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7 Trends Reshaping Your Retail Experience
1. 7 Trends
And 7 Companies
Reshaping Your Retail
Experience In 2014
2. HOW CONSUMERS BEHAVIOR HAS GONE OMNI CHANNEL
A division of Symphony Teleca
THIS PRESENTATION IS ABOUT….
3. A division of Symphony Teleca
…AND HOW RETAILERS ARE DOUBLING DOWN ON
SYSTEMS OF ENGAGEMENT
4. LET’S LOOK AT 7 TRENDS
SHAPING THE SHOPPING EXPERIENCE
AND SOME STATISTICS THAT WE DID NOT MAKE UP
5. 1
CUSTOMERS ARE GETTING MORE TOUCHY FEELY.
EVEN IN THIS DIGITAL AGE
61%
Retailers are looking
to deploy virtual try
on mirrors or virtual
rooms.
Consumers are willing
to shop in a
automated store with
vending machines with
products.
32% 28%
Are looking to
deploy Self check
out facilities in store
and have virtual
customer service.
6. 2
LOCATION. LOCATION. LOCATION
IN THE APPSTORE
Consumers are
interested in receiving
deals and coupons on
their phone while in the
store.
.
Smartphone shoppers
use a store locator on
their phone to plan
their shopping trip.
Smartphone users
compare products
with their phones
while in the store.
74% 70% 48%
7. 3
CUSTOMERS ARE KNOCKING ON EVERY DOOR
Global consumers
are using multiple
channels when
shopping.
ONE SCREEN SIZE DOES NOT FIT ALL
Consumers make
in-store purchases
based on research
they did online.
U.S. shoppers webroom,
browsing online and
then going to a store to
make their purchase.
34% 23% 78%
8. 4
PREDICTIVE DEMAND ANALYTICS IS THE NEW GOLD MINE
AND EVERYONE IS HEADING WEST (OR TO THE VALLEY)
Retailers believe,
leading retail companies
will capitalize on big
data’s competitive
advantage in the next
five years.
Retailers believe, that
analytics can have an
impact on business
processes, with targeted
offers and promotions.
Retailers believe, that
analytics can have an
impact on demand
forecasting, supply
chain modeling
62% 50% 49%
9. 5
RETAIL IS WAKING UP TO INTERNET OF THINGS
AND IT’S GOING TO GET VERY VERY EXCITING.
Cisco predicts, devices and objects
connected to the internet are expected
to grow to 50 billionby 2020.
Apple's iBeacon technology is now
deployed in stores giving customers
more detailed information about
products on display based on their
location in the store.
10. 6
CONSUMERS ARE WILLING TO SHARE DATA
BUT RETAILERS ARE YET TO CAPITALIZE AT SCALE
Consumers are comfortable with
providing personal information when
shopping in exchange for more
personalized recommendations and
customer service.
49%
Consumers consider ending
their relationship with a
retailer if they are not given
tailor-made content and
offers.
54%
11. 7
SOCIAL CONTENT IS THE NEW PACKAGING
Consumers feel that
companies social
media posts impacts
their purchasing
.
WE ALL KNOW THAT, DON’T WE ?
Retail product pages
have a Facebook share
button
Consumers use social
media to refer to their
friends and family
before purchasing.
78% 75% 28%
12. WHAT’S STOPPING EVERYONE ?
IT ALL COMES DOWN TO SOLVING 3 KEY PIECES OF THE PUZZLE
A 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% YOY
Macy’s is analyzing customer data across all points
of interactions and to recognize unique
preferences and behaviors. They are also one of
the first retailers to embrace ibeacon technology
to provide in-store tailored notifications to their
shoppers.
15. HOW AMAZON USES PREDICTIVE RECOMMENDATION TO DRIVE 30% REVENUE
Amazon’s recommendation engine is one of the best
cases of predictive analytics. Based on customer’s past
browsing pattern, preferences and behavior, Amazon’s
recommendation engine does an analysis to provide a
personalized experience.
16. HOW BURBERRY USES IN STORE DIGITAL EXPERIENCE TO DRIVE 17% GROWTH
Burberry started a customer 360 program, through which they
connect their customers on social media platforms. Burberry
has integrated modern technology and interactive touch points
like virtual mirror in their flagship store to give their customers
a digitalized in-store experience.
17. HOW WALMART IS DRIVING 1B IN SALES THROUGH DATA SCIENCE
Walmart has mastered the art of applying modern data mining
and analytics techniques to its pool of customer data, collected
from online channels and their ecommerce site to clearly
understand their customers preferences.
18. HOW NORDSTORM GETS 4.5 MILLION FOOTFALLS EVERYDAY (ON PINTEREST)
Nordstrom is using Pinterest to analyze their customer’s
preferences. Products that are most pinned by customers
are displayed in the store. This has helped the retailer
manage inventory and also helped sales associate to show
top selling products to potential buyers through their store
mobile application.
19. HOW VERA BRADLEY DOUBLED CLICK THROUGH AND TRIPLED CONVERSION
Vera Bradley typically starts a season with 16 to 18 pattern
design. After analyzing the data post-testing, that number is
reduced to three to four. To verify the effectiveness of its
pattern testing process, Vera Bradley back tested older
products on which it had sales data to determine if it's a
good predictor of future success.
20. HOW LINDT DOUBLED CONVERSION AND TRIPLED REVENUE THROUGH
PERSONALIZATION
Lindt launched a cloud based ecommerce site to build
and execute personalized promotions. Through
microsites, Lindt can launch promotions and campaigns
that sell highly targeted offerings.
The new ecommerce site has doubled the conversion rate and tripled the revenue on mobile devices. Black Friday saw a
conversion 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 IT
SINGLE VIEW OF
CUSTOMER
OMNI CHANNEL
INTEGRATION
CUSTOMER ANALYTICS
PERSONALIZED
CONNECTED
EXPERIENCE
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22. Retailers, who are embracing
Omni Channel Customer Engagement
and 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 2014
CUSTOMERS EVERYWHERE. REVENUE EVERYWHERE.
WHAT IS YOUR RETAIL OMNI-CHANNEL STRATEGY?
Don’t miss out! Click here to register now!
24. ADITI CAN NAVIGATE YOUR BUSINESS
THROUGH A DIGITAL TRANSFORMATION
Click here to get in touch with us!