Is your store ‘social media’ ready ? - MORE Vision by MAPIC
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Is your store ‘social media’ ready ? - MORE Vision by MAPIC

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Social media is having an explosive impact on modern consumer behaviour. Harnessing the power of friends, fans and followers is crucial to work with, and not against, the networks that are shaping the ...

Social media is having an explosive impact on modern consumer behaviour. Harnessing the power of friends, fans and followers is crucial to work with, and not against, the networks that are shaping the face of shopping today.
Watch this space for the next MORE Vision!

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Is your store ‘social media’ ready ? - MORE Vision by MAPIC Is your store ‘social media’ ready ? - MORE Vision by MAPIC Document Transcript

  • MORE+ Vision n°1 July 2011 Vision by every 2 months: 1 consumer trend briefing • 4 retail real estate player’s viewpoints • online follow-up What is your retail social media strategy?MAPIC ® is a registered trademark of Reed MIDEM - All rights reserved - Reed MIDEM, a member of Reed Exhibitions, © 2011 The message for retail property is clear: the industry needs to work with, not against, social media and embrace the Inside opportunities that it brings. Shoppers can now impact your retail property • The trend briefing activity through at least four interactions : Prepare, Rate, Feedback, Share. • Interviews: Whether you are a retailer, a developer, a promoter, an investor…you Tesco need a social media strategy and to update it regularly... Cisco Forum TV, Foruminvest Group We’ve talked to four of you who shared with ‘MORE+ Vision’ their view in an exclusive interview. Together with key data, useful links and must-see Aareal Bank video, it makes the 1st issue of MORE+ Vision. Meyer Bergman MORE+ Vision is MAPIC’s contribution to the online community of retail real • What is MORE+ Vision? estate professionals. Please feel free to use it, comment on it, share it… • What is MAPIC? 4 MORE+ Vision is also available in PowerPoint for your team presentation Follow us on
  • Vision by Follow us on every 2 months: 1 consumer trend briefing • 4 retail real estate player’s viewpoints • online follow-up The trend briefing Where does the trend come from ?* Social Media has ‘historically’ been dominated by Facebook and related influences; Over 500m active users spend over 700bn minutes a month on the site (Facebook, April 2011). Every month, more than 250m people engage with Facebook across more than 2.5m external websites (Facebook, April 2011). The average user clicks the ‘Like’ button nine times each month (Facebook, 2010). 75% of Facebook users have ‘Liked’ a brand (AdAge/Ipsos, February 2011). This massive and fast change in individual/consumer behaviour opened the way to many new online services and mobile applications. It has forced retailers and shopping centers to develop clear multi-channel strategies.MAPIC ® is a registered trademark of Reed MIDEM - All rights reserved - Reed MIDEM, a member of Reed Exhibitions, © 2011 Shoppers can now impact your retail property activity through at least 4 interactions: • Prepare: How consumers discover new products and services and prepare their potential visit to store by relying on their social networks. • Rate: How consumers increasingly (and automatically) receive targeted ratings, recommendations and reviews from their social networks. • Feedback: How consumers can ask their friends and followers to improve and validate their buying decisions. • Share: How shopping is becoming increasingly social, even when consumers and their peers are not physically together. *Source: trendwatching.com a London-based, independent trend firm, scans the globe for the most promising consumer trends, insights and related hands-on business ideas. Its free monthly Trend Briefings get sent to more than 160,000 business professionals in 180+ countries.”
