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Ecommerce 2018:   optimizing for the customer of the future
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Ecommerce 2018: optimizing for the customer of the future

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From a talk given at the Digital Summit in Atlanta, May 2013

From a talk given at the Digital Summit in Atlanta, May 2013

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  • Ciscohttp://newsroom.cisco.com/release/1128065
  • Internet Retailer
  • % of brands with social presence by platform
  • Various sources, Econsultancy
  • Econsultancy 2013 IMW Study
  • http://www.destinationcrmblog.com/tag/omnichannel/
  • http://www.destinationcrmblog.com/tag/omnichannel/
  • Econsultancy, 2013

Ecommerce 2018:   optimizing for the customer of the future Ecommerce 2018: optimizing for the customer of the future Presentation Transcript

  • Econsultancy.com | 1Copyright Econsultancy 2013Ecommerce 2018Optimizing forTomorrow’s ConsumerStefan.Tornquist (at)EconsultancyVP Research UStwitter: marketingStefan
  • Econsultancy.com | 2Copyright Econsultancy 2013Econsultancy – Research,Training & Best Practice
  • Econsultancy.com | 3Copyright Econsultancy 2013The next 40 minutes… Consumer of the future What your competitors are planning A bunch of thoughts on optimization
  • Econsultancy.com | 4Copyright Econsultancy 2013The consumer of the future…
  • Econsultancy.com | 5Copyright Econsultancy 2013Gone mobile…Global installed base of mobile devices ispassing desktop/laptop May, 2013Source: Kleiner Perkins http://techcrunch.com/2012/12/03/mary-meekers-year-end-trends-report-mobile-tablets-24-of-online-shopping-on-black-friday-up-22-from-2012/
  • Econsultancy.com | 6Copyright Econsultancy 2013Most customers will be mobile…50%…of teen smartphone owners usethem as their primary accessto the InternetPEW, 2012 – note, 47% of teen mobile owners have smartphones, totals at 37% of all teens
  • Econsultancy.com | 7Copyright Econsultancy 2013…and product research78%…of consumers use the Internet toresearch products, regardless ofwhere they’re buying themSource: Cisco http://newsroom.cisco.com/release/1128065
  • Econsultancy.com | 8Copyright Econsultancy 2013They’ve taken control of shopping…55%…of smartphone owners use them torun price comparisons in storeCisco http://newsroom.cisco.com/release/1128065
  • Econsultancy.com | 9Copyright Econsultancy 20136%…of Black Friday 2010online purchases weremade via mobile devices…bought mobileCisco http://newsroom.cisco.com/release/1128065
  • Econsultancy.com | 10Copyright Econsultancy 201324%…and gotten used to it.…of Black Friday 2012online purchases weremade via mobile devicesSource: Kleiner-Perkins http://tctechcrunch2011.files.wordpress.com/2012/12/screen-shot-2012-12-03-at-8-09-57-pm.png
  • Econsultancy.com | 11Copyright Econsultancy 2013…and bought social#1Most influential source on buyingdecision…online ratings and reviewsCisco http://newsroom.cisco.com/release/1128065
  • Econsultancy.com | 12Copyright Econsultancy 2013…and bought social.#1Most influential source on buyingdecision…online ratings and reviewsMore influential than friendsand family (52% to 49%)Cisco http://newsroom.cisco.com/release/1128065
  • Econsultancy.com | 13Copyright Econsultancy 2013They’re not like you and me…The MillenialsSend 50 texts a dayAre more influenced by word ofmouth, far less by TV41% have bought via smartphoneUsing email less over time, chat moreMind targeting less70% sleep with their phonesDo You Sleep With Your Cell Phone? | Pew Research Center
  • Econsultancy.com | 14Copyright Econsultancy 2013…and buying products wherever they find themDirect to consumer sales by manufacturersare the fastest growing segment in onlineretail…15% annual growthDo You Sleep With Your Cell Phone? | Pew Research Center
