Consumer trendsshappingretailandshopperexperience
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Presentation I gave on behalf of Bazaarvoice at Internet Retailing Conference 2015 in London
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Consumer trendsshappingretailandshopperexperience
- 1. CONSUMER TRENDS THAT ARE SHAPING THE RETAIL AND SHOPPER EXPERIENCES JESSICA RESER OSBORN ENTERPRISE CLIENT SUCCESS @JRESE
- 2. Confidential and Proprietary. © 2015 Bazaarvoice, Inc.1 Experience and access to info Consumers have unlimited information at their fingertips @jrese @bazaarvoice#IRC15 âBy 2016, the web will influence more than half of all retail transactionsâ -McKinsey & Co
- 3. The New Consumer Decision Journey The Loyalty Loop CONSIDER EVALUATE ADVOCATE BUYBOND BUYBOND ADVOCATE @jrese @bazaarvoice#IRC15
- 4. 3 ERAS OF CONSUMER EXPECTATIONS Meets Needs Convenient Frictionless Relationship @jrese @bazaarvoice#IRC15
- 5. How businesses respond⊠The only constant is change @jrese @bazaarvoice#IRC15
- 6. THE SUBSCRIPTION ECONOMY @jrese @bazaarvoice#IRC15 Source:ZuoraSubscribed2015
- 7. âCompare The Market is top performing financial brand on social mediaâ -eConsultancy #IRC15 @jrese @bazaarvoice
- 8. CULTURAL CHANGE REQUIRED Source:MarkSteelâConnectingChannelsforaSeamlessCustomerExperienceâBazaarvoice Summit2015 @jrese @bazaarvoice#IRC15
- 9. DELIVER A RETURN ON DATA @jrese @bazaarvoice#IRC15
- 12. 1. Innovate your business model 2. Bring your brand to life 3. Transform your company culture 4. Deliver a return on data 5. Fuse online and offline 5 NEW IMPERATIVES FOR BUSINESS #IRC15 @jrese @bazaarvoice
- 13. WHERE TO BEGIN?
- 14. CULTIVATE A RESPONSIVE DIALOGUE Virgin Mediaâs Social Media Care team Sony store puts a larger emphasis on customer reviews. Dominos Order Tracker Clarksstyle.com
- 15. Confidential and Proprietary. © 2014 Bazaarvoice, Inc.16 Type Does the content influence all of your consumers? Volume Do you have enough of the right content? Reach Are you getting content to all the right people at the right time? Insights Are you seeing results and learning about your customers? c Our approach to winning consumer trust
- 16. Confidential and Proprietary. © 2014 Bazaarvoice, Inc.17 Our approach to winning consumer trust Type Will the content influence consumers? Volume Do you have enough of the right content? Reach Can you get content to the right places? Insights How do you measure and improve? c
- 17. âą Empirical âą Rational âą Solicited âą Detailed âą Emotive âą Spontaneous âą Unsolicited âą Bite-sized Logical Emotional @jrese
- 18. FEED BOTH THE LEFT AND THE RIGHT BRAIN @jrese
- 19. Confidential and Proprietary. © 2014 Bazaarvoice, Inc.21 Our approach to winning consumer trust Type Will the content influence consumers? Volume Do you have enough of the right content? Reach Can you get content to the right places? Insights How do you measure and improve? c
- 20. Confidential and Proprietary. © 2014 Bazaarvoice, Inc.22 CGC Volume increases conversion *BV: Conversation Index 8
- 21. Confidential and Proprietary. © 2015 Bazaarvoice, Inc.23 260+ 6,400+ 60+ Questions asked in the first week Submitted (61 per day) Brand Invite registrations after the first invitation ïŒ Points for Contribution ïŒ Top contributor ranking accessible on the community page Probikeshopezvous
- 22. Confidential and Proprietary. © 2014 Bazaarvoice, Inc.24 Our approach to winning consumer trust Type Will the content influence consumers? Volume Do you have enough of the right content? Reach Can you get content to the right places? Insights How do you measure and improve? c
- 24. Confidential and Proprietary. © 2015 Bazaarvoice, Inc.26 Leverage CGC higher in the funnel VS Average Rating Only Ratings and Reviews +21% CTR
- 25. Confidential and Proprietary. © 2014 Bazaarvoice, Inc.27 Our approach to winning consumer trust Type Will the content influence consumers? Volume Do you have enough of the right content? Reach Can you get content to the right places? Insights How do you measure and improve? c
- 26. QUICKLY ACT ON WANTS AND NEEDS REVEALED THROUGH FEEDBACK Source: myboysandtheirtoys.com
- 27. Confidential and Proprietary. © 2015 Bazaarvoice, Inc.29 If it smells like a duck⊠Average rating improved from 1 to 5 stars Significantly more sales by improving the product Turned dissatisfied customers into real fans
- 28. Confidential and Proprietary. © 2014 Bazaarvoice, Inc.30 Type Does the content influence all of your consumers? Volume Do you have enough of the right content? Reach Are you getting content to all the right people at the right time? Insights Are you seeing results and learning about your customers? c Our approach to winning consumer trust
- 29. 1. Consumer Decision Journey & 3 Eras of Customer Expectation 2. 5 Business Imperatives 3. Consumer Generated Content Framework: Type, Reach, Volume and Insights SUMMARY
Editor's Notes
- The world has changed as a result of consumers having unlimited access to information on their smart phones. With all of this marketing noise and choice in information, they are less likely to believe when every brand says they are âthe bestâ, âthe newestâ, âthe fastestâ....  This has resulted in consumers losing trust in advertising. Q: Have you seen this with your consumers?
- We create more data than ever before. I know this because my phone keeps reminding me that I have taken too many pictures of my baby daughter. We call this consumer generated content. Beyond smart phones we are starting to see the rise of smart devices. We are losing patience. When we want something, 24 hours is too long to wait for a product 15 min is too long to wait for a cab. We have come to expect that the companies we do business with know us. My husband and I get our groceries from HelloFresh who deliver recipes all the ingredients you need to make them. Amazing right?
- Anthony Fletcher | CEO, Graze -consumers want an outcome not a product -
- *Changed to Waitrose example From Lisa: âLame image. Not progressive.â She feels like all these people images look the same â a person with a phone. She doesnât want any pics like that basically.
- Across the Bazaarvoice network, mobile shoppers who view CGC convert 133% more;
- *Added slide
- *changed text & screenshots She wants something here that illustrates communication between the manufacturer and the customer, but doesnât look like a stock photo of two people talking. Iâm struggling to offer a recommendation on this one, Iâm sorry!
- As consumers have changed over that time, we have evolved our approach to consumer confidence to focus on 4 key areas to help our clients win: Type of content- will the content influence consumers? Volume of content- do you have enough of the right content to create relevance? Reach of that content- can you get the content in front of consumers? Insights from that content- how do you measure and improve?
- As consumers have changed over that time, we have evolved our approach to consumer confidence to focus on 4 key areas to help our clients win: Type of content- will the content influence consumers? Volume of content- do you have enough of the right content to create relevance? Reach of that content- can you get the content in front of consumers? Insights from that content- how do you measure and improve?
- Ratings and Reviews, photos and videos, opinions on the local dealer or brand experience; framed in the voice of âpeople like meâ is what gives them the confidence to buy.  Our most successful clients give them everything they need whether reviews, photos, videos, answers, to help them rationalize their decision and to help influence future buyers. Â
- We like to think of this new kind of content as the perfect compliment to ratings and reviews, which can be more detailed, technical, or specific â like the left brain â vs social content which connects more with your emotions and your heart â more like the right brain.
- *Added UK reviews from chubby stick but merged with US pictures @ top
- As consumers have changed over that time, we have evolved our approach to consumer confidence to focus on 4 key areas to help our clients win: Type of content- will the content influence consumers? Volume of content- do you have enough of the right content to create relevance? Reach of that content- can you get the content in front of consumers? Insights from that content- how do you measure and improve?
- As consumers have changed over that time, we have evolved our approach to consumer confidence to focus on 4 key areas to help our clients win: Type of content- will the content influence consumers? Volume of content- do you have enough of the right content to create relevance? Reach of that content- can you get the content in front of consumers? Insights from that content- how do you measure and improve?
- When the voice of the customer becomes the key element of a contextual online marketing strategy Request to use the API (access to +167,000 reviews) Rules defined (> 3 Stars products) 2 separate campaigns with Next Perf
- As consumers have changed over that time, we have evolved our approach to consumer confidence to focus on 4 key areas to help our clients win: Type of content- will the content influence consumers? Volume of content- do you have enough of the right content to create relevance? Reach of that content- can you get the content in front of consumers? Insights from that content- how do you measure and improve?
- Please replace image with SKECHERS shoes.
- Find another story -
- As consumers have changed over that time, we have evolved our approach to consumer confidence to focus on 4 key areas to help our clients win: Type of content- will the content influence consumers? Volume of content- do you have enough of the right content to create relevance? Reach of that content- can you get the content in front of consumers? Insights from that content- how do you measure and improve?
- *Added slide
- From Lisa: âShow rewards visually.â Maybe a catalogue with pictures that donât look super professional? Look more like what someone might post on Instagram. Like Urban Outfitters.