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Smart retail opportunities in the uk

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Presentation by Hazel Kay, Selfridges. Export Finland Smart Retail UK seminar, Helsinki June 4th 2015.

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Smart retail opportunities in the uk

  1. 1. Smart  Retail  Seminar   Helsinki,  June  4th  2015   #SmartRetail  
  2. 2. Agenda   10/06/15   ©  Finpro  2   •  08.30    RegistraCons   •  09.00    Welcome.      Jukka  Salo,  ExecuCve  Vice  President  Export  Finland   •  09.15  IntroducCons  and  Business  Opportunity  Market  Study.        Perry  Le  Dain,  Senior  Advisor  Export  Finland   •  09.45  Case  Study  1.  Smart  Retail  and  the  Customer  Journey.        Pekka  Haataja,  Country  Director  UK,  Elisa  Videra   •  10.15  Break   •  10.35  Smart  Retail.  Trends,  Drivers  and  the  Value  Network  in  the  UK.        Mike  Cornwell,  CEO,  InsCtute  of  Digital  MarkeCng   •  10.55    Case  Study  2.  Smart  Technologies  at  Point  of  Retail  Experience.        Saana  Häkkinen,  Stereoscape   •  11.25  The  Future  of  Retail  MarkeCng.        Hazel  Kay,  Head  of  MarkeCng,  Selfridges   •  11.55  Panel  Discussion   •  12.15  Close  
  3. 3. Smart  Retail  Summary   10/06/15   ©  Finpro  3   •  Brands  and  retailers  are  seeking  innovaCons  that  will  provide  them  with  a  compeCCve  edge  and  a[ract  and   retain  high  value  customers.  Customers’  expectaCons  grow  higher;  brands  and  retailers  face  economic  drivers   to  do  more  with  less.  They  have  to  respond  to  a  rapid  pace  of  change  and  adapt  rapidly  to  change  and  adopt   technologies  that  will  enable  them  to  make  fast,    intelligent  decisions,  and  idenCfy  new  channels  to  the   consumer.     Automa'on  Technologies  for  the  Retail  Sector  (Technical  Insights).  Frost  and  Sullivan  2014  
  4. 4. Why  Smart  Retail?   10/06/15   ©  Finpro  4   •  Today’s  consumer  is  moving  between  a  variety  of  channels:     high  street,  e-­‐commerce,  m-­‐commerce,  social  media     —  in  a  fluid  way.   •  The  Connected  Consumers  is  armed  with  technology  and   informaCon.  The  balance  of  power  has  shiced  away  from  the   brand.  The  model  is  less  one-­‐to-­‐many;  more  one-­‐to-­‐one.     •  The  Considered  Consumer  is  more  promiscuous  and  less  loyal   to  brands,  is  value  driven,  and  demands  an  experienCal   shopping  experience.   •  Brands  can  harness  greater  customer  lifeCme  value  by   providing  an  experience  that  engages  the  consumer   throughout  the  retail  journey.     •  Virtual  shopping  conCnues  to  be  a  significant  challenger  to   the  high  street.  Retailers  need  to  innovate  and  adapt  by   improving  a  seamless  shopping  experience  that  provides   value  and  choice.     The  Consumer  2014,     Retail  Week  
  5. 5. Smart  Retail  Drivers   10/06/15   ©  Finpro   5   •  The  Considered  Consumer  has  greater  choice  than  ever  before,   browses  and  takes  Cme  to  research  before  making  a  purchase  decision   BUT  the  majority  of  purchase  decisions  are  made  in  store.  Customers’   buying  decisions  conCnue  to  be  influenced  at  the  point  of  sale.     •  Digital  Signage  in  store  will  be  core  to  Smart  Retail.  Point  of  Sale   displays  will  be  used  for  infotainment,  adverCsing  and  customer   interacCon.     •  Video  analyCcs  advancements  are  expected  to  be  implemented  into   Smart  Retail  soluCons:  behaviour  and  facial  recogniCon,  foofall,  dwell   Cme,  heat  mapping.    This  will  enable  retailers  and  brands  to  push   relevant  content  to  consumers  at  the  point  of  experience  in  order  to   influence  purchasing  decisions.   The  Consumer  2014,     Retail  Week   Smart  Retail  will  enable  retailers  to  deliver  a  consistent   brand  experiences  through  effec9ve  use  of  digital  assets   (digital  adver9sing,  social  media,  smart  devices)  thus   leveraging  brand  equity  and  reinforcing  brand   consistency  across  all  channels.  New  customers  can  be   aBracted  by  harnessing  the  power  of  social  networks.     Smart  Retail  will  empower  the  personalisa9on  of   content    and  engage  customer  effec9vely  across  all   marke9ng  channels.  
