Rob Pettit: The Joy of shopping Innovation CAMP 2013

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Rob Pettit (Director of Client Services, North America @ FITCH) shares thoughts on the changing landscape of shopping around the world at Innovation CAMP 2013.

Rob Pettit (Director of Client Services, North America @ FITCH) shares thoughts on the changing landscape of shopping around the world at Innovation CAMP 2013.

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  • 1. THE JOY OFSHOPPINGIT’S ALL IN THEMINDMARCH 22, 2013
  • 2. FITCH is a Global Design ConsultancyInfluencing the World Around You byTranslating BrandInto ConsumerExperience
  • 3. 14 Studios9 countries
  • 4. Innovation CAMP The Joy of Shoppingthe ways we shopnow are different
  • 5. Innovation CAMP The Joy of Shopping and they always will be
  • 6. Innovation CAMP The Joy of Shopping $963 BILLION OF PACKAGES ON DOORSTEPS crazy change, business stock market, tsunamis earthquakes, housing sales, not to mention that big moon thing... and for many it’s too late to respond
  • 7. Innovation CAMP The Joy of Shoppingconsumers havefound their “joy inshopping” – now it’stime for retailers andbrands to catch up
  • 8. Innovation CAMP The Joy of Shopping Asian Paints
  • 9. Innovation CAMP The Joy of Shopping
  • 10. Innovation CAMP The Joy of Shopping BOLD THINKING …a store that doesn’t sell anything
  • 11. Innovation CAMP The Joy of Shopping Sales increase of 35% in adjacent stores
  • 12. Innovation CAMP The Joy of Shopping Sales conversion up over 20%
  • 13. Innovation CAMP The Joy of Shopping A seamless shopper journey Digital Magazine iPad app Decorating App Facebook sharing ‘at home’ samples
  • 14. Innovation CAMP The Joy of Shopping SIMPLE SPLINTERED SEAMLESS
  • 15. Innovation CAMP The Joy of Shopping SIMPLE SPLINTERED SEAMLESS Linear and Location based
  • 16. Innovation CAMP The Joy of Shopping We had shops… we had stores
  • 17. Innovation CAMP The Joy of Shopping we had catalogues
  • 18. Innovation CAMP The Joy of Shopping and shopping with your phone…
  • 19. Innovation CAMP The Joy of Shopping SIMPLE SPLINTERED SEAMLESS Fractured and Formidable
  • 20. Innovation CAMP The Joy of Shopping $960 billion in sales in 2013
  • 21. Innovation CAMP The Joy of Shopping Bar Codesbut it’s not just online
  • 22. Innovation CAMP The Joy of Shopping in less than 18 months all phones sold will be smart
  • 23. Innovation CAMP The Joy of Shoppingand it’s not just phones
  • 24. Innovation CAMP The Joy of Shopping And we trust complete strangers more than brands or retailers
  • 25. Innovation CAMP The Joy of Shopping SIMPLE SPLINTERED SEAMLESS Consistent and Co-ordinated
  • 26. IN STOREOUT OF STOREONLINE
  • 27. DREAMINGEXPLORINGLOCATING
  • 28. Innovation CAMP The Joy of Shopping Shopper Mindstates Dreaming Exploring Locating Purchase intent in the Specific product or No specific purchase intent category service Being inspired Browse easily Easy to find Learning More Useful Having fun information reminders Narrow choices Reassurance
  • 29. Innovation CAMP The Joy of Shopping Shopper Mindstates Locating Specific product or service Easy to find Useful Retailers reminders Reassurance focus here and service these needs well.
  • 30. Innovation CAMP The Joy of Shopping Shopper Mindstates Exploring Purchase intent in the category Browse easily More information We should Narrow choices also begin looking here …more than we do
  • 31. Innovation CAMP The Joy of Shopping Shopper Mindstates Dreaming No specific purchase intent Being inspired Learning Having fun …and here as this is where we can build connections
  • 32. Seamless Retail Planning MatrixInnovation CAMP The Joy of Shopping DREAMING EXPLORING LOCATING In-Store Out of Store On Line
  • 33. Innovation CAMP The Joy of Shopping SIMPLE SPLINTERED SEAMLESS: IKEA
  • 34. Innovation CAMP The Joy of Shopping
  • 35. Innovation CAMP The Joy of Shopping INSTORE OUT OF STORE ON LINE
