Walgreens App Finds Any Product in Any Store - A Catalyst for Growth
How many times have you been asked at the checkout counter of a convenience store "Did you find everything you're looking for?" Occasionally, you may have felt like answering "Not exactly" because you were tired from the search. Now there's an app that will help you find anything you want in any store you want - and Walgreen's is the first to launch it on a massive scale.
Walgreen Co. (NYSE, NASDAQ: WAG) became the first national retail store to announce a GPS-like solution for in-store navigation known as aisle411 that helps customers find anything they want in the store as accurately as a specific section of each aisle. Although Walgreen Co. was founded in 1901, there's a reason they have lasted over a century - their power to adapt. Walgreens' announcement this week helps them move a step closer to the Apple Store experience (customer delight). However, while Apple (NASDAQ: AAPL ) employees are empowered with their iPads to assist with any customer questions, Walgreens users will be able to help themselves with the intelligence from their own smartphone application.
With aisle411's in-store mapping platform embedded in a smartphone application, customers can use their smartphones to view maps of any Walgreens store - nearly 8000 in North America. The aisle411 application is designed to connect shoppers, retailers and brands where "X" marks the spot - the location where over 70% of purchase decisions are made, in-store and in-aisle. Walgreens is the first national retailer with all of its stores mapped in a mobile application. This convenience can create a positive impact to the top line and bottom line results of Walgreens.
A national survey commissioned by aisle411 discovered that nearly 84 percent of shoppers have difficulty finding products on store shelves and more than 20 percent of shoppers leave the store without their full purchase intent. If only half of those customers were converted to in-store purchases, that would lead to another 10-15% increase in Walgreens revenue per year.
There is some market research that seems to substantiate that potential:
Walgreens has targeted their aisle 411 application to the vast majority of smartphone users. According to Nielsen's latest smartphone market share summary (June 2012), 86.1% of smartphone users are either Android-based (51.8%) or iPhone-based (34.3%). This application is immediately available for free from the iPhone App Store and the Google Play store .Continued on the next page