  6. 6. Smart  Retail  –  Key  Drivers  for  Investment   10/06/15   ©  Finpro  6   •  MulJ-­‐channel  integraJon:  Retailers  are  invesCng  in  a  mulC-­‐channel  strategy  that  integrates  mobile,  internet  and   the  high  street  in  order  to  enhance  the  customer  journey.   •  Customer  Experience.  Retailers  need  to  be  able  to  proacCvely  spot  problems  and  close  the  loop  at  point  of   experience.  This  will  enhance  customer  loyalty  and  improve  retenCon.  Retailers  desire  to  gain  insight  into  process   failures  in  the  customer  experience  and  fix  them  before  they  impact  the  brand.   •  Social  Media.  Retailers  are  now  coming  to  terms  with  how  to  use  social  media  for  markeCng  purposes.  This  can   create  an  unprecedented  risk  to  the  brand.  How  can  brands  and  retailers  manage  this  channel  effecCvely   •  Mobile  Commerce:  Always-­‐on,  always-­‐connected,  locaCon  aware  smart  devices  are  driving  new  retail  iniCaCves.   Mobile  represents  a  fundamental  shic  in  the  way  consumers  are  discovering,  buying,  and  interacCng  with  retailers.   •  Big  Data.  Retailers  have  access  to  unprecedented  amounts  of  customer  data.  The  data  needs  to  be  harvested,   analysed  and  visualised  in  order  to  predict  the  buying  habits  of  their  consumers     at  any  place  and  any  Cme.  This  will  enable  retailers  to  explore  new  business  models  and  new  markeCng   capabiliCes.  Big  Data  will  drive:   •  Transparency  and  tracking.  Greater  transparency    and  integraCon  between  retail  systems:  e.g.  point  of  sale,  supply  chain,   logisCcs,  mobile  and  e-­‐commerce  plaforms,  ERP,  CRM.  This  will  allow  retailers  to  vastly  improve  tracking  from  manufacture   through  to  purchase  while  obtaining  vital  customer  and  sales  informaCon.   •  Customer  data.  The  reducCon  of  informaCon  overload  and  the  ability  to  convert  customer  data  into  useful  customer-­‐centric   informaCon  that  is  relevant  to  the  customer  in  real-­‐Cme  at  point  of  retail  experience.   (Source:  Automa9on  Technologies  for  the  Retail  Sector  (Technical  Insights).  Frost  and  Sullivan  2014)  
  7. 7. Smart  Retail  –  Market  Entry   10/06/15   ©  Finpro  7   •  A  challenge  to  Finnish  companies  going  global  is  determining  the  most  effecCve  route  to  market  e.g.  direct  to   the  retailers  or  indirect  via  strategic  partners.  Managing  customers  and  strategic  partners  is  a  drain  on   operaConal  resources.  Investment  needs  to  be  made  to  ensure  the  management  is  efficient  and  effecCve   either  locally  or  remotely.   •  Finnish  companies  are  renowned  for  technical  excellence  and  innovaCon.  PotenCal  customers  and  partners   are  typically  intrigued  by  Finnish  technology  offering  and  how  this  can  address  their  commercial  and   operaConal  challenges  e.g.  customer  saCsfacCon  at  point  of  retail  experience  in  store  and  remotely,  mobile   services  (OS,  user  experience  and  cyber  security),  ERP  and  logisCcs.   •  The  UK  retail  market  is  huge,  but  this  creates  a  highly  compeCCve  business  environment.  Finnish  companies   will  need  strong  value  proposiCons  that  clearly  address  the  needs  of  the  retailers  and  provide  compelling   advantages  over  local  compeCCon.   •  There  are  no  commercial,  regulatory/legal,  cultural  or  poliCcal  barriers  for  Finnish  companies  entering  the  UK   retail  marketplace.  Naturally,  English  is  the  common  language.  Establishing  a  legal  enCty  in  the  UK  is   straighforward  and  inexpensive.   •  Typically  Smart  Retail  soluCons  are  digital  e.g.  SAAS.  This  eliminates  most  of  the  restricCons  of  internaConal   operaCons  because  the  soluCons  are  predominantly  cloud-­‐based  socware  and  can  be  managed  remotely   efficiently  and  effecCvely.    
  8. 8. Thank  you!     Perry.ledain@finpro.fi  

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