7 Trends Reshaping Your Retail Experience

Retail

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  • 1. 7 TrendsAnd 7 CompaniesReshaping Your RetailExperience In 2014
  • 2. HOW CONSUMERS BEHAVIOR HAS GONE OMNI CHANNELA division of Symphony TelecaTHIS PRESENTATION IS ABOUT….
  • 3. A division of Symphony Teleca…AND HOW RETAILERS ARE DOUBLING DOWN ONSYSTEMS OF ENGAGEMENT
  • 4. LET’S LOOK AT 7 TRENDSSHAPING THE SHOPPING EXPERIENCEAND SOME STATISTICS THAT WE DID NOT MAKE UP
  • 5. 1CUSTOMERS ARE GETTING MORE TOUCHY FEELY.EVEN IN THIS DIGITAL AGE61%Retailers are lookingto deploy virtual tryon mirrors or virtualrooms.Consumers are willingto shop in aautomated store withvending machines withproducts.32% 28%Are looking todeploy Self checkout facilities in storeand have virtualcustomer service.
  • 6. 2LOCATION. LOCATION. LOCATIONIN THE APPSTOREConsumers areinterested in receivingdeals and coupons ontheir phone while in thestore..Smartphone shoppersuse a store locator ontheir phone to plantheir shopping trip.Smartphone userscompare productswith their phoneswhile in the store.74% 70% 48%
  • 7. 3CUSTOMERS ARE KNOCKING ON EVERY DOORGlobal consumersare using multiplechannels whenshopping.ONE SCREEN SIZE DOES NOT FIT ALLConsumers makein-store purchasesbased on researchthey did online.U.S. shoppers webroom,browsing online andthen going to a store tomake their purchase.34% 23% 78%
  • 8. 4PREDICTIVE DEMAND ANALYTICS IS THE NEW GOLD MINEAND EVERYONE IS HEADING WEST (OR TO THE VALLEY)Retailers believe,leading retail companieswill capitalize on bigdata’s competitiveadvantage in the nextfive years.Retailers believe, thatanalytics can have animpact on businessprocesses, with targetedoffers and promotions.Retailers believe, thatanalytics can have animpact on demandforecasting, supplychain modeling62% 50% 49%
  • 9. 5RETAIL IS WAKING UP TO INTERNET OF THINGSAND IT’S GOING TO GET VERY VERY EXCITING.Cisco predicts, devices and objectsconnected to the internet are expectedto grow to 50 billionby 2020.Apple's iBeacon technology is nowdeployed in stores giving customersmore detailed information aboutproducts on display based on theirlocation in the store.
  • 10. 6CONSUMERS ARE WILLING TO SHARE DATABUT RETAILERS ARE YET TO CAPITALIZE AT SCALEConsumers are comfortable withproviding personal information whenshopping in exchange for morepersonalized recommendations andcustomer service.49%Consumers consider endingtheir relationship with aretailer if they are not giventailor-made content andoffers.54%
  • 11. 7SOCIAL CONTENT IS THE NEW PACKAGINGConsumers feel thatcompanies socialmedia posts impactstheir purchasing.WE ALL KNOW THAT, DON’T WE ?Retail product pageshave a Facebook sharebuttonConsumers use socialmedia to refer to theirfriends and familybefore purchasing.78% 75% 28%
  • 12. WHAT’S STOPPING EVERYONE ?IT ALL COMES DOWN TO SOLVING 3 KEY PIECES OF THE PUZZLEA division of Symphony Teleca
  • 13. LET’S LOOK AT 7 RETAILERS WHO ARE PUSHING THE ENVELOPE
  • 14. HOW MACY’S GREW SAME STORE SALES BY 11.3% YOYMacy’s is analyzing customer data across all pointsof interactions and to recognize uniquepreferences and behaviors. They are also one ofthe first retailers to embrace ibeacon technologyto provide in-store tailored notifications to theirshoppers.
  • 15. HOW AMAZON USES PREDICTIVE RECOMMENDATION TO DRIVE 30% REVENUEAmazon’s recommendation engine is one of the bestcases of predictive analytics. Based on customer’s pastbrowsing pattern, preferences and behavior, Amazon’srecommendation engine does an analysis to provide apersonalized experience.
  • 16. HOW BURBERRY USES IN STORE DIGITAL EXPERIENCE TO DRIVE 17% GROWTHBurberry started a customer 360 program, through which theyconnect their customers on social media platforms. Burberryhas integrated modern technology and interactive touch pointslike virtual mirror in their flagship store to give their customersa digitalized in-store experience.
