New technology concepts to drive customer engagement in the retail world
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A presentation on the latest concepts and trends and how the affect consumer behavior and marketing strategy. References to interesting examples and sources.
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New technology concepts to drive customer engagement in the retail world
- 1. New technology concepts to drive customer engagement in the retail world
- 2. 2015 global digital snapshot TOTAL POPULATION ACTIVE USERS ACTIVE SOCIAL MEDIA ACCOUNTS MOBILE USERS 7,210 BILLION 3,010 BILLION 2,708 BILLION 3,649 BILLION PENETRETION: 53% 42% 29% 51% YoY CHANGE: +1.6% +21% +12% +5%
- 3. Europe is in the game TOTAL POPULATION ACTIVE USERS ACTIVE SOCIAL MEDIA ACCOUNTS MOBILE USERS 837 MILLION 584 MILLION 387 MILLION 1,104 MILLION PENETRETION: 72% 73% 46% 132%
- 7. Digital commerce 39%14% 69% INDIA UK 16%6% 37% JAPAN SOUTH KOREA e-commerce m-commerce
- 8. Visual optimization 1998: 8 Billion 2014 (est.): 880 Billion 2014: 1.8 Billion 150% increase from 2013 515% increase from 2012 Sources: Kodak, Yahoo, L2,Kleiner Perkins PHOTOS TAKEN PHOTOS SHARED PER DAY
- 9. What does it all mean? ∕ Consumer time spent with digital and mobile media is changing how consumers prefer to engage with businesses
- 10. What does it all mean? ∕ E-commerce accounts for an estimated 5 percent total of European retail
- 11. What does it all mean? ∕ Mobile payments and mobile banking are reaching key milestones ∕ Social networks will serve as shopping platforms.
- 12. ∕ Omnichannel will keep businesses in the game ∕ Relevance to the brand and to the customer will determine for how long What does it all mean for you?
- 13. What does it all mean for you? ∕ Keep the customer loyal ∕ Outshine competition ∕ Optimize operation ∕ Increase customer spending ∕ Maximize (and keep maximizing) profits
- 15. Old School going Digital
- 16. ‘New School’ going Physical
- 24. Walmart Pickup
- 27. Scan Anywhere
- 28. Online Only
- 35. Mobile Applications/2 What’s a mobile app? software program should be downloaded needs internet access accessed directly using a smart mobile device
- 36. Mobile Applications/3 Apps can display ∕ Information on services ∕ Locations visible in maps ∕ Push Notifications ∕ Instant messages (special offers) ∕ Reservation (Ticketing, Queuing, Appointments) ∕ Payment ∕ Guided shopping
- 38. Mobile Applications/5 Mobile apps vs Websites
- 40. Beacons/1 Identity & Proximity Application Relevant user experience
- 45. Digital Signage/3 Restaurants & QSR
- 49. mPOS
- 52. Data Utilization Mosaic data to provide a “richer picture” of customers Demographic profile Residence Durable goods Car Financial Services Media usage Entertainment TravelShopping Preferences Attitudes Values Views Census data AgeGender Marital StatusOccupation Transaction data (typically forms the start of any client analysis) Education
- 53. Insight into customers, locations and markets 1 Customer Insight “What products do they buy, where, and when?” “Where should marketing initiatives be directed?” “What is the best means of communicating with them?” “What products and services should be offered?” “What is their profile, and how do they behave?” “Where do customers live?” “How much expenditure do they account for?”
- 54. Insight into customers, locations and markets 1 Retail Location Insight “Which weaker stores should be down-sized or closed?” “How can existing stores improve their sales?” “Does the store chain achieve optimum market coverage?” “How can the chain be segmented on the basis of performance and market characteristics?” “Which stronger stores require re-investment?”
- 55. Insight into customers, locations and markets 1 Market Intelligence “What do store catchment areas look like?” “How do stores impact one another?” “What are a location’s key characteristics?” “What market share does a store achieve?” “Are there untapped market ‘hot- spots’?” Store 1 Store 2 Store 1 High potential “Where are competitors and what are they doing?”
- 56. Data Alignment Customers don’t think about channels - they just want convenience http://www.experian.com/marketing-services/cross-channel-marketing-platform-video.html
- 57. The loyalty report 29% of Members would not be loyal to the brand, if it weren’t for the program. 60% of Millennials are willing to switch brands they buy if it means getting more benefits. 72% of customers are interested in interacting with their loyalty program through a mobile device. 4,6x higher satisfaction with the loyalty program is among consumers who strongly agree that the communications they receive from the brand are relevant.
- 59. Summary/1 • Customers will come to expect a better type of shopping experience across channels that they choose at a time they want • Brands must invest in omnichannel solutions and ensure that convergence benefits consumers and increases satisfaction both online and off • Tracking, analyzing and monetizing customer data will become increasingly important • Ensuring “last mile” delivery capacity likely to become more challenging, and we are likely to see more partnerships emerge to most efficiently manage cost, capacity and demand
- 60. Summary/2 • Theater—the art of dramatic presentation—is the key to creating a differentiating retail experience (Innovative digital shopping experiences like virtual shelves, storefronts, and fitting rooms are accelerating) • Retailers must master mobile to make purchasing easier, step up service, emphasize storytelling and personalization, and integrate the physical and virtual to create better customer experiences • Social technologies present a key opportunity for retailers to build relationships with their consumers
- 61. Summary/3 • As traditional retailers go increasingly virtual, digital players are building up their physical presence • Marketers are increasingly adapting their budgets, strategies and tactics to reach consumers across digital touchpoints at the right time and context • If you truly believe you offer the best deals, then let customers access search and surf in-store
- 62. To do list 1. Identify what bugbears your customers have with your retail operation. Can technology help speed up queues? Remove crowds? Offer better ways of explaining and demonstrating your product range? 2. Trial different technologies; if it doesn't work, dump it – but if others do work, they could open up opportunities for your business that other competitors have yet to exploit. 3. Uncertain how to move forward? Then call in an expert supplier to help clarify and hone your vision.
- 63. Additional sources • McKinsey&Company: Retail 4.0: The Future of Retail Grocery in a Digital World • Interbrand: Best Retail Brands 2014 • We Are Social: Global Digital Statistics 2014, 2015 • Beyond: 12 Trends for 2015 What Marketers Should Be Thinking About in Digital • References / Mellon partners: – Ingenico – Gemalto – Estimote – LG Commercial Display – Experian – CRM.com – NemoQ