(GhaniKunto.me) Download - Storytelling for retailers: hauling and showrooming
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(GhaniKunto.me) Download - Storytelling for retailers: hauling and showrooming

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The largest and most trusted source of product information for customers is other customers. Customers no longer walk into stores looking for information to help them decide on a purchase; they now ...

The largest and most trusted source of product information for customers is other customers. Customers no longer walk into stores looking for information to help them decide on a purchase; they now walk in with a more complete product story in mind.  People go to the store to buy a phone knowing which model to buy a full month before the purchase.

The best way for retailers to address this is not by creating and pushing more content about the products into different online and offline channels.

Read the full article to get the full story. Download, share, and be merry :)

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(GhaniKunto.me) Download - Storytelling for retailers: hauling and showrooming (GhaniKunto.me) Download - Storytelling for retailers: hauling and showrooming Document Transcript

  • A!lied Storytelling in MarketingStorytelling for retailers:Hauling and showroomingProduct and brand storytelling happens beyond the confines of retail space.The modern customer’s journey isn’t linear like it used to be. Rather than ajourney punctuated by a definable end-point, it’s a process involving multipleconsultations with peers and online reviews. Customers call peers for adviceand check video reviews on their smartphones while in store. Retailers needto build around existing behavior and redefine how they deliver thisexperience.People don’t buy aloneShopping is a social process. Churn, brand What’s showrooming?and purchase decisions don’t happen inisolation but as the result of long termconsultation and influence. Customers call Techopedia’s definition:friends and family while in-store to consult It’s when a shopper visits a store toabout their purchase, with youth leading the check out a product but thenpack (58% of them - source Pew). Instead purchases the product online fromof viewing this behavior and showrooming home. This occurs because, whileas a threat, retailers need to find ways to many people still prefer seeing andleverage these activities for their benefit. touching the merchandise they buy,After all, the end-to-end retail experience many items are available at lowerplays a crucial role in defining which brands prices through online vendors. Asare recommended and purchased. The such, local stores essentiallycloser retailers get to the customer, the become showrooms for onlinemore insights they will gain, which shoppers.translates to more leverage for the retailer Find articles, case studies and podcast on the role of storytelling in marketing: http://GhaniKunto.me
  • both with the customer and the supplier. Retailers with the best insight willwin.Traditional offline retailers face a significant online challenge from 2 areas:1) Showrooming: The growth in customer showrooming behavior popular with youth shows that retailers not geared towards a multi-channel delivery end up becoming the physical front end for online competitors. Youth often research products in store before taking purchases online, both to check product reviews and to compare prices. According to latest data from Pew Research, 50% youth match prices online and 56% look up reviews on their mobile phone while in store compared to 27% and 26% respectively for older customers.2) Upstart Advantage: New entrants have been able to redefine retail from the bottom up to better suit the modern customer. Retailers geared towards multi-channel delivery, like Apple, are able to turn showrooms into a positive brand experience and a generator of both recommendation and revenue. Some retailers have improved their customer engagement practices, increasing showrooming and in-store purchases. In recent ACSI surveys, Apple ranked #2 (behind Amazon) in terms of customer satisfaction. Apple’s ability to re-engineer retail beyond traditional confines has enabled it to become the most profitable retailer per square foot in the US ($6000/sqft vs $3000 next placed retailer Tiffanys). Apple understands that retail isn’t just about selling boxes but supporting the customer in the discovery and education process.Retailer’s story doesn’t matterRetailers need to curate rather than create stories about their products.The largest and most trusted source of product information for customers isother customers. Customers no longer walk into stores looking for informationto help them decide on a purchase; they now walk in with a more completeproduct story in mind.  People go to the store to buy a phone knowing whichmodel to buy a full month before the purchase.The best way for retailers to address this is not by creating and pushing morecontent about the products into different online and offline channels. With themultitude of product reviews and hauling videos on YouTube, retailers should Find articles, case studies and podcast on the role of storytelling in marketing: http://GhaniKunto.me
  • focus instead on curating the different stories customers already have outthere to help the discovery process.As Apple’s CEO Tim Cook puts it, “There’s no better place to discover,explore and learn about our products than in retail. It’s the retail experiencewhere you walk in and you instantly realize this store is not here for thepurpose of selling. It’s here for the purpose of serving. They are the face ofApple for almost all of our customers.” ***Discussion points:1. Some retailers are coping with showrooming trend by offering price- matching offers. What are short-term and long-term impact of such strategies on the company’s brand and profit margins? Can offline retailers be simpler, faster and cheaper than their online competitors?2. Showrooming and hauling are actually old behaviors that are redefined by new media. How can companies use these phenomenon to their advantage? What’s a haul video? Wikipedia definition: A video recording, posted to the Internet, which displays items recently purchased, including product details or even the price. By late 2010, nearly a quarter of a million haul videos had been shared on the website YouTube alone. Some of the individual videos have received tens of millions of views. Haul videos rarely ever have anything negative to say about the products. The rationale for those positive reviews is that the buyers wouldnt typically purchase something unless they really wanted it. Hence, the owners generally report positive experiences, after having selected which products to buy. Find articles, case studies and podcast on the role of storytelling in marketing: http://GhaniKunto.me