Endless Aisle Virtual Merchandising In An Omnichannel Marketplace
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Endless Aisle Virtual Merchandising In An Omnichannel Marketplace

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    Endless Aisle Virtual Merchandising In An Omnichannel Marketplace Endless Aisle Virtual Merchandising In An Omnichannel Marketplace Presentation Transcript

    • Session sponsored by Presented by #CCS14 Endless Aisle: Virtual Merchandising in an Omnichannel Marketplace
    • #CCS14 Welcome Webinar Attendees
    • #CCS14 Follow this Webinar on Twitter #CCS14
    • #CCS14 About Retail TouchPoints  Launched in 2007  Over 28,000 subscribers  To provide executives with relevant, insightful content across a variety of digital medium Free subscription to our weekly newsletter: RETAILTOUCHPOINTS.COM/SUBSCRIBE
    • #CCS14 Panelists Kim Zimmermann Managing Editor Demand Gen Report MODERATOR Alen Puaca Creative Director iQmetrix Perry Kramer Vice President Boston Retail Partners
    • Comprehensive Retail Consulting 6©2014 Boston Retail Partners. All rights reserved Endless Aisle: Virtual Merchandising in an Omnichannel Marketplace Perry Kramer, Vice President
    • Comprehensive Retail Consulting 7©2014 Boston Retail Partners. All rights reserved Agenda  About Boston Retail Partners  Unified Commerce  POS/Customer Engagement Survey  Customer Engagement  Mobile  Digital Catalog  Considerations and Conclusion
    • Comprehensive Retail Consulting 8©2014 Boston Retail Partners. All rights reserved About Boston Retail Partners
    • Comprehensive Retail Consulting 9©2014 Boston Retail Partners. All rights reserved Retail experts with retail backgrounds Built with unique professional profile  Managed by industry-recognized leaders  Recruit experienced retail professionals with process, technology and operations skills  Recognized expertise in all facets of strategy, selection and deployment of Point of Sale, CRM/Loyalty, Customer Engagement, Order Management, Merchandising and Supply Chain solutions Trusted advisors of acknowledged industry leaders No exclusive partnerships or alliances with software or hardware providers  Home Depot  TJ Maxx  Family Dollar  Lowe’s  Sports Authority  Dick’s Sporting Goods  Tire and Battery Corp  Brooks Brothers  Michaels Stores About Boston Retail Partners
    • Comprehensive Retail Consulting 10©2014 Boston Retail Partners. All rights reserved White Papers Speaking Engagements Webinars/Articles Industry-leading Surveys Thought Leadership
    • Comprehensive Retail Consulting 11©2014 Boston Retail Partners. All rights reserved Retail Experience
    • Comprehensive Retail Consulting 12©2014 Boston Retail Partners. All rights reserved Unified Commerce
    • Comprehensive Retail Consulting 13©2014 Boston Retail Partners. All rights reserved Unified Commerce puts the Customer at the Center of the Universe Social Media Website Email Apps Mobile Website SMS Direct MailCatalog Employees Checkout Kiosk Signage Adver sing Customers now have the freedom to achieve their goals throughout the shopping process… …using whichever channels and touch points they prefer.
    • Comprehensive Retail Consulting 14©2014 Boston Retail Partners. All rights reserved Unified Commerce Platform Unified Commerce Enterprise BICRM FIN INV MFG Customer Devices Associate POS Web Site Customer Communication Unified Commerce Middlewar e Customer/ Associate Stations Social Media Integration Rules Engine
    • Comprehensive Retail Consulting 15©2014 Boston Retail Partners. All rights reserved POS/Customer Engagement Survey
    • Comprehensive Retail Consulting 16©2014 Boston Retail Partners. All rights reserved Survey Methodology  15th consecutive year  Survey more than 500 top North American retailers  Broad selection of Tier 1, 2, and 3 retailers  60% of respondents fall into Specialty retailer category Drug Store 2% QSR/ Restaurant 2% Convenience and Fuel 5% General Merchandise (Mass Merchant/ Department) 12% Grocery, Food, and Beverage 11% Specialty - Hard Goods (Books, Electronics, Furniture, Home and Garden, Sporting Goods, etc.) 27% Specialty - Soft Goods (Accessories, Apparel, etc.) 32% Other 9% Company Category
    • Comprehensive Retail Consulting 17©2014 Boston Retail Partners. All rights reserved The customer experience is the driver 0% 20% 40% 60% 80% 100% Guided selling/clienteling Real-time monitoring and execution Mobile point of sale Self service options Personalized selling Store as a fulfillment center Unified commerce platform (store, mobile, web) Real-time retail (promotions, pricing, inventory, analytics) Customer-facing technology in the store Importance to Organization 1=Most Important 1 2 3 4 5 6 7 8 9 70% of retailers responded that their #1 priority related to Endless Aisle philosophy
    • Comprehensive Retail Consulting 18©2014 Boston Retail Partners. All rights reserved Customer Engagement
    • Comprehensive Retail Consulting 19©2014 Boston Retail Partners. All rights reserved 0% 20% 40% 60% 80% 100% Social media profile Information about friends and family Customer-specific offers and discounts Customer-specific messaging Product recommendations Customer attributes Shopping history Purchase summary Contact information Transaction lookup Customer Information Available Pre-checkout During checkout After checkout Not available Available customer information Identifying the customer before they have made their purchasing decision offers retailers the ability to influence the decision 51% of the retailers have the ability to identify customers before checkout