  • 17. HOW WALMART IS DRIVING 1B IN SALES THROUGH DATA SCIENCEWalmart has mastered the art of applying modern data miningand analytics techniques to its pool of customer data, collectedfrom online channels and their ecommerce site to clearlyunderstand their customers preferences.
  • 18. HOW NORDSTORM GETS 4.5 MILLION FOOTFALLS EVERYDAY (ON PINTEREST)Nordstrom is using Pinterest to analyze their customer’spreferences. Products that are most pinned by customersare displayed in the store. This has helped the retailermanage inventory and also helped sales associate to showtop selling products to potential buyers through their storemobile application.
  • 19. HOW VERA BRADLEY DOUBLED CLICK THROUGH AND TRIPLED CONVERSIONVera Bradley typically starts a season with 16 to 18 patterndesign. After analyzing the data post-testing, that number isreduced to three to four. To verify the effectiveness of itspattern testing process, Vera Bradley back tested olderproducts on which it had sales data to determine if it's agood predictor of future success.
  • 20. HOW LINDT DOUBLED CONVERSION AND TRIPLED REVENUE THROUGHPERSONALIZATIONLindt launched a cloud based ecommerce site to buildand execute personalized promotions. Throughmicrosites, Lindt can launch promotions and campaignsthat sell highly targeted offerings.The new ecommerce site has doubled the conversion rate and tripled the revenue on mobile devices. Black Friday saw aconversion rate of 200%, while cyber Monday sales was double than single day of online sales.
  • 21. WE SEE A 4 STEP PATTERN IN THE WAY ALL OF THEM WENT ABOUT ITSINGLE VIEW OFCUSTOMEROMNI CHANNELINTEGRATIONCUSTOMER ANALYTICSPERSONALIZEDCONNECTEDEXPERIENCEwww.aditi.com 21 21
  • 22. Retailers, who are embracingOmni Channel Customer Engagementand transforming their business, are growing at double digit.And CEOs, CMOs and CIOs who are waiting on the fence are losing their jobs by the dozen
  • 23. JOIN OUR WEBINAR ON SEPTEMBER 30th 2014CUSTOMERS EVERYWHERE. REVENUE EVERYWHERE.WHAT IS YOUR RETAIL OMNI-CHANNEL STRATEGY?Don’t miss out! Click here to register now!
  • 24. ADITI CAN NAVIGATE YOUR BUSINESSTHROUGH A DIGITAL TRANSFORMATIONClick here to get in touch with us!
  • 25. SOURCEShttp://www.microsoft.com/enterprise/industry/retail/retail-and-consumer-goods/articles/mobility_in_retail_infographic.aspx#fbid=-94SkEga_d9http://wearableworldnews.com/2014/04/14/internet-things-retail-leading-retailers-translating-e-commerce-brick-mortar-part-2/http://www.bidnessetc.com/business/big-data-analytics-revolutionizing-the-way-retailers-think/http://www.dr4ward.com/dr4ward/2014/02/how-do-social-media-influence-consumers-purchasing-decisions-infographic.htmlhttp://digiday.com/brands/13-alarming-stats-about-retail-in-digital/http://newsroom.cisco.com/release/1200551/Self-Service-Shopping-Grows-in-Popularity-According-to-Cisco-Studyhttp://digiday.com/brands/13-alarming-stats-about-retail-in-digital/http://www.practicalecommerce.com/articles/61319-5-Ways-Retailers-Benefit-from-Internet-of-Thingshttp://www.pcquest.com/pcquest/feature/214876/impact-internet-things-retail-industryhttp://www.eweek.com/database/big-data-poses-challenges-opportunities-for-retailers.htmlhttp://newsroom.cisco.com/release/1200551/Self-Service-Shopping-Grows-in-Popularity-According-to-Cisco-Studyhttp://www.marketwatch.com/story/more-us-shoppers-plan-to-buy-from-stores-but-want-the-in-store-shopping-experience-to-match-convenience-of-online-accenture-study-finds-2014-02-03http://www.forbes.com/sites/cherylsnappconner/2013/11/12/fifty-essential-mobile-marketing-facts/http://digiday.com/brands/15-retail-stats/http://newsroom.cisco.com/release/1200551/Self-Service-Shopping-Grows-in-Popularity-According-to-Cisco-Studyhttp://www.microsoft.com/enterprise/industry/retail/retail-and-consumer-goods/articles/mobility_in_retail_infographic.aspx#fbid=-94SkEga_d9
  • 26. Web | Blog | Facebook | Twitter | LinkedIn
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    Know how consumer behavior has gone OMNI channel and how retailers are using systems of engagement to enhance the consumer experiences.