  • Vision by Follow us on every 2 months: 1 consumer trend briefing • 4 retail real estate player’s viewpoints • online follow-up 1. Prepare Selected links Selected video ItSpot: Canadian shoppers can Tesco Homeplus Virtual use ItSpot’s iPhone apps to Subway Store in South Korea discover what fellow shoppers Consumers’ ongoing obsession with owning or nearby are buying. The apps experiencing the best of the best and their desire cover a number of cities, and for serendipity, excitement, interaction and include details of local community, explains the pull of PREPARATION. promotions as well as shopping People are curious and interested in what their tips from local experts. friends and contacts think, do, eat, read, listen to, Boutiques.com is a drive in, travel to and buy, because often this will personalised shopping site be similar to how they want to think, act and buy. from Google where users can read Tesco interview establish their own collection of 4here favourite web items. Giftfinder: In November 2010, Gifts.com and Hunch joined forces to create their GiftFinder How do you see it? app, which logs into Facebook Share your view and join in and suggests suitable gifts for the discussion! friends based on the Which retailer do you think has the information in their profile most impressive social media pages. The company claims presence? conversion rates up to 60% Which shopping center do you think higher than when users were has the most impressive social shown generic media presence? (And why?) recommendations. 4More links on trendwatching Post your answer 4here 2. RateMAPIC ® is a registered trademark of Reed MIDEM - All rights reserved - Reed MIDEM, a member of Reed Exhibitions, © 2011 Selected links Selected video Levi’s: In April 2010, Levi’s was Social Shopping Comes the first big brand to integrate to Levis Consumers are increasingly able to access its online store with Facebook, personalised reviews on something they know they allowing shoppers to view which products their friends want to purchase, with more sites automatically had ‘liked’, interact with them serving up friends’ recommendations, ratings and and create a ‘like minded reviews next to goods. shopping’ experience. Amazon launched a feature in July 2010 that allows users to integrate their Facebook and Amazon accounts and base recommendations on information found in his/her Facebook profile. How do you see it? Share your view and join in Bing: In February 2011, Microsoft’s the discussion! Bing rolled out its “Liked Results” feature to all users. The update Do you know how many brings Facebook ‘likes’ and shopping centers have got a search preferences of friends into Facebook page? the search engine’s algorithm. Google’s +1 feature, launched in Which shopping center has the biggest followers group on March 2011, brings Facebook ? personalisation to search results, by allowing users to ‘+1’ results. Post your answer These are then shared with an 4here individual’s Google contacts, and highlighted in their search results.. 4More links on trendwatching *Source: trendwatching.com a London-based, independent trend firm, scans the globe for the most promising consumer trends, insights and related hands-on business ideas. Its free monthly Trend Briefings get sent to more than 160,000 business professionals in 180+ countries.”
  • Vision by Follow us on every 2 months: 1 consumer trend briefing • 4 retail real estate player’s viewpoints • online follow-up Selected video 3. Feedback Selected links MyShopanion and Scandit are Diesel Like button two iPhone apps that allow consumers to scan items while out shopping and see online reviews and get instant feedback via Facebook and Twitter. The Tweet Mirror enables customers to send snaps of themselves to friends and followers directly from the fitting room. From September to November Anonymous online reviews aren’t always what consu- 2010, Macy’s Magic Fitting Room How do you see it? mers want, which is where FEEDBACK comes in: enabled shoppers at the brand’s Share your view and join in consumers actively disclose their purchasing intentions New York flagship store to virtually the discussion! and reach out for personal feedback. ‘try on’ items via an augmented Whose product reviews do you trust Product recommendations from family (63%) and reality ‘mirror’ and then post the the most? friends (31%) are the most trusted. However 81% results to Facebook. Where do you go for impartial of US consumers now go online to do additional re- In November 2010, Cisco consumer advice? search, with 55% looking for user reviews, and 10% encouraged consumers to use Post your answer soliciting advice from their social networks. (Cone its WebEx tool to share their desktops with friends on Cyber 4here Inc, June 2010) 90% of people trust the recommendations of their Monday, the post-Thanksgiving Facebook friends (ExactTarget, August 2010) day when many US retailers launch online promotions. 31% of daily Twitter users ask their followers for (read Cisco interview here) opinions about products and services (Edison Re- search & Arbitron Internet, April 2010) 4More links on trendwatchingMAPIC ® is a registered trademark of Reed MIDEM - All rights reserved - Reed MIDEM, a member of Reed Exhibitions, © 2011 4. Share Selected links Facebook announced in April 2011 that when a user posts on Selected video Learn How Groupon Works! Group-buying platforms such as Groupon are Facebook about buying a ticket revolutionising local retail but consumers usually from Ticketmaster, the company estimates it receives an extra $5.30 don’t know who they are buying with. So, the actual (New York Times, April 2011) ‘group shopping experience’ now starts integrating this ‘identified group’ buying dimension. Event ticketing site Eventbrite found users are 10 times more likely to share details of events they have bought tickets to than those events they are still considering whether to buy (Eventbrite, March 2011) How do you see it? Ebay’s Group Gifts feature, Share your view and join in the discussion! launched in November 2010, allows users to invite friends to Which coupon website would split the cost of a gift. The you participate in or share with application integrates with your friends? Facebook to allow friends to be privately invited and information Post your answer from the recipient’s profile can 4here be used to suggest gifts. In April 2011, Facebook piloted Deals in Facebook in various US cities allowing users in these cities to find local deals and then share, buy and plan them with friends. 4More links on trendwatching *Source: trendwatching.com a London-based, independent trend firm, scans the globe for the most promising consumer trends, insights and related hands-on business ideas. Its free monthly Trend Briefings get sent to more than 160,000 business professionals in 180+ countries.”
