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TECHNOLOGY ADVANCEMENTS & ADOPTIONThe change of pace is faster than most business can keep up, but the customer is left wanting
NEW SHOPPER EXPECTATIONS HAVE BEEN FORMED Shoppers are bringing online behaviour into store, changing their assumptions about what makes great retail delivery SOURCING 24/7 ACCESS SPEED CONTROL ABUDNANCE INTERACTION COMMUNITY TRANSPARENCYSOURCE: Cisco Business Consulting, Retail Group. May 2011
CONNECTED SHOPPERS: INFLUENCE & POWERWord of mouth is stronger than ever, but now it’s fuelled by social platforms that give the consumerhuge reach potential. More influential than any brand message or advert.
MORE SALES CHANNELS THAN EVERIn-store, e-commerce, m-commerce, social commerce, subscription services, digitaldownloads… Consumers have more choice, but the offering is usually fragmented.
OMNICHANNEL: IT’S INFLUENCE & PURCHASE Most retailers are measure channel performance in silos. This underplays their value, not considering the influence they have on driving sales across the total ecosystem. And the big game in town is still the physical store. 1% AU RETAIL SALES DISTRIBUTION BY CHANNEL 4% 50% 45% Online Only Store to Online (showrooming) Online to Store Store OnlyAdapted from Forrester Research, 2012
THE NEW SHOPPER JOURNEY Mindset: I don’t know what I’mlooking for, but want to understand Mindset: I know what I want, but my options am looking for the best solution for Mindset: I know what I want & where I Needs: Inspire me & show me my needs want to get it, but I want an easy what’s available purchase experience Needs: Give me control & comfort that I’m making the right choice Needs: Easy, fast & range of payment options. Trusted & secure. Memorable store experience & customer service Discover Search & Find Buy Mindset: I’ve bought my goods, but I want convenient access to my purchase Needs: Hassle free fulfillment, ability to track purchases, pick up, delivery or hold. Accessibility Relationship Acquire Mindset: Make my next time better. Needs: Know my needs & personalise the experience to save me time. Give me rewards for loyalty. Use Mindset: The product I’ve purchased needs to meet (or exceed) my expectations. I want to validate I made the right choice Needs: Product support, value added extras, social sharing & amplification
MULTIPLE DEVICES FUEL THE PATH TO PURCHASEYour customers are exposed to a number of your channels. The challenge is providing a consistent brandexperience but ensuring relevant content & utility to suit the channel. % of Shoppers 68.4% NUMBER OF CHANNELS USED DURING SHOPPING FOR FASHION 2002 41.8% 38.3% 2012 17.9% 9.8% 7.2% 9.3% 3.9% 3.4% 0.0% 1 2 3 4 5 ChannelsSource: Conlumino
EXTENDED DISCOVERY, FASTER SEARCHBy the time the customer has reached the ‘search’ phase, they’re well informed & have considered theiralternatives. Product search needs to be fast, intuitive & as simple as possible. In-store & online. Minutes 89 AVERAGE DURATION & LENGTH OF PURCHASE PROCESS: DISCRETIONARY PRODUCT Duration of Purchase Time Spent on 52 Process Purchasing 2002 0.5 days 83 minutes 2012 3.4 days 111 minutes 23 16 5 3 4 2 Discovery Search Purchase Acquire Customer Experience StageSource: Conlumino
FOR RETAILERS,MOBILE IS THELYNCHPIN THATBRINGS IT ALLTOGETHER
MOBILE USAGE IS SKYROCKETING Australian shoppers have adopted mobile technologies at a higher rate than most of their global counterparts. YOY growth is still booming.Source: Our Mobile Planet Australia, Think With Google 2012
IMPACT ON RETAIL IS HUGE Australian smartphone users are actively searching for information about products & services. M-commerce conversion is still relatively low, its main function is to facilitate search & drive conversion to offline or desktop. Australian Smartphone Users: What type of activity do you search for on your phone?Source: Our Mobile Planet Australia, Think With Google 2012
MOBILE IS LOCAL Mobile search is anchored in location. Omni Channel retailers are perfectly positioned to take advantage of this opportunity, using mobile to drive in-store visitation.Source: Our Mobile Planet Australia, Think With Google 2012
TABLET PROVIDES DIFFERENT UTILITY Tablet combines the benefits of deeper richer experiences found on desktop with the portability of mobile, creating powerful opportunities for retailers. In-store & out of store.Source: Mary Meeker, Internet Trends 2012
SINGLE VIEW OF SHOPPERThe holy grail of Omni Channel, it promises to unlock huge benefits for retailers. Both superior shopperinsights to fuel business strategy & greater ROI for marketing investments due to better targeting.