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    • 1. 7 TrendsAnd 7 CompaniesReshaping Your RetailExperience In 2014
  • 2. HOW CONSUMERS BEHAVIOR HAS GONE OMNI CHANNELA division of Symphony TelecaTHIS PRESENTATION IS ABOUT….
  • 3. A division of Symphony Teleca…AND HOW RETAILERS ARE DOUBLING DOWN ONSYSTEMS OF ENGAGEMENT
  • 4. LET’S LOOK AT 7 TRENDSSHAPING THE SHOPPING EXPERIENCEAND SOME STATISTICS THAT WE DID NOT MAKE UP
  • 5. 1CUSTOMERS ARE GETTING MORE TOUCHY FEELY.EVEN IN THIS DIGITAL AGE61%Retailers are lookingto deploy virtual tryon mirrors or virtualrooms.Consumers are willingto shop in aautomated store withvending machines withproducts.32% 28%Are looking todeploy Self checkout facilities in storeand have virtualcustomer service.
  • 6. 2LOCATION. LOCATION. LOCATIONIN THE APPSTOREConsumers areinterested in receivingdeals and coupons ontheir phone while in thestore..Smartphone shoppersuse a store locator ontheir phone to plantheir shopping trip.Smartphone userscompare productswith their phoneswhile in the store.74% 70% 48%
  • 7. 3CUSTOMERS ARE KNOCKING ON EVERY DOORGlobal consumersare using multiplechannels whenshopping.ONE SCREEN SIZE DOES NOT FIT ALLConsumers makein-store purchasesbased on researchthey did online.U.S. shoppers webroom,browsing online andthen going to a store tomake their purchase.34% 23% 78%
  • 8. 4PREDICTIVE DEMAND ANALYTICS IS THE NEW GOLD MINEAND EVERYONE IS HEADING WEST (OR TO THE VALLEY)Retailers believe,leading retail companieswill capitalize on bigdata’s competitiveadvantage in the nextfive years.Retailers believe, thatanalytics can have animpact on businessprocesses, with targetedoffers and promotions.Retailers believe, thatanalytics can have animpact on demandforecasting, supplychain modeling62% 50% 49%
  • 9. 5RETAIL IS WAKING UP TO INTERNET OF THINGSAND IT’S GOING TO GET VERY VERY EXCITING.Cisco predicts, devices and objectsconnected to the internet are expectedto grow to 50 billionby 2020.Apple's iBeacon technology is nowdeployed in stores giving customersmore detailed information aboutproducts on display based on theirlocation in the store.
  • 10. 6CONSUMERS ARE WILLING TO SHARE DATABUT RETAILERS ARE YET TO CAPITALIZE AT SCALEConsumers are comfortable withproviding personal information whenshopping in exchange for morepersonalized recommendations andcustomer service.49%Consumers consider endingtheir relationship with aretailer if they are not giventailor-made content andoffers.54%
  • 11. 7SOCIAL CONTENT IS THE NEW PACKAGINGConsumers feel thatcompanies socialmedia posts impactstheir purchasing.WE ALL KNOW THAT, DON’T WE ?Retail product pageshave a Facebook sharebuttonConsumers use socialmedia to refer to theirfriends and familybefore purchasing.78% 75% 28%
  • 12. WHAT’S STOPPING EVERYONE ?IT ALL COMES DOWN TO SOLVING 3 KEY PIECES OF THE PUZZLEA division of Symphony Teleca
  • 13. LET’S LOOK AT 7 RETAILERS WHO ARE PUSHING THE ENVELOPE
  • 14. HOW MACY’S GREW SAME STORE SALES BY 11.3% YOYMacy’s is analyzing customer data across all pointsof interactions and to recognize uniquepreferences and behaviors. They are also one ofthe first retailers to embrace ibeacon technologyto provide in-store tailored notifications to theirshoppers.
  • 15. HOW AMAZON USES PREDICTIVE RECOMMENDATION TO DRIVE 30% REVENUEAmazon’s recommendation engine is one of the bestcases of predictive analytics. Based on customer’s pastbrowsing pattern, preferences and behavior, Amazon’srecommendation engine does an analysis to provide apersonalized experience.
  • 16. HOW BURBERRY USES IN STORE DIGITAL EXPERIENCE TO DRIVE 17% GROWTHBurberry started a customer 360 program, through which theyconnect their customers on social media platforms. Burberryhas integrated modern technology and interactive touch pointslike virtual mirror in their flagship store to give their customersa digitalized in-store experience.