  • Vision by Follow us on every 2 months: 1 consumer trend briefing • 4 retail real estate player’s viewpoints • online follow-up The retailer’s view: Is personalisation the How should businesses How can these trends be Philip Clarke, CEO, Tesco next fad, or here to stay? leverage review-based so- incorporated into stores Our view is that personalisa- cial media? and malls? tion is becoming incredibly As an example, we ran a Fa- The important thing is that important. We have put cus- cebook competition re- online can support stores tomer reviews on our Tesco cently to win two tickets to and stores can support on- Direct [non-food] website see Take That and added line. We are expanding our and they are one of the 10,000 new Friends in just click-and-collect service for most used elements by cus- one weekend. What we all non-food to 600 stores in tomers. Increasingly, custo- have to focus on is enga- the UK this year. In July we mers see little distinction ging with consumers online, will add clothing and after between online and off-line responding fast and in the that grocery. Globally, we and there is no doubt people way that they want. I think are already selling online in are more likely to choose we are all well aware now Ireland and South Korea and things people ‘like’. Views on that a local problem can go we will add Prague this products can accelerate global very quickly and as a year, Warsaw early next sales of a product in a mat- business that means on a year, plus other key cities ter of minutes, which adds broader level that we have such as Shanghai, Budapest @clarkepatesco pressure for the retailer but to be confident of what we and Bratislava. Availability is at the same time means that are doing and be able to crucial. Anyone can offer it allows us to know even stand by our actions. product online, but sup- more about our customers. plying it is the real issue. The technology player’s Is personalisation the How should businesses integration of real-time, user- view: next fad, or here to stay? leverage review-based so- created content. Forever 21MAPIC ® is a registered trademark of Reed MIDEM - All rights reserved - Reed MIDEM, a member of Reed Exhibitions, © 2011 Kenneth Leung, global Consumers today are defini- cial media? broadcasts selected Tweets tely personalising their There are many approaches from users to its sign over- retail marketing manager, shopping journey and mas- for social media reviews, looking Times Square so Cisco hing up their online and of- especially in the online and consumers feel connected. fline shopping experiences mobile shopping expe- Use of social media content with technology and social riences. These reviews can to supplement product infor- media. be integrated into the item mation in kiosks and other Cisco retail marketing and description on the web or self service devices also IBSG recently conducted a applications on mobile de- helps to convert browsers to My Shopping My Way sur- vices. Another approach shoppers. We know from re- vey of 1,000 consumers in would be to proactively soli- search that consumers value each of the UK and US and cit reviews and provide peer online reviews more than some of the findings feedback mechanisms. even employees in the align. We found that among stores, so the ability to pro- the UK respondents, there How can these trends be vide trusted reviews at point are generational differences incorporated into stores of display helps close the but between 24-48% have and malls? sale. Enabling consumers to used Facebook to research Social media content can be post reviews on social products, and on-line re- incorporated for rank and media, offering mobile appli- views are second only to trends information on digital cations and Wi-Fi access to @CiscoRetail friends and families as a signs to provide information shoppers also helps retailers trusted source. to shoppers and there is also connect to their customers.
