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[INFOGRAPHIC] Do Stores Get ME? "Me-Commerce and the Future of Retail
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[INFOGRAPHIC] Do Stores Get ME? "Me-Commerce and the Future of Retail

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Retail success today is all about developing the tech, tools, and talent to be relevant to the individual consumer. Be sure to also check out Five questions to answer if you want to thrive in the age ...

Retail success today is all about developing the tech, tools, and talent to be relevant to the individual consumer. Be sure to also check out Five questions to answer if you want to thrive in the age of “Me-Commerce” on our website: http://mckinseyonmarketingandsales.com/five-questions-to-answer-if-you-want-to-thrive-in-the-age-of-me-commerce

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    [INFOGRAPHIC] Do Stores Get ME? "Me-Commerce and the Future of Retail [INFOGRAPHIC] Do Stores Get ME? "Me-Commerce and the Future of Retail Infographic Transcript

    • TRENDSROCKINGTHERETAILBOAT MAKINGTHEJUMPTO “ME” THE“ ME” PAY-OFF DOSTORESGETME? Retail success today is all about developing the tech, tools, and talent to be relevant to the individual consumer. “Me-Commerce” and the Future of Retail Under Pressure Consumer Tech Revolution Make Tech Work Harder Find the Talent Demographic shifts MILLENNIALS will account for one third of all retail spending BABYBOOMERS are a source of big spending growth across several major categories, HISPANICSwill nearly double their retail spending in the next ten years Pervasive Participatory Personalized Prescriptive Px4 “Let me shop wherever I am.” of all tablet use occurs in bed. “I have a voice now and I am going to use it.” “Make it relevant to me.” “I’m in control of the shopping process.” of users have created content online. of online buyers are willing to share personal information to receive relevant coupons of shoppers use their smartphones to look for the best price while in-store 8% The amount WalMart drove other retailers to cut from their cost base. The amount Amazon is forcing retailers to cut from their costs base today. of all retail sales come from e-commerce channels including food and housewares 2x 92% 73% 21% 50% The New “Four Ps” of Customer Behavior 35% 44% 1/3 by 2020 THEN NOW33% 15- 20% ANALYZE shopping behavior to provide tailored product recommendations Google/Shopper sciences, Zero moment of macro study, April 2011; www.google.com/think/insights; N = 5,003 USE INSIGHTS on customer preferences to improve supplier negotiations OPTIMIZE pricing and promo scheduling based on multiple indicators 5-10% 1-2% 1-2% +/- shopping volume increase reduction in fixed and unit costs point margin increase ACQUIRE IT: of acquisitions by Top 5 players are focused on IT GET CLOSE TO IT: Staples built an e-commerce innovation center in Cambridge, MA., (near Harvard and MIT) Great companies get creative about finding talent. HIRE IT: 85% 1010100 retailers see when they personalize ad campaigns and offerings based on purchase history. The increase in marketing ROI10% of all content viewed on the site based on of revenues driven by insights into customer preferences to personalized recommendations. create specialized sites. EBITDA growth rates for retailers who focus on customer analytics vs their main competitors: Grocery retailers: 11% 3% Big box retailers: 10% 2% 75% 50% Consideration 50% of shoppers search online for a product of shoppers have compared products online Evaluation 38% Post-purchase experience 66% Loyalty 23 of consumers (Skin care) continue to research brand choice after purchase Each US household belongs to an average of 23 loyalty programs Purchase 53% of all retail purchases are influenced by digital channels Bonding 25-45% telecoms customers go to stores after purchase ADVOCATE EXPERIENCE BOND CONSIDER BUY EVALUATE of all e-commerce sales or 1.2% of all retail sales are estimated to come via mobile devices. 15% Stanford University HARVARD UNIVERSITY vs vs Decode Each Customer Decision Journey McKinsey analysis, McKinsey iConsumer research, Euromonitor, Forrester, Kantar, Moody’s, eMarketer, US Bureau of Economic Analysis, The Bureau of Labor Statistics, The Census Bureau, MarketingProf, Google/Shopper Sciences