  • 36. Innovation CAMP The Joy of Shopping Play Areas Showrooms Marketplace Restaurant Warehouse Demos Small Touches INSTORE
  • 37. Innovation CAMP The Joy of Shopping Catalogue Cookbook / Pop ups Launches Events Kitchen Brochures OUT OF STORES
  • 38. Innovation CAMP The Joy of Shopping Website Apps Kitchen Planner Advice Facebook AR App Desktop ONLINE
  • 39. Innovation CAMP The Joy of Shopping
  • 40. Innovation CAMP The Joy of Shopping
  • 41. Innovation CAMP The Joy of Shopping
  • 42. Innovation CAMP The Joy of Shopping
  • 43. Innovation CAMP The Joy of Shopping THE JOY OF SHOPPING STUDY Summer, 2012
  • 44. Innovation CAMP The Joy of Shopping We talked to… 7,130 shoppers 7 countries China, India, Russia, USA, UAE, UK, Brazil
  • 45. Innovation CAMP The Joy of Shopping Shoppers of three retail categories… Fashion Electronics Grocery
  • 46. Innovation CAMP The Joy of Shopping We studied shopping… Involvement Satisfaction Channel preferences Performance gaps
  • 47. Globally, enthusiasm for shoppingis alive and well 42% 11% Involvement: Global Average cross-category 47%
  • 48. There is significant room forsatisfaction improvement in the U.S.,especiallyin grocery D I ST RE SS ED DI SA PP OI N TE D IN D IF FE RE N T H A PP Y O VE R JO YEDGROCERY 2% 4% 46% 44% 4%ELECTRONICS 2% 4% 30% 55% 9%FASHION 3% 11% 26% 50% 10% 0% 20% 40% 60% 80% 100%MEASURE: Typical emotions when shopping
  • 49. Shoppers across the world stillprefer physical stores the most In-store 54% On Web 30% Mobile App 13% Social Media 7 7%
  • 50. The U.S. is no exception Digital is a becoming a dominant force. STORE MOST IMPT WEBSITE MOST IMPT MOBILE APP MOST IMPT SOCIAL MEDIA MOST IMPT GROCERY 63% 31% 6% 4% ELECTRONICS 48% 49% 8% 6% FASHION 73% 14% 5% 4% US Data Q: Thinking about how you prefer to shop, which of the following are important for a retailer to have?FITCH | December 5, 2012
  • 51. The happiest shoppers prefermulti-channel shopping STORE WEB MOBILE SOCIAL 100% 90% 86% 86% 86% 80% 73% 70% 70% 70% 71% 67 % 66% 60% 60% 59% 50% 49% 40% 30% 20% 10% 0% GROCERY ELECTRONICS FASHIONUS DataQ: Thinking about how you prefer to shop, which of the following are important for a retailer to have?Q: How do you typically feel when shopping for <CATEGORY>, where 1 means distressed and 5 means overjoyed?
  • 52. Demand for DEL experiences is evengreater among multi-channel shoppers Imagining the Ideal: Level of Dreaming, Exploring and Locating Shoppers Expect in their 85% 82% ‘Ideal’ Experience DREAMING EXPLORING 69% 70% DREAMIN G EXPLORING 79% LOCATING 69% LOCATING AVERAGE MULTI-CHANNE L SHOPPER SHOPPERGlobal DataMulti-channel shopper defined as those who prefer Online, Mobile, Social channels
  • 53. Innovation CAMP The Joy of Shopping “Brick-and-mortar stores are expected to shift from a transactional model to an experiential one in which the virtual world enhances the customer and brand experiences.” -Deloitte’s Store 3.0 Survey: The Next Evolution, September 2011
  • 54. Innovation CAMP The Joy of Shopping Stores vs. Digital? Stock vs. Experience Digitized, Extended Shelf Static & Un-Personal Hyper-Personal Convenience in Location Buy-Anywhere Convenience Trust in Brands Trust in Voices Retailer Owns Brands People Own Brand
  • 55. Innovation CAMP The Joy of Shopping The Seamless Future will Complete not Compete Enhanced Experience Adaptive & Augmented Hybrid Shopper Voices Amplify Brands People Become the Brand
  • 56. 3 SEAMLESSINNOVATIONS
  • 57. Innovation CAMP The Joy of Shopping Intelligent In-Store Destination KRAFT| iFOOD ASSISTANT Source: Intel
  • 58. Innovation CAMP The Joy of Shopping Intelligent Shelf Labeling Source: Intel
  • 59. Innovation CAMP The Joy of Shopping Smart Carts SK TELECOM| SMART CART– Source: engadget.com
  • 60. Thank youRob PettitDirector, North America Client Servicerob.pettit@fitch.comWhite Paperwww.fitch.com/the-joy-of-shopping-its-all-in-the-mind