RELATIONSHIP: EXCHANGE OF VALUENot all shoppers want a relationship & not all retailers deserve one. Provide value for the shopper inexchange for their data & make sure they understand it. There’s a fine line between relevant messaging &invasion of space. Transparency & respect for the shopper is paramount
SHOPPER INSIGHTS & DATA APPLICATIONReview the historical, aggregated data to form deeper shopper insights & fuel future business strategy.But just as importantly, integration into campaign management & content management platformsdelivers real time, personalised shopper marketing capability, which drives greater ROI Looking back & trying to predict Moment of truth: Right message, the future right time, right channel
THINK BIG, BUT START SMALLEven the best of the best are grappling with how to sort & use their data set. But the oneswho are most advanced have a few things in common.• Platform first. A central, scalable data warehouse• Aggregate sales, customer & location data around a unique ID. Big effort but big returns• Data without intelligence is useless. Analytics integration into campaign management systems• Make it easy for yourself. Use the same customer credentials across channels if possible• Start with what you have. Implement retargeting or trigger based programs• Test & Learn. Test & Learn. Test & Learn
GEOLOCATION: THE NEXT FRONTIERLocation based data from mobile, WiFi & social will give retailers unprecedented ability toinfluence at the moment of truth. Beyond purchase data, it’s the most important lever.Location contextual offers & contentLocation based services & utilities (including navigation)Retargeting from online browse & purchase behaviourReal time retargeting from showroom behaviour (while still in store!)Notifications to sales staff for high value customer visitsTruly personalised in-store serviceIn depth understanding of customer instore behaviour
1. REFRAME THE MEASURE OF SUCCESSMeasure the performance of your ecosystem, not single channel revenue. Understand the value youronline channels play in influencing your offline sales channels. Create KPI’s to support & instill thisthinking into your organisation. “For every $1 spent online influences $5.77 in store” Terry Lundgren, CEO Macy’s, Apple
2. OPTIMISE YOUR MOBILE OFFERINGTake advantage of your web traffic by optimising for mobile. You don’t need to take your whole weboffering & mobilise it, but get your core information & location centric product search up and running.
3. LET THE CUSTOMER DECIDE Provide customers with the option to purchase in their channel of choice. Don’t force them to one or the other, but make sure you have a presence where & when they want it. “Physical stores are still the primary way people acquire merchandise, and I think that will be true 50 years from now” Ron Johnson, CEO J.C Penny ex SVP Retail Operations, AppleAdapted from Forrester Research, 2012
4. NOT ALL DEVICES WERE CREATED EQUALShoppers use them in different ways along different stages of the path to purchase. Identify the roleeach device plays for your consumer, then create content & utility to suit. Everything everywhere isNOT the answer. Discovery Tablet offers deeper, richer browsing experiences. Broad Find & Search Desktop supports comprehensive search & product comparisons Buy Local Find & Search Mobile is out of home & in-store Location based search & navigation utilities
5. LEVERAGE THE STRENGTH OF YOUR ASSETSConverge the digital & physical experiences. Integrate across platforms to add value for your shoppers& play to the strength of your channels.
6. BE CLEAR ABOUT THE VALUE YOU PROVIDEIf you’re not 100% sure what value you bring to your shoppers, you can’t expect them to know either.Don’t just venture into new influence or sales channels because you can, be clear about why you should.
WAITING FOR ENLIGHTENMENTMany fall into the trap of wanting to have the perfect strategy, the final destination & the nirvana oftechnology at their disposal. The longer you wait, the bigger the missed opportunity. The key is to getin and try.
OVER-ENGINEERING YOUR DIGITAL CHANNELSIt’s tempting to come up with feature sets that address every single possible thing that could be of benefitto your shopper. It’s MOST important you set your sights on the Minimum Viable Product that addressesthe CORE needs perfectly.
DEFINING SUCCESS AFTERWARDSThe key to getting your data & your channel strategy right is knowing what success looks like upfront.Often key components for data capture & channel measurement are tacked on as an afterthought.This usually leads to less accurate, more costly & more time consuming retrofits.
DROWNING IN DATAData overload leads to poorer, not better decision making. Make sure you’ve got the capability to fuelyour business by equipping the right people with the right information at the right time. Find time toturn data into insights. If you don’t, you’re not taking advantage of the opportunity
INFLUENCE & SALES CHANNELS: MEASURE THEM AS AN ECOSYSTEM RIGHT CHANNEL, RIGHT EXPERIENCE THROUGH THE NEW SHOPPER JOURNEYMOBILE MERGES ONLINE & OFFLINE: BUT MOST RETAILERS ARE BEHIND THE GAMECREATE AN EXCHANGE OF VALUE WITH YOUR SHOPPERS TO BUILD RELATIONSHIP BESIDES PURCHASE DATA, LOCATION DATA IS KING DON’T WAIT FOR PERFECTION. GET IN & LEARN