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Playing to Win the Retail Holiday Season: Strategies to Increase In-Store Traffic and Sales

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Playing to Win the Retail Holiday Season: Strategies to Increase In-Store Traffic and Sales


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© © RevTrax 2014. All trademarks and service marks herein are the property of RevTrax, Forrester, Inc., or their respective clients and may not be used without their prior written consent. All rights reserved.


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© © RevTrax 2014. All trademarks and service marks herein are the property of RevTrax, Forrester, Inc., or their respective clients and may not be used without their prior written consent. All rights reserved. RevTrax To Securely Prove and Optimize Digital Promotion Effectiveness


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Playing to Win the Retail Holiday Season: Strategies to Increase In-store Traffic and Sales Adam Silverman, Principal Analyst October 8th, 2014


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“The pace of change is accelerating faster than anticipated a year ago.” — Blake Nordstrom, president of Nordstrom April 2014


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Mobile connects us wherever we go


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Firms are NOT set up for success 74% …of businesses think they have a digital strategy. 34% …of executives think their firm has the right strategy. 16% …of executives believe their firm has the skills and resources necessary to deliver. Source: Forrester / Russell Reynolds 2014 Digital Business Online Survey


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Footfall to European retail outlets in decline: Germany: -6.4% Italy: -6.2% UK: -2.9% Spain: -3.1% Source: Forrester; “While Retail Footfall decreases, digital influence on Consumer shopping Behavior increases” 2/26/14


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Agenda How customer behavior continues to evolve…quickly The retail response – today and in the future Recommendations for Holiday 2014


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This year, 52% of all US retail sales will either be influenced by or occur online


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Holiday online sales continue to grow


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73% - expect to click and collect 86% - expect to return online orders in the store 89% - expect to view the in-store inventory of products online A commissioned Forrester study with Purolator, May 2014 Customers have high expectations when it comes to channel integration


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14 19% 70% An Engaging Brand Is Important To Me The Store Associate Is The Best Resource For Information Source: NA Technographics Customer Lifecycle Buy Phase Q1 2012 and NA Technographics Customer Lifecycle Discover Phase Q3 2102


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Younger shoppers check price in-aisle Source: Forrester’s North American Consumer Technographics Retail Survey, 2014. Base: 5007 US online Adults (18+). Image source: https://www.flickr.com/photos/kdinuraj/ Percent of US online consumers who have price checked on their mobile phone while in store in the past 3 months Golden Generation (70+)………….….9% Older Boomers (59-69)…………….….9% Younger Boomers (49-58)………..….16% Gen X (35-48)…………………………28% Gen Y/Millennials (26-34)……..……..33% Gen Z/Young Millennials (18-25)…....30% Total U.S……………………………….23%


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Agenda How customer behavior continues to evolve…quickly The retail response – today and in the future Recommendations for Holiday 2014


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Today


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Enterprise inventory visibility and store fulfillment lead the pack


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75% of customers are likely to visit a store if in-store inventory is marked available online . . .


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. . . however, more than one-third of customers are unlikely to visit a store if they can’t check inventory online.


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Ikea exposes the supply chain


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Learn Assist Buy Operate The associate facilitates engagement


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66% of luxury shoppers more likely to shop or interact with sales associates who are equipped with mobile devices Source: North American Technographics Retail Survey 2013


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The Future


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The Store As A Platform Analytics OMS POS CRM Ops Source - https://www.flickr.com/photos/statefarm/


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Location Context Grows In Importance Source: https://www.flickr.com/photos/pr9000/


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The store becomes theater


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Source: Mirande Prynne, “Variable price tags being tested on high street,” The Telegraph, October 22, 2013 (http://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/10395403/Variable-price-tags-being-tested-on-high-street.html) Image source: B&Q Googe+ (https://plus.google.com/112415411810890959234/about) The store becomes personal


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The store becomes social


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Promises delivery two full days quicker than before The store drives service


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Data will need to transform into insights. Image source: Bizj (http://media.bizj.us/view/img/849021/retailnext-kinetic-heat-map*304.png)


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Agenda How customer behavior continues to evolve…quickly The retail response – today and in the future Recommendations for Holiday 2014


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2014 Holiday Best Practices Pay attention to price Channel integration is expected The store experience matters Think mobile first now Win on key days Use data to capture behavior and measure performance


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1. Pay Attention to Price Dynamic Pricing Exists – Have A Strategy This doesn’t mean you should promote yourself to zero margin. Customers not likely to pay significantly more for an item in store Get help here – find a pricing vendor who can help you monitor your offering Source: USA today, 9/28/13


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The store “premium” isn’t large How much more would you consider paying to purchase a product in a physical store rather than buying it online so that you could have the product immediately rather than wait for it to be shipped to you? Source: Forrester Life Cycle Survey, Q1 2013


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2. Channel Integration Is Expected The experience must tie together many different touchpoints Enable your associates and customers to see inventory in your stores. (Easier said than done) Establish processes to handle online orders that need to be returned in-stores Source: USA today, 9/28/13


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3. The Store Experience Matters Focus on service and engagement Use mPOS technology to ‘line bust’ Focus on convenience over experimental technology Train associates to engage with customers who are using digital devices Source: USA today, 9/28/13


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Associates = tour guides


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4. Think Mobile Now The future is here NOW Expect more customers to use mobile phones in all locations to find the best prices and deals Use opt-methods of tracking customer behavior across channels Focus on your mobile experience; both from an influence and transactional perspective Source: USA today, 9/28/13


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Mobile is a bigger part of holiday shopping % of online buyers who shopped on a mobile device Thanksgiving CyberMonday Source: Bizrate Insights/Forrester Holiday Flash Survey, 2013


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Mobile buying is growing during key time periods Where the mobile device was used (CyberMonday) Source: Bizrate Insights/Forrester Holiday Flash Survey, 2013 For which of the following did you use your mobile device today (CyberMonday)?


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5. Win On Key Days This DOES NOT mean you must offer margin busting deals This season is SHORT – just 28 days between Thanksgiving and Christmas Buy into holiday “door busters” Test offers to determine the best margin producing AND new customer acquisition campaign Source: USA today, 9/28/13


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Growth On Key Holiday Sales Dates Continues To Outpace Overall Holiday Growth


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6. Leverage Data Leverage new in-store tools to drive conversion In-store analytics growing in popularity, although riddled with privacy concerns Leverage programs that can track customer behavior in all touch points and help with marketing attribution Ensure you understand different segment behavior during holidays vs non holiday periods Source: USA today, 9/28/13


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+30% — same store sales growth -16% — shrink


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Adam Silverman +1 415.294.8177 asilverman@forrester.com @AdamKSilverman


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© © RevTrax 2014. All trademarks and service marks herein are the property of RevTrax, Forrester, Inc., or their respective clients and may not be used without their prior written consent. All rights reserved. Questions ?


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