While the future of smartphones seems assured, the industry is currently in a state of flux. Not only have the devices and the operating systems changed, but the way we use them too. Gone are the days of swiping left and right to navigate your phone’s interface – a tap of the screen now turns into a click of the mouse. This evolution puts a lot of pressure on the companies that make the phones. In particular, the rise of the online marketplace gives them a whole new set of challenges.
The Evolving Role of Online Marketplaces
When browsing through the aisles of an electronics retail store, it’s clear that the smartphone industry has shifted from a brick-and-mortar world to an online one. In fact, in many parts of the world where smartphones are commonly used, like China, the majority of sales take place online. This trend is clearly here to stay.
While many smaller retailers have been swallowed up by larger ones, focusing on diversifying their portfolio into other areas, like PC parts and accessories, the role of the online marketplace and its place in the evolving smartphone universe have not changed. When a smartphone is bought, the transaction will mostly take place online. The exception being when purchasing hands-on at retail stores like Best Buy or Rogers.
New Products, New Strategies
In the same way that smartphones have evolved over the years, the online marketplace for smartphones has tried to keep up with the times. What started as a simple search engine has grown into a sprawling retail space where customers can compare prices and specs, and make purchases in a comfortable environment. More and more companies are jumping on the e-commerce bandwagon, recognizing the economic advantages of having an online store.
When it comes to smartphones, you’ll always find the latest and greatest just a few clicks away. If you’re looking for a bargain or just want to find a specific model that suits your needs, you can also use the internet to your advantage. One site, for example, compares the best smartphones available today, analyzing the features, and showing you what to look out for in terms of pricing and value. Launching a side business or becoming an entrepreneur is also a trend that is likely to continue, placing more pressure on companies to perform and innovate.
Challenges For Retailers
With the changing face of the smartphone industry comes new challenges for retailers. Gone are the days of just selling phones, because now your customers can walk into your store, grab a laptop, and complete the transaction from the comfort of their homes. This changes the way you sell phones, because you’re no longer relying on people to come into your store to make a purchase. The rising demand for online companies who can provide a seamless shopping experience from the comfort of your website is proving to be an attractive proposition.
For some companies, this presents a whole new ballgame. How can you ensure a smooth and safe shopping experience from your website, knowing that any transaction that takes place online is completely devoid of in-person contact? What if you need further assistance after making the purchase, what will you do? These challenges are forcing companies to adapt and innovate, and to provide the best customer experience possible.
The Impact On Marketing
Marketing is also changing as a result of the digital transformation, and marketers must take this into consideration when trying to target potential buyers.
Mobile marketing is a growing field, thanks in part to the boom in smartphone use and the digital nomad lifestyle that has developed around it. Mobile marketing allows marketers to target consumers on the go, through push notifications, text messaging, and more. However, just because your customers are on the hunt for bargains does not mean that they’re accessible to every part of the market. Many people become immune to notifications, unsubscribing from all kinds of marketing platforms just to stay organized. In fact, some people check their phone so rarely that it’s become difficult for companies to reach them through traditional advertising methods.
Looking For Bargains
With everyone’s attention fixated on cryptocurrencies and blockchain, it’s become quite apparent that value has taken a backseat to cost-saving measures. While it’s still possible to find phones on sale for less than $100, these deals are becoming less and less common. Companies are doing their best to innovate and provide value for their customers, while also keeping an eye on the bottom line. Marketing to the Digital Nomads, as Pew Research once dubbed them, is proving to be quite the challenge.
The Future Of Phones
So, what’s next for phones? There have been many predictions about the future of mobile devices and the smartphone industry. Many experts believe that the growth in mobile marketing and the evolving hybrid device market will result in a new era of computing. One area that will see massive growth is VR and AR technology. This will allow brands to reach target audiences in completely new ways, as customers will be able to navigate apps, websites, and physical stores, all in a realistic virtual environment. While this may be a bit of a dream now, it’s an essential tool for marketers as they look towards 2025 and beyond.