20% price difference can make shoppers with smartphones walk

L.E.K. research published by Research Brief this morning indicates that a 20% price swing could make someone change stores.  Click here to see the link.

Implications:  First, it would be smart to re-consider store displays… and strive to make the shopping experience compelling enough that the consumer is thinking about your goods and services, not their smartphone.  Second, make sure your competitive reconnaissance is focused on spotting differences of price or value that exceed 15%.  (By the time it hits 20%, the decision process is already slanted way against you.)

Finally, you might consider messaging that says, “Before you pull the trigger at one of our competitors, take a moment to visit our website (which is optimized for mobile).  Sometimes, a challenge is just an opportunity in disguise.

Mike Anderson, for the Elm Street Economics consumer trends blog. A service of The Center for Sales Strategy, Inc.