  • Vision by Follow us on every 2 months: 1 consumer trend briefing • 4 retail real estate player’s viewpoints • online follow-up The operator’s view: Is personalisation the next each centre. For example, in How can these trends be fad, or here to stay? Belgium we approached a incorporated into stores Edouard Detaille, How can you not agree with local dance school about per- and malls? Co-founder - Managing this report? But you could be forming a flash dance at our Incorporation can be by a va- Director, Forum TV, afraid. The property industry centre. On the day we vi- riety of methods. We put Foruminvest Group is about real things, not the deoed the dance and put it giant LED screens up in the digital world, and I think on big screens in the centre mall and sound systems. there are still a lot of people and on YouTube and sent all Then there is mobile, the In- who don’t know how to use the dancers their own copy, ternet, social networks. The it and do not feel comforta- which many sent on to their approach integrates with the ble about the integration of friends and family. So it was shopping centre and well- the two elements and the a viral style marketing cam- executed campaigns can pro- new ways of thinking. paign. That is exactly the duce very significant uplifts point made by the F-Factor. in sales. You can see the traf- How should businesses le- Such an approach also res- fic and the amazing visibility. verage review-based social pects the consumer and pre- We are at a point where are media? vents it from becoming seeing the marriage of the The first thing to say is that Spam. You also must also physical and digital world. any approach should integra- welcome criticism and re- That’s the game we are in. ted with the real estate. It is member that negative com- also about being local for ments are not always wrong! @EDetaille The investors’ views: There is a growing, if factors, says Sotirios ” offerings, starting of courseMAPIC ® is a registered trademark of Reed MIDEM - All rights reserved - Reed MIDEM, a member of Reed Exhibitions, © 2011 Mark Faithfull, editor, Retail reluctant, acceptance by the Kotinakis, vice president, with Twitter and Facebook, Property Analyst investment community that special property finance, which we provide at most the old metrics are retail, at Aareal Bank. “The of our centres already and becoming less and less fundamentals must be will add to the rest. For me absolute. The requirements there but after that the it is harder for shopping of the financial world have ability of a shopping centre centre owners to create full always been somewhat at to adapt and to adopt new integration than it is for odds with the dynamic, ways of retailing come into retailers. Services like consumer-facing world of the equation. We are still at Foursquare and Facebook the retail tenants that a point where the evolution Places allow people to populate Europe’s shopping of social media contains a check in or out, so intrusion centres, retail parks and high lot of unknowns. ” is not such a big issue, so it streets and social media is Social media is just part of is more about relevance. exacerbating that differential. the online revolution and We need to work with “Undoubtedly, assessment Zsolt Kohalmi, chief retailers to provide things of the investment value of a investment officer for like flash sales, which shopping centre must now Meyer Bergman adds: provide value for us, the take account of both “Once we acquire an asset retailers and consumers and quantitative and qualitative we add social media drive footfall. ” @markfaithfull1
  • Learn more about MAPIC Today’s intelligence for tomorrow’s business is a new initiative by MAPIC, The international market for retail real estate 16 – 18 November 2011, Palais des Festivals, Cannes, France. Vision Pavilion Every 2 months, MORE+ Vision will pitch a new trend that influences retail property strategy. MORE+ Vision is a multi- channel service composed of: • A general trend briefing, including a background on the trend, facts & figures, useful links, exclusive interviews with retail real estate professionals • A slide presentation to pitch the subject within yourMAPIC ® is a registered trademark of Reed MIDEM - All rights reserved - Reed MIDEM, a member of Reed Exhibitions, © 2011 company. • An open and animated dialogue on MAPIC web platforms For regular upades, questions, comments … Join us on MORE Pavilion is a special MAPIC exhibition area, grandstanding four key trends for 2012: multi-channel, Sept. culture & shopping, SLOW and client gratification. The 2011 MORE+ Vision is also pavilion will mix with an exhibition of new retailing concepts Next MORE+ Vision: available in PowerPoint for and innovative technologies. It will also spotlight the nature ’Citysummer’ your team presentation of tomorrow’s shops and stores in a demonstration area (City center consumers) 4 developed by the Lille retail industries cluster (PICOM) called Register here The New Shopping Experience. Last but not least, retail if you wish to be notified social media strategy will be covered in a conference series, on the MORE Pavilion, throughout the duration of the event. Contacts Credits Contributors: Mark Faithfull • Joanne Archibald • Jean-Marc André Any questions on MORE+ Vision, Acknowledgement: MORE+ Vision wishes to thank the interviewees for their kind participation please contact Editor: jean-marc.andre@reedmidem.com Design: Frédéric Beauseigneur Want to advertise in MORE+ Vision, Source: “trendwatching.com, a London-based, independent trend firm, scans the globe for the most promising consumer trends, insights and related hands-on business ideas. Its free monthly Trend Brie- please contact sylvia.ferreira@reedmidem.com fings get sent to more than 160,000 business professionals in 180+ countries.”