Zimmerman's Prentice Capital Management - Website Price Checking Instore Sees Rapid Growth
Prentice Capital's Zimmerman highlights new research that shows the rapid growth of "showrooming" nearly 25% of smartphone users report using their smartphone to compare competing prices for purchases while inside a store.
Apr 25, 2014, 01:31 ET
NEW YORK, April 25, 2014 /PRNewswire/ -- Prentice Capital CEO Michael Zimmerman notes new research highlighting the rapid growth of "showrooming" - increasing numbers of consumers are using of mobile devices in shops to check information about a purchase, compare reviews and competitive pricing.
A third (34%) of smartphone users have made a purchase via their smartphone, and 72% of these report using their smartphone while inside a store, research from DigitasLBi has found. (1)
It was also revealed that 19% of consumers left a store after consulting their smartphone and finding a product they want is cheaper elsewhere, while a further 29% of surveyed consumers said they would consider doing so.
"Not only are customers shopping more on their phones, they're also spending," said Chris Mason, Branding Brand co-founder and CEO. "Our data shows large numbers of consumers rapidly embracing mobile as a fundamental tool to conveniently connect with retailers." (2)
Tina Spooner, Chief Information Officer at IMRG, says, "An increasing number of consumers now using their mobile devices to browse and compare products while in-store." (3)
Zimmerman believes modern retailers need an innovative multichannel mobile strategy at the core of their integrated marketing strategic plan. Zimmerman is backing his opinions: his pattern of investing as indicated through Prentice Capital's regulatory disclosures shows the Michael Zimmerman hedge fund favors stocks with powerful brands and well-conceived mobile and online commerce strategies (4).
"Given the evidence, we seem to be entering the start of a persistent mobile age," Scott Galloway at NYU Stern commented. "Brands ignore this shift at their own peril." (5)
Michael Zimmerman's fund Prentice Capital Management is a Greenwich financial investment advisory firm specialized in U.S. consumer retail sector investments. Zimmerman also sits as Chairman of the Board at retailer dELiA*s Inc.
Sources
(1) 'Connected Commerce: A Snapshot of the Modern Shopper' 3 April 2014 DigitasLBI
(2) Mobile Commerce Index data from Branding Brand
(3) IMRG e-Retail Survey, April 2014
(4) SEC EDGAR Filings, 15 April 2014
(5) "High-End Brands Are Missing the Boat on Mobile, Study Finds" - Mashable, 11 Jan. 2012
SOURCE Prentice Capital