    • Comprehensive Retail Consulting 20©2014 Boston Retail Partners. All rights reserved 0% 20% 40% 60% 80% 100% Personalized promotions based on real-time location, weather, or other analytics Made-to-measure Schedule appointment for store visit Self-service inventory availability check At-home services Electronic receipt Self-service price check Electronic gift cards Customer Services Implemented Implement in <2 years Implement in >2 years No plans to implement Offering personalized services Personalized services to help customize the shopping experience for customers 40% have implemented or will implement ability for self- service inventory locating
    • Comprehensive Retail Consulting 21©2014 Boston Retail Partners. All rights reserved 0% 20% 40% 60% 80% 100% Virtual closet/room/garage, etc. Branded persona-based user interface for point of sale Scan and deliver - the customer purchases an item by scanning the barcode with the actual item delivered to their home (or other desired location) Virtual inventory - the ability for a store to sell items without actually carrying the inventory within the store Future Customer Services Implemented Implement in <2 years Implement in >2 years No plans to implement The next-level customer experience Tech-savvy, always online customers change the way retailers need to interact
    • Comprehensive Retail Consulting 22©2014 Boston Retail Partners. All rights reserved Mobile
    • Comprehensive Retail Consulting 23©2014 Boston Retail Partners. All rights reserved 0% 20% 40% 60% 80% 100% Customer-owned mobile devices (Apple iOS, Android, Windows Mobile) Customer stations (flat panel display, AppleTV, touchscreen, etc.) Kiosks Mobile devices Notebook/laptop computers PCs/desktop computers Tablets Traditional registers POS Hardware Devices in 2015 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Slow death of traditional registers 80% have mobile devices accounting for at least 20% of their POS/Customer Engagement tools
    • Comprehensive Retail Consulting 24©2014 Boston Retail Partners. All rights reserved Digital Catalog
    • Comprehensive Retail Consulting 25©2014 Boston Retail Partners. All rights reserved Customer-facing technology expands 0% 20% 40% 60% 80% 100% Mobile wallet Mobile loyalty identification Geolocating Personalized recommendations Prior purchase visibility Smartphone app Mobile coupons, specials, promotions Digital catalog Product information (price, location, availability, research) Shopping list/wish list Customer-facing Mobile Services Implemented Implement in < 2 years Implement in >2 years No plans to implement 40% of retailers have a digital catalog and additional 25 % plan to have one. 40% have mobile search for product by location and availability
    • Comprehensive Retail Consulting 26©2014 Boston Retail Partners. All rights reserved Delivery options 0% 5% 10% 15% 20% 25% 30% No cross-channel delivery services Buy online, ship to store Buy online, pick up in store Buy online, ship from store Other Delivery Possibilities Delivery option expansion helps brick-and-mortar retailers compete against online giants
    • Comprehensive Retail Consulting 27©2014 Boston Retail Partners. All rights reserved Considerations and Conclusion
    • Comprehensive Retail Consulting 28©2014 Boston Retail Partners. All rights reserved Endless Aisle Considerations To successfully integrate virtual inventory and Unified Commerce into your business model, significant process changes must be mapped out and piloted. Areas impacted will include: Social Media Website Email Apps Mobile Website SMS Direct MailCatalog Employees Checkout Kiosk Signage Adver sing  Store operations  Commission processing  Labor management  Replenishment and fulfillment  Returns and reverse logistics  WMS slotting and picking  Custom product delivery and order
    • Comprehensive Retail Consulting 29©2014 Boston Retail Partners. All rights reserved Endless Aisle is the Future  We are at a strategic inflection point where the network is taking center stage, this enables an integrated world where consumers drive self checkout on their smart phone, interact with their friends in real-time on purchase decisions, and receive discounts and personalized pricing as they are shopping, creating a cohesive customer experience. Social Media Website Email Apps Mobile Website SMS Direct MailCatalog Employees Checkout Kiosk Signage Adver sing
    • Comprehensive Retail Consulting 30©2014 Boston Retail Partners. All rights reserved Perry Kramer Vice President (617) 899-7543 pkramer@bostonretailpartners.com www.bostonretailpartners.com
    • About iQmetrix Founded in 1999, iQmetrix is a leading provider of retail management and customer experience technology. 75% of top independent wireless retailers in North America use RQ retail management system (12,000 doors) $9,404,705,267 in retail sales processed through RQ in 2013 RQ Retail Management System XQ Interactive Retail Business Intelligence Commerce Platform
    • ① Today’s Consumer ② Omnichannel ③ Endless Aisle / Virtual Merchandising iQmetrix agenda
    • Connected Empowered Busy High Expectations Entertained Face of Today’s Consumer?