  • Econsultancy.com | 15Copyright Econsultancy 2013In the next 5 years, your competitors…
  • Econsultancy.com | 16Copyright Econsultancy 2013…all become mobile-first“In 2009 mobile commerce barely existed.Today, mobile touches nearly one in threepurchases on eBay.”Steve Yankovich, VP of mobile for eBay, December 11, 2012.
  • Econsultancy.com | 17Copyright Econsultancy 2013Make branded content standard…79%…of marketers report increasingbranded content budgets at amoderate or aggressive pace.
  • Econsultancy.com | 18Copyright Econsultancy 201386%59%54%37%35%Follow social consumers…Econsultancy and Adobe, 2012
  • Econsultancy.com | 19Copyright Econsultancy 2013Communities of Note over 50MM users2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012Size of bubble = estimated user base (Facebook 1 billion)To new places…Econsultancy, 2013
  • Econsultancy.com | 20Copyright Econsultancy 2013Unify databases and data73%…agree that “Consolidatedcustomer data is vital”Econsultancy, 2013
  • Econsultancy.com | 21Copyright Econsultancy 2013Update infrastructure52%…companies changing their onlinecommerce solution within 2 years.Emphasis on content managementfeatures and social media integration.Source: http://www.destinationcrmblog.com/tag/omnichannel/
  • Econsultancy.com | 22Copyright Econsultancy 2013A Bunch ofThoughts on Optimization
  • Econsultancy.com | 23Copyright Econsultancy 2013Currently for every $92 spent acquiringvisitors, only $1 converting them.Econsultancy, 2013
  • Econsultancy.com | 24Copyright Econsultancy 20131. Invest in theTest32% v 67%…percentage of retailers with over 2% conversion rate, low vshigh spend on optimizationEconsultancy, 2013
  • Econsultancy.com | 25Copyright Econsultancy 20131. Invest in theTestEconsultancy, 2013
  • Econsultancy.com | 26Copyright Econsultancy 20132.Testing is…people and process60% v 20%…percentage of retailers with conversion rates under 1%...thosewithout a testing process in place vs those with a processEconsultancy, 2013
  • Econsultancy.com | 27Copyright Econsultancy 20132.Testing is…people and process Perceived control over CR Someone directly responsible for CRO Incenting staff for CR Structured processTop correlations with high conversion rates are all related to people, not tech…Econsultancy, 2013
  • Econsultancy.com | 28Copyright Econsultancy 20132.Testing is…people and processEconsultancy, 2013
  • Econsultancy.com | 29Copyright Econsultancy 20133. Optimization includes personalization19%…average increase in sales forcompanies employing websitepersonalizationEconsultancy, 2013
  • Econsultancy.com | 30Copyright Econsultancy 20134 .Take the easy wins#1 - Social sharing#2 – Credibilityindicators#3 – Form FieldsEconsultancy, 2013
  • Econsultancy.com | 31Copyright Econsultancy 20134.Take the easy wins 2:Video Zappos +6% - 30% increase Ice.com +400% conversion Ice.com -25% return rate #1 Tip: Show the product in use, not in space
  • Econsultancy.com | 32Copyright Econsultancy 20135. GetAhead of Mobile130%…PayPal adjusted their 2012mobile payments estimatefrom $3B to $8B…in 2012http://www.nxtbook.com/nxtbooks/nrfe/STORES2013_20130114/
  • Econsultancy.com | 33Copyright Econsultancy 20135. GetAhead of Mobile25%…of marketers report having adefined strategy for mobileexperience or marketing.Econsultancy, 2013
  • Econsultancy.com | 34Copyright Econsultancy 20135. GetAhead of MobileEconsultancy, 2013
  • Econsultancy.com | 35Copyright Econsultancy 20136. Don’t Forget Good Old Site SearchEconsultancy, 2013
  • Econsultancy.com | 36Copyright Econsultancy 20136. Site Search 1,2,3 Mobile can change everything Higher conversion rate Great learning tool Too many results / none?
  • Econsultancy.com | 37Copyright Econsultancy 20137. Get SmartAbout Recommendations
  • Econsultancy.com | 38Copyright Econsultancy 2013Thank you!Stefan Tornquist, VP research (US)stefan.tornquist (at) econsultancy.com@marketingStefan