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London College of Fashion: presentation - February 2009
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London College of Fashion: presentation - February 2009

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Presentation to the London College of Fashion: ...

Presentation to the London College of Fashion:

"Those in the business of fashion are well aware of the tension between fashion-forward and trend-setting design and the commercial imperatives of retailing. In this session Ian Jindal will examine some emerging trends in the behaviour and expectations of online customers and consider the implications for fashion retail, the creative process and developing new services. eCommerce has brought about a fundamental shift in the balance of power between creator and consumer, and the ability to measure behaviour, attitudes and even the attention span of customers creates new opportunities not available to traditional retail."

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    London College of Fashion: presentation - February 2009 London College of Fashion: presentation - February 2009 Presentation Transcript

    • quot;Customer perspectives and behaviours online: considerations for fashion (r)etailingquot; London College of Fashion February 2009 www.ianjindal.com www.internetretailing.net Thursday, 26 February 2009
    • quot;Customer perspectives and behaviours online: considerations for fashion (r)etailingquot; 1.Context 2.No middle in eCommerce 3.People not technology - Social - VRM 4.Magic - in passing only 5.2009? Thursday, 26 February 2009
    • 1. Context Thursday, 26 February 2009
    • 1. Context Thursday, 26 February 2009
    • 1. Christmas Thursday, 26 February 2009
    • 1. Christmas • Boxing day busiest of year (down 5% • £4.7bn online over Christmas: 14% YOY YOY) • November - highest YOY of 26% • John Lewis Christmas day traffic - twelve • Growth is slowing in ecommerce but still times higher than 2007 above offline • PC World, Currys, Dixons - 30-40% • eCommerce - 16% for H2 (IMRG) increase (mainly large TVs) • Offline - 0% for H2 (source: ONS) • Christmas Day: 3.8m (14% down), but sales 21% higher at £102m. • Customers bargain-hunting • Pre-Christmas sales and January started immediately after last posting date! Thursday, 26 February 2009
    • 1. Christmas 118% Product. Price. Promise Thursday, 26 February 2009
    • 1. Christmas Discounting and vouchers Canny interplay with retailer sales Thursday, 26 February 2009
    • 2. No Middle in eCommerce Thursday, 26 February 2009
    • 2. No Middle in eCommerce Thursday, 26 February 2009
    • Product 2. No Middle in eCommerce Operations • Customer – segment – needs – access • Product – exclusivity Customer – access – knowledge • Operations – efficiency – effectiveness – service Thursday, 26 February 2009
    • 3. Social - Follow the people, not technology Thursday, 26 February 2009
    • 3. Social 83.85% higher conversion (20+ reviews) • Reviews becoming standard • User “stories”, not just ratings • 78%: “customer recommendations are the most credible form of advertising” (Nielsen) Thursday, 26 February 2009
    • 3. Social 19% 81% • Reviews becoming standard • User “stories”, not just ratings • 78%: “customer recommendations • • Top style-setters become “Mavens” Customers become sales-people are the most credible form of • Based on page views AND product • Social networks become retailers advertising” (Nielsen) clicks • Co-shoppers as retailers (ThisNext) Thursday, 26 February 2009
    • 3. Social • Configure all panels, materials, colour • Preview your custom shoe • nikeid.nike.com Thursday, 26 February 2009
    • 3. Social • Configured option • Buy “your” show • Feedback to Nike on trends, colours • May put into production Thursday, 26 February 2009
    • 3. Social • Create your own clothes • More than just ‘configure’ Thursday, 26 February 2009
    • 3. Social • Configuration • Social • Virtual and real... • Can do on a mobile phone? Copyright Icon Nicholson - http://www.iconnicholson.com/ nrf07/ Thursday, 26 February 2009
    • 4. Any sufficiently advanced technology is indistinguishable from magic Thursday, 26 February 2009
    • 4. Any sufficiently advanced technology is indistinguishable from magic http://www.slideshare.net/ikj/ps071-digitalshorts-manchester Thursday, 26 February 2009
    • 4. Any sufficiently advanced technology is indistinguishable from magic Nodes http://www.slideshare.net/ikj/ps071-digitalshorts-manchester Thursday, 26 February 2009
    • 4. Any sufficiently advanced technology is indistinguishable from magic Open Structured Data Nodes http://www.slideshare.net/ikj/ps071-digitalshorts-manchester Thursday, 26 February 2009
    • 4. Any sufficiently advanced technology is indistinguishable from magic ESP? Epiphenomena Open Structured Data Phenomena Network Social Web 2.0 Business Nodes http://www.slideshare.net/ikj/ps071-digitalshorts-manchester Thursday, 26 February 2009
    • 5. 2009? Thursday, 26 February 2009
    • 5. Christmas ★ Customers - cynical, savvy, disloyal, discriminating, demanding ★ Market - slowing, saturated, competitive ★ Data - partial, expensive, not owned, not exclusive, not understood entirely ★ Behaviour and Phenomena - attention and money are limited; free data and interact; plan services for delight, relevance and utility ★ Entering a magic phase - web is bigger than any one/thing. Again. Thursday, 26 February 2009
    • 5. Christmas 2008 2009 Rising tide floats all boats Gaps in the market for those with sharp elbows - and the will to use them! Growth Cash Innovation ROI Range Focus Competitors Customers PPC SEO and Conversion Ebullient Ruthless Thursday, 26 February 2009
    • Thank you! quot;Customer perspectives and behaviours online: considerations for fashion (r)etailingquot; http://www.slideshare.net/ikj/ps073-lcf London College of Fashion February 2009 www.ianjindal.com www.internetretailing.net Thursday, 26 February 2009