  • 17. HOW WALMART IS DRIVING 1B IN SALES THROUGH DATA SCIENCEWalmart has mastered the art of applying modern data miningand analytics techniques to its pool of customer data, collectedfrom online channels and their ecommerce site to clearlyunderstand their customers preferences.
  • 18. HOW NORDSTORM GETS 4.5 MILLION FOOTFALLS EVERYDAY (ON PINTEREST)Nordstrom is using Pinterest to analyze their customer’spreferences. Products that are most pinned by customersare displayed in the store. This has helped the retailermanage inventory and also helped sales associate to showtop selling products to potential buyers through their storemobile application.
  • 19. HOW VERA BRADLEY DOUBLED CLICK THROUGH AND TRIPLED CONVERSIONVera Bradley typically starts a season with 16 to 18 patterndesign. After analyzing the data post-testing, that number isreduced to three to four. To verify the effectiveness of itspattern testing process, Vera Bradley back tested olderproducts on which it had sales data to determine if it's agood predictor of future success.
  • 20. HOW LINDT DOUBLED CONVERSION AND TRIPLED REVENUE THROUGHPERSONALIZATIONLindt launched a cloud based ecommerce site to buildand execute personalized promotions. Throughmicrosites, Lindt can launch promotions and campaignsthat sell highly targeted offerings.The new ecommerce site has doubled the conversion rate and tripled the revenue on mobile devices. Black Friday saw aconversion rate of 200%, while cyber Monday sales was double than single day of online sales.
  • 21. WE SEE A 4 STEP PATTERN IN THE WAY ALL OF THEM WENT ABOUT ITSINGLE VIEW OFCUSTOMEROMNI CHANNELINTEGRATIONCUSTOMER ANALYTICSPERSONALIZEDCONNECTEDEXPERIENCEwww.aditi.com 21 21
  • 22. Retailers, who are embracingOmni Channel Customer Engagementand transforming their business, are growing at double digit.And CEOs, CMOs and CIOs who are waiting on the fence are losing their jobs by the dozen
  • 23. JOIN OUR WEBINAR ON SEPTEMBER 30th 2014CUSTOMERS EVERYWHERE. REVENUE EVERYWHERE.WHAT IS YOUR RETAIL OMNI-CHANNEL STRATEGY?Don’t miss out! Click here to register now!
  • 24. ADITI CAN NAVIGATE YOUR BUSINESSTHROUGH A DIGITAL TRANSFORMATIONClick here to get in touch with us!
  • 25. SOURCEShttp://www.microsoft.com/enterprise/industry/retail/retail-and-consumer-goods/articles/mobility_in_retail_infographic.aspx#fbid=-94SkEga_d9http://wearableworldnews.com/2014/04/14/internet-things-retail-leading-retailers-translating-e-commerce-brick-mortar-part-2/http://www.bidnessetc.com/business/big-data-analytics-revolutionizing-the-way-retailers-think/http://www.dr4ward.com/dr4ward/2014/02/how-do-social-media-influence-consumers-purchasing-decisions-infographic.htmlhttp://digiday.com/brands/13-alarming-stats-about-retail-in-digital/http://newsroom.cisco.com/release/1200551/Self-Service-Shopping-Grows-in-Popularity-According-to-Cisco-Studyhttp://digiday.com/brands/13-alarming-stats-about-retail-in-digital/http://www.practicalecommerce.com/articles/61319-5-Ways-Retailers-Benefit-from-Internet-of-Thingshttp://www.pcquest.com/pcquest/feature/214876/impact-internet-things-retail-industryhttp://www.eweek.com/database/big-data-poses-challenges-opportunities-for-retailers.htmlhttp://newsroom.cisco.com/release/1200551/Self-Service-Shopping-Grows-in-Popularity-According-to-Cisco-Studyhttp://www.marketwatch.com/story/more-us-shoppers-plan-to-buy-from-stores-but-want-the-in-store-shopping-experience-to-match-convenience-of-online-accenture-study-finds-2014-02-03http://www.forbes.com/sites/cherylsnappconner/2013/11/12/fifty-essential-mobile-marketing-facts/http://digiday.com/brands/15-retail-stats/http://newsroom.cisco.com/release/1200551/Self-Service-Shopping-Grows-in-Popularity-According-to-Cisco-Studyhttp://www.microsoft.com/enterprise/industry/retail/retail-and-consumer-goods/articles/mobility_in_retail_infographic.aspx#fbid=-94SkEga_d9
  • 26. Web | Blog | Facebook | Twitter | LinkedIn
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