Has your smartphone changed how you make buying decisions?
If so, you're not alone, according to an interesting presentation that MIT Sloan School Professor Duncan Simester gave as part of an MIT Sloan Executive Education course this past summer. As recently as five years ago, Simester observed, the Internet hadn't changed consumer purchasing behavior as much as marketing experts had initially expected it would — except in some markets, such as books and travel.
But then, in the last two or three years, as smartphones and tablets have increased consumers' access to the Web while on the go, consumer buying behavior has started to change in a greater number of markets, according to Simester. Now, for example, more consumers who are in the middle of considering a purchase can pull out their mobile devices and type information into search engines to pull up reviews.
What does that change mean for your business?