Digital transformation: the future of retail
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How digital technology is transforming retail
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Digital transformation: the future of retail
- 1. DIGITAL TRANSFORMATION The future of retail
- 3. THE END OF SHOPPING MALLS?
- 4. NOT IN THE UK!
- 5. Smart retail opportunities The changing face of consumer behaviour • Showrooming o Seen as a threat o Less important than feared? • Web rooming increasingly popular o Opportunity for proximity marketing • Click & collect now regarded as standard by consumers • Same day delivery a big opportunity for retailers
- 6. Smart retail opportunities Strategies for combatting showrooming What do people like about the High Street shops? What do people hate about online shopping and the High Street? What do people like about online shopping? Zone of support Zone of defence Zone of attack Good service Easy browsing Retail theatre Great information Longer hours No sales hassle Price matching Home delivery Argos-style choice Satisficers Maximisers
- 8. Smart retail opportunities In stores: the consumer experience › Wi-fi › Augmenting reality › Virtual clothes racks and mirrors › Mobile POS › Merging online and offline
- 16. Smart retail opportunities Digital marketing › Beacons › Social proof › In-store proximity marketing › Content marketing
- 17. Making offers relevant to in-store location IN-STORE BEACONS
- 22. Smart Retail opportunities Digital retail business innovations › Personalising products › Tracking footfall and beacons › Stock control and RFID › Virtual shelves
- 26. SAVING SPACE
- 28. Smart retail opportunities Digitising the mall › Store fronts › Wall displays › Proximity marketing › Vacant lots › Pop ups › Smart lighting › Tracking footfall
- 30. Out of store product salesOUT OF STORE WALL DISPLAYS
- 33. POP UP SHOPS
- 34. SMART LIGHTING
- 35. ENHANCING THE CUSTOMER EXPERIENCE
- 36. Smart retail opportunities Enhancing the customer experience › Way-finding › Remote ordering › Retail theatre › Smarter parking
- 37. SMART WAYFINDING
- 38. MOBILE ORDERING
- 40. • Slide on smarter parking SMART PARKING
- 41. THANK YOU Jeremy Swinfen-Green, Charlotte Childs hello@mosoco.co.uk
Editor's Notes
- Bear with me on this slide! Problems - deserted malls in the USA; 15% are predicted to close in the next 5 years; global recession, ecommerce, teens no longer congregating and shopping
- But things are different in the UK! Only 5% vacancy rates in Woking – and rates are falling Even in the USA it is low grade rather than luxury malls that are failing And in Asia malls are booming – often mixing offices, homes and retail - turning malls into destinations Physical retail isn’t dead after all! It accounts for 85% of retail still – although online is growing at 15% a year
- Satisficers Want a reasonable price from a store they trust Maximisers Want the cheapest price possible Maximisers are showroomers 50% of us research 15% of us showroom
- Satisficers Want a reasonable price from a store they trust Maximisers Want the cheapest price possible Maximisers are showroomers 50% of us research 15% of us showroom
- In store wi-fi generates gratitude It also enables the store to deliver apps/websites that can be used to upsell and cross sell In addition data around visit times and demographics can also be collected
- Augmented reality can deliver extra information or up selling messages to shoppers American Apparel Augmented reality at the point of sale unlocks a range of options such as viewing product reviews, watching videos, and ordering online Customers need to download the app first
- Virtual mannequins are triggered by customers removing a hanger from the rail Customers then see models in their chosen garment
- Smart mirrors allow you to “try” clothes on – different colours, accessories etc Some allow you to share images with your friends Others allow you to order items not currently available in store
- Mobile point of sale requires excellent wifi but is convenient for customers and allows easy upselling
- John Lewis Click and collect M&S browse and order hubs Users browse the catalogue or scan barcodes on items and explore product information Items not available in store can be included They can choose to order on the device and collect at a later date or have the product delivered Devices come with a card payment machine
- Macy’s department store chain uses ShopBeacon, an app that enables them to offer discounts on products that a customer has lingered near Apple uses iBeacon tech in its US stores which sends customer notifications when orders are ready, as well as prompts such as phone upgrades when you're in the relevant section of the store
- Crew Style sessions with local style bloggers They are invited to stores to create Instagram-worthy outfits using clothes from Crew’s new collections Result: cost-effective and shareable online content Nordstrom Top pinned items are shown in store “Social proof” persuades people to buy
- American Eagle Customers receive a welcome message when they enter a store, with details of location-specific rewards, deals, discounts and product recommendations Messages are pushed to customers without them needing to open the app If a customer has tagged products on the app, they will receive reminders to search for those items when in store.
- Content marketing as a way of extending the shopping experience, before and after, as well as during the visit
- 3-D printing Not just models – but furniture, clothing and more
- Tracking footfall round malls and shops identified dead spaces and enables better planning
- Inventory control means that shelves, and stores, can be restocked in real time Time spent on in-store inventory checks is massively reduced
- Smaller shops: Argos style shopping - Hointer, single items on shop floor and correct size dispatched to fitting room; also mobile cash till. This means more shops in the same amount of space; display shops for online stores
- Beacons in stores can be used to send special offers to shoppers when they approach certain items – this can be a little spammy though More powerful is the opportunity to use beacons to send extra information to shoppers – even when they are outside the store
- A virtual display of supermarket shelves on a Korean metro station Shoppers could order food for delivery when they got come
- A great example – from Guatamala! Shoe store Meat Pack created an app called "Hijack" to steal customers away from competitor brands like Nike and Adidas When the customer entered a competitor store, the app showed them a countdown timer with an offer for money off shoes The discount started at 99% and decreased by 1% for every second that passed, until the customer reached a Meat Pack store Over 600 shoppers were "hijacked" from competitors in a week One of them received 89% off his new shoes
- What can you do with vacant lots? Advertising Touch screens Projection screening of new shops Pop up shops
- POP up shops are a trend not a tragedy Fashion Street food
- Smart lighting can have an effect on: Security Psychology of shopping Panasonics Smart Downlight recognises when the waiter approaches the table with a bottle of wine. The appropriate pictures from the wine region are then displayed on the table
- With mobile ordering technology there is no need to wait for the waiter
- Topshop virtual reality catwalk show Live stream a virtual reality (VR) 'experience' of its London Fashion Week show Customers could use VR headsets to experience the show in 360 degrees
- Where can I park? Where have I parked? Money off my parking if I go shopping