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The future of retail
 

The future of retail

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At a VisionID Retail Technology event Damian O Reilly from Dublin Institute of Technology discusses the future of retail

At a VisionID Retail Technology event Damian O Reilly from Dublin Institute of Technology discusses the future of retail

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    The future of retail The future of retail Presentation Transcript

    • TEO RAW KI
    • The End Of Retail As We Know It? • • • • • The Future is Not What it Used to be Consumer confidence is weak High oil prices Eurozone not out of crisis U.S.A. has $16.7 trillion debt China’s growth is slowing Global recession may last another 5 years!
    • Recent Retail Trends
    • ASDA new Drive Thru in York ASDA have 5,000 collection points in UK
    • But what will happen to our Local Stores?
    • Indicators of Retail Health • Demand – Depressed; loss of confidence and lack of credit facilities have weakened demand • Margin – Discounts/Promotions having significant affect on margins • Costs – Have been increasing: insurance; fuel; rates
    • Polarisation of the Consumer market Source: IBM – Institute for business analysis
    • “Pretty good isn’t good enough anymore”
    • The Future - Retail Analytics Era of Big Data and The Science of Retail • Walmart has more than 1 million customer transactions every hour, in databases estimated to contain more than 2.5 petabytes • Walmart creates more data per hour than research surveys have ever delivered • Data storage capacity is doubling every year and there is no constraint on the amount of information to analyse
    • Online & Offline Analytics….
    • Omni-Channel Retailing • The quest for the Holy Grail…..
    • We exist in a multi-screen world
    • Virtual Shopping Wall on side of Truck
    • Augmented Reality
    • Commerce and Facebook-Assisted Commerce Selling ON Facebook Selling WITH Facebook
    • Disney built in movie-ticket sales into their Facebook page
    • Counters built into each hanger, which are networked, update in real time to reflect the input of C&A's Facebook fans voting with their FB virtual thumbs on photos of each clothing item. C&A (Brazil)calls the system "Fashion Like."
    • Commerce Electric Ireland setting up a “Tweet Café” at Dublin Web Summit August 2013 -Twitter appoints Nathan Hubbard (ex-CEO Ticketmaster) as Head of Commerce
    • Mercedes sells 666 cars in 8 hours with 3 point “Twitter-Commerce” Plan Mercedes made 4% of its annual sales for SMART cars in 8 hours
    • Social Commerce Model • Create a special limited edition – a Twitter exclusive. • Theme and schedule the special edition around a popular calendar event (e.g. Chinese New Year) • Don’t ask for full payment, just a deposit (e.g. 1.5%) – “de-risked” the purchase
    • mCommerce mCommerce is NOT mobile eCommerce
    • 3 Main Approaches to mCommerce • Shopping Apps – giving customer a better shopping experience – – – – – Location based services QR Scanners Shopping lists Price comparison Social shopping • Retailer branded apps – driving loyalty with customers – Transactions possible; but on watered-down version of website – In-store apps to track behaviour; increase conversions with in-store deals • Traditional eCommerce mobile apps – retailer online offering ported to mobile – Few retailers provide good user experience comparable to eCommerce
    • Digital Couponing
    • TEO RAW KI? Winning Retailers will embrace technology and engage with shoppers in an omni-channel world & through multiple devices Retailers ask “How can we sell more?” Instead they should ask: “How can we get shoppers to spend more?”
    • Make the Shopper HAPPY 1. Give shoppers the products they WANT 2. Support shoppers in-store and at the shelf 3. Make the shoppers’ trip as quick as possible
    • dboreilly@dit.ie