The Future of Shopping: How New Technologies Disrupt Retail & What Opportunities It Creates for Entrepreneurs
Join us for this exclusive discussion of new technology trends that threaten to disrupt online shopping as we know it. In this interactive, engaging and very provocative talk, Michael Weissman, CEO of Synqy Corporation will explain the current digital path to purchase, who’s trying to control this process and what to do about it.
DISCOVER what business opportunities this brings - in new technologies, new business models, new marketing approaches
FIND Out about a quiet rise of unexpected competition - Google, which may end up controling the entire digital path to purchase
LEARN practical steps and tools to help you take advantage of unprecedented changes in online shopping and grow your business
SPEAKER:
Michael Weissman
Chairman and CEO of Synqy Corporation
co-author of The Paradox of Excellence
With 25 years of high technology marketing experience with large companies and start-ups—and 15 of those years in senior executive positions— Michael Weissman is currently Chairman and CEO of Synqy Corporation ( www.SYNQY.com )—a leading Internet marketing technology that adds deep interactivity and engagement to digital images. As a brand marketing consultant, Weissman has advised some of the most successful companies in technology including Apple, Amazon, Adobe, HP, Intel and Symantec. He is also co-author of The Paradox of Excellence, which has been published in 7 languages.
5. Ecommerce Value Chain
Customer
perspective
Seller
perspective
Selection
Finding the
right product
quickly
Customer
acquisition &
merchandising
CMS
Buy
Fast, simple &
affordable
transaction
1-click ordering
Process order
Easy to pay the
way want to
pay
Cart
Get it
shipped
Convenient
delivery &
cost
Warehouse &
logistics
Get support
Easy to try,
return, or work
through issues
Omni-channel
support
6. Ecommerce Value Chain
Selection
SINGLE RETAILER
Benefits of scale
- Purchase power
- Selection
- Logistics efficiencies
Buy Process order Get it
shipped
Get support
25. Most time was in store
Actively shopping After the exchange
Preparing to shop
26. Retailers are too-transaction centric
• Didn’t focus on path to
purchase (P2P)
• Missed most of the
shopping process
• Less opportunities to create
ROI and monetization
Only
focused
here
Missed opportunity
Missed
opportunity
15 different sites over 5-6 weeks Lots of content
Actively
shopping
After the exchangePreparing to shop
27. Discovery time in-store is declining
34% drop
Shoppers are going
elsewhere to learn
about what to
purchase.
This raises
acquisition costs,
too.
28. Money is made along the path to
purchase not, just at transaction
Discover Purchase Use
Marketing $$ Margin $$ Repeat/Upsell $$
29. Ad revenue has dropped 50% in 6 yrs
50% drop
Advertisers
know retailer
circulars don’t
work like they
used to.
43. Marketing dollars are substantial…
$83
Google Ad
dollars per
order*
$10 margin
per order
Source: Google average ad cost @ 3% convert rate,
Margin assumption of 50%
8x
bigger
70. Didn’t deliver right content
• Most shoppers still go to
vendor websites for
information
• Over 50% of shoppers who
abandon shopping carts go
to visit vendor websites
Lack of vendor information is driving nearly 40%of cart abandonment
100%
of carts
70%
abandon 56%
Of abandons leave
to visit vendor’s site
for informa on
39%
of cart loss due
to missing info
74. Transactional info, not lifecycle info
• Focused only on one
small sliver of time
and narrow content
• Didn’t think end-to-
end or whole
consumer lifecycle
BEFORE
TRANSACTION
DURING
AFTER
How-to Guide
User Manual Coupons &
Discounts
Promo ons
Tes monials
Demo Video
Customer FAQs
Product Detail
Support Social Sign-up
75. Win the discovery phase with more
relevant content
Discover Purchase Use
Give them a reason to
shop you in this phase
76. Content Enhances Discovery
VENDOR PRODUCT
REGISTRATION
VENDOR-BASED
PRODUCT SUPPORT &
CONTENT INFORMATION
PROMOTIONAL INFO
BUYER’S GUIDES &
EXPERT ADVICE
LIVE VENDOR CHAT
AUTHENTIC UNBOX VIDEOS
AND USER PHOTOS
INTERACTIVE MARKETING
MATERIALS
CAUSE
MARKETING
MATERIALS
RICH-MEDIA
SHARING
HOW-TO
TUTORIALS
AWARDS
82. Google Value Chain
Selection Buy Process order Get it
shipped
Get support
PLA
Adwords
Express
Wallet Wallet
Express
Express ?
44% of transactions today in ecommerce
97. Problem
• Gathering the rich media content
• Organizing and managing it
• Keeping it current
• Displaying the content across sites,
platforms and apps
Too hard and
expensive for
companies to
do themselves
122. Summary
• Retail is disaggregating
• Product discovery sits as
pivotal way to survive
• Key is to partner with
vendors
• Think network, not static
• Ride the change to survive