    • How is she shopping? Sources: IAB: “Showrooming: Empowering Consumer electronics shoppers”, 2013, Forrester Consulting: “Customer desires Vs. Retail capabilities”, 2014, Zogby analytics survey, 2013, Ominco: technology driven shopping, 2013, IAB: “Showrooming: Empowering Consumer electronics shoppers”, 2013 62% 71% of multichannel shoppers feel it’s important to view the in-store inventory of products > 60% tech savvy customers would choose to shop in-store because of online services in stores Comparing prices Comparing prices 65% 65% of consumers are demanding “more product variety” out of their shopping experiences. The most important reasons for US consumers to shop online Price 74% of shoppers who use their mobile phones in the store say it makes them more likely to buy the product 65%
    • Shopping with smartphone in-store Sources: Zogby analytics survey, 2013, eMarketer, 2013, Forrester Consulting: “Customer desires Vs. Retail capabilities”, 2014, Zogby analytics survey, 2013, Ominco: technology driven shopping, 2013, IAB: “Showrooming: Empowering Consumer electronics shoppers”, 2013 92% of 18 – 24 year olds want discounts/coupons via text or smartphone apps 12.3M – 53.2M 2010 - 2014 US mobile coupon users rise Comparing prices 70% of smartphone shoppers use a store locator to plan their shopping trip 44% US shoppers access their smartphones in store for shopping and purchasing most of or all the time 46% Compare best prices - the most important reason for use of mobile phone in store.
    • Technology has changed the way people shop • Unprecedented and instant access to product info, pricing and inventory • Increased need for convenience and efficiency • Higher expectations of in- store experiences and brand experience
    • Omnichannel? Seamless shopping experience across channels and touch points Anytime, any place, anywhere
    • “The store, in essence, is becoming a physical web site.” Doug Stephens, Retail Prophet Virtual Merchandising
    • iQmetrix.com/products/XQ/whitepapers 1. Online In-store 2. Checkout Anywhere 3. Relationship 4. In-store Edutainment 5. Social Hub 5 Checkpoints for Next Gen Retail Stores
    • 5W’s of Virtual Merchandising? Virtual merchandising is online in-store. It is bringing the elements of online shopping into physical environment. Key benefit Increase product selection and availability by displaying unlimited number of products. “Endless Aisle”
    • How to Offer Virtual Merchandise? Back End • Unified Product Catalog (online/in-store) • Unified Inventory (with integrated suppliers) • Drop-ship in-store
    • Customer Facing •In-store interactive screens in multiple form factors •Rich product info, engaging media •“Lifestyle features” •Integration with staff and/or consumer’s mobile devices •Location awareness How to Offer Virtual Merchandise?
    • Electronics
    • Appliances
    • Apparel
    • Key Takeaways ① Consumer is shopping anytime and anywhere ② Retailers use technology to deliver unified shopping experience ③ In-store Virtual Merchandising can significantly improve both customer experience and the bottom line AlenPuaca Creative Director AlenP@iQmetrix.com Tara Bartlett Director of Marketing TaraB@iQmetrix.com iQmetrix.com | 1.866.iQmetrix
    • #CCS14 Q & A // Panelists Kim Zimmermann Managing Editor Demand Gen Report MODERATOR Alen Puaca Creative Director iQmetrix Perry Kramer Vice President Boston Retail Partners
    • #CCS14 Thanks for attending the Connected Consumer Series! ccs.retailtouchpoints.com/2014 You can catch all five sessions on-demand at: Thanks to our sponsors: