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Confessions of a shopaholic dx3 - mar 6,13 pdf

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Confessions of a shopaholic dx3 - mar 6,13 pdf

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Confessions of a Shopaholic: How Digital Connectivity has Changed the Shopper

Presented at Dx3 Canada in Toronto ON, March 6th, 2013

The term “shopaholic” used to be associated with images of someone out of a Sophie Kinsella book parading through a mall overburdened by shopping bags and a desire to try on as many outfits as they could over a 9 hour period. Well, things have changed. Armed with pre-shop research, mobile intelligence, virtual dressing rooms and deal locators, the new shopaholic is a different kind of shopper.

Confessions of a Shopaholic: How Digital Connectivity has Changed the Shopper

Presented at Dx3 Canada in Toronto ON, March 6th, 2013

The term “shopaholic” used to be associated with images of someone out of a Sophie Kinsella book parading through a mall overburdened by shopping bags and a desire to try on as many outfits as they could over a 9 hour period. Well, things have changed. Armed with pre-shop research, mobile intelligence, virtual dressing rooms and deal locators, the new shopaholic is a different kind of shopper.

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Confessions of a shopaholic dx3 - mar 6,13 pdf

  1. 1. Confessions of a Shopaholic: How Digital Connectivity has Changed the Shopper Dx3 Canada – Toronto, ON March 6th, 2013 Presented by: Ian S. Cruickshank
  2. 2. FIRST A FEW STATS
  3. 3. 85% Have access to the internet
  4. 4. 95% when under the age of 55
  5. 5. 31% Own a smartphone
  6. 6. 46% of those aged 18-34 own one
  7. 7. 75% Of Consumers say that Mobile improves their shopping experience
  8. 8. 67% A store associate with a mobile device creates a better experience.
  9. 9. 33% of mobile users who compare prices in store will make their final purchase elsewhere.
  10. 10. 62% Browsed an online Social Network last week
  11. 11. 90% of consumers trust the product recommendation of someone they know.
  12. 12. 70% Trust someone they don’t know.
  13. 13. 81% of respondents had received shopping advice through a social network.
  14. 14. 74% claimed that this advice influenced their decision.
  15. 15. 98% 0f shoppers have researched a purchase online
  16. 16. 54% of retail purchases are influenced by the internet
  17. 17. WHAT HAS CHANGED?
  18. 18. Access to Data
  19. 19. Digital Commerce
  20. 20. EMFX-Commerce
  21. 21. Mobility
  22. 22. Social
  23. 23. Cloud
  24. 24. Cloud
  25. 25. The Cloud ―The computer industry is the only industry that is more fashion-driven than women's fashion. Maybe I'm an idiot, but I have no idea what anyone is talking about. What is it? It's complete gibberish. It's insane. When is this idiocy going to stop?‖ Larry Ellison, CEO Oracle Corporation
  26. 26. A LITTLE CONSUMER BEHAVIOUR
  27. 27. Time Spent Online
  28. 28. Changing Habits
  29. 29. Traditional Purchase Funnel
  30. 30. Purchase Decision Process
  31. 31. The Loyalty Loop Harvard Business Review - 2010
David Edelman - McKinsey & Co.
  32. 32. Information Overload Prod uct Search Ret ailer W eb sit es Prod uct Review W eb sit es Barcod e Scanners Brand W eb sit es Business Review W eb sit es
  33. 33. Omnichannel
  34. 34. The Digital Shopper ➜Better informed ➜Savvy ➜High Expectations ➜Busy ➜Well Educated ➜Online regularly ➜Active in Social
  35. 35. The Digital Shopper ➜Affluent ➜Loyal ➜Pre-qualified ➜Pre-sold/Ready to buy ➜Spends more ➜Likes shopping to be easy
  36. 36. Shopper Expectations ➜Easily find products online ➜Product details ➜Specifications ➜Images ➜Descriptions ➜Objective reviews ➜Stock availability
  37. 37. Shopper Expectations
  38. 38. of 40 attributes - including Price and Brand Perception
  39. 39. The Gap in thinking Consumer reasons Our perceived reasons 61% Discount New product info 73% 55% Purchase General info 71% 53% Reviews Submit opinion 69% 53% General Info Exclusive Info 68% 52% Exclusive Info Reviews 67% 51% New product info Feel connected 64% 49% Submit opinion 37% Customer service Customer service 63% 34% Event Participation Submit product ideas 63% 33% Feel Connected Part of a community 61% 30% Submit product ideas Purchase 60% 22% Part of a Community Discount 60%
  40. 40. The Gap in thinking Consumer reasons Our perceived reasons 61% Discount New product info 73% 55% Purchase General info 71% 53% Reviews Submit opinion 69% 53% General Info Exclusive Info 68% 52% Exclusive Info Reviews 67% 51% New product info Feel connected 64% 49% Submit opinion 37% Customer service Customer service 63% 34% Event Participation Submit product ideas 63% 33% Feel Connected Part of a community 61% 30% Submit product ideas Purchase 60% 22% Part of a Community Discount 60%
  41. 41. How Digital is your Industry? Books Fashion Grocery PRICE Prices often lower online 5 3 1 Digitized products create lower cost 5 1 1 Value of price comparison 5 3 2 SELECTION Value of broad selection 5 4 3 Value of customization 2 3 1 Searches in stores often futile 4 3 2
  42. 42. How Digital is your Industry? Books Fashion Grocery CONVINIENCE Research and information intensity 5 3 2 Web tools trump store experience 4 2 2 Ease of delivery and returns 5 3 1 TRUST Reliability of product description 5 2 2 Frustration in stores 4 4 2 Trust online retailers 5 3 1
  43. 43. How Digital is your Industry? INDUSTRY TOTAL Books 54 Fashion 34 Grocery 20 So what about your business?
  44. 44. TOOLS TO WIN IN THE DIGITAL WORLD
  45. 45. The Must Have’s ➜SEO ➜SEM ➜Social ➜Mobile ➜eCommerce
  46. 46. Savvy as Online Shoppers ➜Launch an eCommerce website ➜Make your site mobile-ready ➜Publish you product feed to multiple shopping engines ➜Measure Everything—Usage, Fans, Engagement, Popularity ➜Deliver exceptional service—It’s your online reputation
  47. 47. Launch an eCommerce Site ➜Get your products online ➜Keep it accurate & current ➜Offer lots of product details ➜Add user reviews ➜Offer stock inventory details ➜Enable microformats ➜Offer online purchase, offline pickup ➜Run online-only promotions
  48. 48. Enable Microformats
  49. 49. Be Mobile Ready ➜Your site needs to work in Mobile ➜Don’t use flash or java ➜Focus on usability ➜Must load quickly ➜Integrate with native functions (maps, phone, email)
  50. 50. Publish a Product Feed ➜A product feed is a file containing information about the product list on an e- commerce website ➜Search Engines ➜Affiliate Website ➜Shopping Comparison ➜Marketplaces
  51. 51. Get Social ➜Listen ➜Plan ➜Build ➜Engage ➜Content ➜Contesting ➜Advertising ➜Drive Traffic ➜Measure
  52. 52. A QUICK LOOK FORWARD
  53. 53. Ian S. Cruickshank Chief Revenue Officer, Wishpond @ian_Cruickshank ca.linkedin.com/in/iancruickshank Or just call me 1.778.997.9474

Editor's Notes

  • Opening film clip from Confessions of a Shopaholic: http://www.youtube.com/watch?v=gc-eqqiDKD8
  • Source:Comscore
  • Source: Comscore
  • Source: Comscore
  • Source: Comscore
  • Source:Motorola Solutions 2012
  • Source:Motorola Solutions 2012
  • Source:Motorola Solutions 2012
  • Source:Ipsose Reid, Canadian Inter@ctive Reid Report
  • Source: Econsultancy
  • Source: Econsultancy
  • Source:ClickZ
  • Source:ClickZ
  • Source: Google
  • Source: BIA/Kelsey
  • Source: Patrick Spenner and Karen Freeman from Corporate Executive Board.
  • Source: IBM Institute for Business Value
  • Source: IBM Institute for Business Value
  • Source: The Future of Shopping by Darrell Rigby
  • Between 30 and 35 – Digital Capabilities are or will soon be of key interest for your company. Under 30 – Take advantage of digital tools to drive traffic and differentiate yourself from your competition.
  • Future of Shopping Link: http://www.youtube.com/watch?v=jDi0FNcaock

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