Are You Ready For The Mobile Metamorphosis? This Is Just The Beginning.

Do you remember a time when consumer research and decision making was not a hand-held readily available commodity? There was a time not long ago when search engines, social media, and online reviews were not conveniences at your fingertips. A recent research summary by Oxford Economics, written in cooperation with AT&T, Cisco, Citi and SAP asserted that 47% of the world is already using mobile phone technology and devices.

With the advent of mobile technology we have seen a dramatic shift in the way we live and make decisions. It is estimated that by the year 2014 65% of the world will be using Mobile Phones. This is an astounding figure when you consider just how recent this seismic shift in technology usage has occurred. If we continue at this pace, by the turn of the decade we will see a globalization of mobile users. And as many of Shakespeare’s famous monologues read, “This must give us pause” as we ponder the far reaching impact of the unfolding global stage.

Businesses Need To Get On Board or Be Crushed By the Mobile Tsunami
A recent Forrestor survey of business executives found that 57% of executives either did not have a mobile strategy or are just beginning to define it. This is a staggering statistic given the amount of business which takes place within the mobile world. Businesses that will succeed are those that recognize that smart phones are just the beginning of what is to come. We are now seeing tablets and eReaders having a significant impact as well. These new devices also guarantee information when you need it at anytime or anyplace. Therefore we need to adjust our business models to cater to the versatile mobile user.

What Are Some Of The Major Challenges In Reaching Mobile Consumers?

1. Maintaining Competitive Costs and Value
In light of economic challenges we have seen more capricious consumers shift to become more value-conscious ones. “In developing economies cost is important,” says Nick Brown, senior vice president of strategy for the mobile applications group at SAP, “but what people really look for is value.” With mobile technology there is a heightened competitive factor due to our present economy and the anytime anyplace way that consumer research is being done. The moment of decision location can be anywhere. Since decisions can be made standing in the aisle of a store, in a customer’s office, or over lunch or dinner, the dynamic of how we present costs and value to businesses and consumers must change.

2. Effectively Capturing Intelligence in a Mobile Environment
The online environment that once afforded a vast amount of space has now been considerably reduced with mobile. With that in mind, businesses must adequately adapt to the small scale space and creatively integrate user friendly interfaces in order to compensate for the loss. If we can capture business and consumer intelligence effectively it has been researched that “mobile technologies are more likely to help businesses over the next five years more than any other technology. According to ABI research, for example, expects the global market for mobile commerce to reach $163 billion. Intelligence is the contingency upon which this stands or falls.

3. Lack of Mobile Security Is a Factor
IT organizations are still at odds integrating strategies for mobile security that give a sufficient level of protection from data loss and unauthorized access. In an interesting article by CNN titled, “Mobile Phone Security: What are the risks?” we can see that mobile technology is subject to malicious malware and other viral vulnerabilities. Also, mobile devices face potential threats from outside firewall applications as well as data hubs. Apps can utilize private customer information which can put sensitive information at risk.
Despite all of the challenges we face with mobile technology, customers are becoming more comfortable making purchases, doing banking, and trusting in their mobile devices when making decisions. Businesses must adapt and evolve and creatively initiate solutions that will allow for integration of the next wave of mobile technology.