that” being retail’s current malaise.
The smartest retailers are putting a big priority on building mobile-shopping apps, Jefferies senior technology analyst Brent Thrill told CBNC. And those who aren’t making the investment will fall behind.
“I think that when you look at the behavior of consumers, this is absolutely critical,” said Thrill, who cited comScore data showing an “explosion” in mobile commerce from 2 percent market share seven years ago to 20 percent now.
Companies like Amazon, with its mobile app and Alexa device, are leading the way in mobile shopping, Thrill explained.
“It’s just so easy and it’s not happening in front of a desktop anymore,” he said.
Older malls or newer ones that didn’t properly re-tenant themselves to reflect consumer demand, and small, non-franchise mom-and-pop shops will continue to struggle, he added.
“That’s where the pain is,” Nadji said. [CNBC] – Rich Bockmann