5 Ways to Keep Retail Customers Loyal - faberNovel
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5 Ways to Keep Retail Customers Loyal - faberNovel Presentation Transcript

  • 1. to Keep RetailCustomers Loyalin the Age of ShowroomingStrategies For Brick-and-Mortar Retailersto Fight Online Competition © faberNovel 2012 ••• 1
  • 2. •••Brick and mortar retailers have been facing serious challenges lately of U.S. mobile consumers are expected to use their phone while shopping in-store in the 2012 holiday season. Source: JiWire Mobile Audience Insights 2012 © faberNovel 2012 ••• 2
  • 3. •••Brick and mortar retailers have been facing serious challenges lately The number of U.S. shoppers engaging in showrooming is expected to increase 134% from 2011 to 2012, influencing $1.7 billion in retail sales Source: IDC Retail Insights Survey 2012 © faberNovel 2012 ••• 3
  • 4. ••• Retailers are well aware of the danger they are facing of physical retailers expect to be affected by showrooming in 2012 ...but only have a strategy in place to combat itSource: Edgell Knowledge Network/eBay Local © faberNovel 2012 ••• 4
  • 5. •••The fact is this: the barrier between online and offline retail has collapsed Amazon and other e-retailers are exploiting this fact to press their advantage over their offline competitors. Lower overhead costs Instant access to comparisons Broader inventory Frictionless payment Quick, convenient delivery But this collapse goes both ways – and it can be used to the physical store’s advantage just as easily as it can be used to Amazon’s. © faberNovel 2012 ••• 5
  • 6. With that in mind, here arefive ways for brick-and-mortar retailers to fight backagainst e-commercecompetitors and keepcustomers in their stores…
  • 7. 1Give your staffthe answer toevery questiona customercould ask © faberNovel 2012 ••• 7
  • 8. ••• Case Study: Urban Outfitters Urban Outfitters is currently replacing all cash registers with iPads and giving all employees an iPod Touch to create total product awareness. The devices cost 1/5 as much as traditional point-of- sale systems, and can be turned toward the customer to share information about products as well as subscribe to newsletters. “Once we make sure this iPad works... all stores will be equipped with iPod touches and iPads.” Calvin Hollinger -  CEOSource: RetailWire, CBS News © faberNovel 2012 ••• 8
  • 9. 2Useshowroomingas an opportunityto engage thecustomer © faberNovel 2012 ••• 9
  • 10. ••• Case Study: Best Buy Best Buy, the 2011 poster child for showrooming, recently announced they were embracing it as a part of their strategy for getting business back on track. Their reasoning? Anything that brings live customers into their stores can’t be all bad. Their plan calls for converting showroomers from browsers into buyers through online price-matching incentives and better-trained employees. “Once customers are in our stores, they’re ours to lose.” Hubert Joly -  CEOSource: RetailWire, CBS News © faberNovel 2012 ••• 10
  • 11. 3Better serveyour customerby gatheringhard data aboutwhat they want © faberNovel 2012 ••• 11
  • 12. ••• Case Study: American Apparel In 2010 American Apparel began experimenting with in-store analytics with analytics startup RetailNext, which monitors movement through stores to produce up to 10,000 data points per customer They liked the solution so much that it’s now in over half of American Apparel stores – and theyre moving as fast as they can to get it into the rest. “Our role as the tech team is to... provide operations with everything they need to make an impact on conversion with minimal effort.” Stacey Shulman - CTOSource: RetailWire, CBS News © faberNovel 2012 ••• 12
  • 13. 4Eliminate linesand let yourcustomerscheck outinstantly © faberNovel 2012 ••• 13
  • 14. ••• Case Study: Walmart Wal-Mart is experimenting with a Scan & Go iPhone app that allows shoppers to scan items themselves and pay at special self-service kiosks located throughout the store. The company reports that it can save $12 million for every second it can shave off the typical checkout process. “They can change my purchasing decision right there on the spot, which has never been done before in the history of retail in a brick- and-mortar store.” Ryan Taft - OnSpot SocialSource: RetailWire, CBS News © faberNovel 2012 ••• 14
  • 15. 5Give yourcustomersa speedy homedelivery option © faberNovel 2012 ••• 15
  • 16. ••• Case Study: Macy’s Clothing retailer Macy’s recently partnered with eBay to try out their new courier system eBay Now. The service promises to deliver products “from your phone to your door in about an hour.” The system, which has been in beta in San Francisco for a few months, went live in New York City over the Thanksgiving holiday weekend. For a $5.00 fee, a courier will deliver your purchase directly to your home (or wherever else you need it) by car, bike or even by foot.Source: RetailWire, CBS News © faberNovel 2012 ••• 16
  • 17. •••The future of retail is an online-offline continuum. Make it work for you. Retail will look very different in the future than it did in the past. And we are already moving rapidly towards this vision. But these changes need not be feared by brick-and-mortar retailers. Those that embrace opportunities to merge the best of online and offline retail into a seamless, unified shopping experience will come out as the top players in a new generation of retail stores. © faberNovel 2012 ••• 17
  • 18. •••Thanks for Reading Was this helpful? Please let us know. Get in touch with us at hello@fabernovel.com faberNovel is an innovation firm that helps large organizations think and act like startups. We help clients make the most of digital opportunities and emerging practices to deliver significant impact. www.fabernovel.com facebook.com/faberNovel @faberNovel © faberNovel 2012 ••• 18