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HOW CONSUMERS BEHAVIOR HAS GONE OMNI CHANNEL This presentation is about….
…AND HOW RETAILERS ARE doubling down on Systems of engagement
LET’S LOOK AT 7 TRENDS SHAPING THE SHOPPING EXPERIENCE AND SOME STATISTICS THAT WE DID NOT MAKE UP
CUSTOMERS ARE GETTING MORE TOUCHY FEELY. EVEN IN THIS DIGITAL AGE 1 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. 28% 32% Are looking to deploy Self check out facilities in store and have virtual customer service.
LOCATION. LOCATION. LOCATION IN THE APPSTORE 2 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% 48% 70%
3 Global consumers are using multiple channels when shopping. 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% 78% 23% CUSTOMERS ARE KNOCKING ON EVERY DOOR ONE SCREEN SIZE DOES NOT FIT ALL
4 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% 49% 50% PREDICTIVE DEMAND ANALYTICS IS THE NEW GOLD MINE AND EVERYONE IS HEADING WEST (OR TO THE VALLEY)
5 Cisco predicts, devices and objects connected to the internet are expected to grow to 50 billion by 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. RETAIL IS WAKING UP TO INTERNET OF THINGS AND IT’S GOING TO GET VERY VERY EXCITING.
6 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% CONSUMERS ARE WILLING TO SHARE DATA BUT RETAILERS ARE YET TO CAPITALIZE AT SCALE
7 Consumers feel that companies social media posts impacts their purchasing . Retail product pages have a Facebook share button Consumers use social media to refer to their friends and family before purchasing. 78% 28% 75% SOCIAL CONTENT IS THE NEW PACKAGING WE ALL KNOW THAT, DON’T WE ?
DATA CHANNELS What’s stopping everyone ? IT ALL COMES DOWN TO SOLVING 3 KEY PIECES OF THE PUZZLE
LET’S LOOK AT 7 RETAILERS WHO ARE PUSHING THE ENVELOPE
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. How macy’s grew same store sales by 11.3% yoY
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. How amazon uses predictive recommendation to drive 30% revenue
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. How burberry uses in store digital experience to drive 17% growth
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. How Walmart is driving 1B in sales through data science
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. How nordstorm gets 4.5 million footfalls everyday (on pinterest)
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. How Vera Bradley doubled click through and tripled conversion
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. How Lindt doubled conversion and tripled revenue through personalization
21 We see a 4 step pattern in the way all of them went about it
And CEOs, CMOs and CIOs who are waiting on the fence are losing their jobs by the dozen Retailers, who are embracing Omni Channel Customer Engagement and transforming their business, are growing at double digit.
Customers Everywhere. Revenue Everywhere. What is your Retail Omni-channel Strategy? Don’t miss out! Click here to register now! JOIN OUR WEBINAR ON SEPTEMBER 30th 2014
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