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Kendra Scott Color Bar AR Solution Boosts Revenue
- 2. OVERVIEW SOLUTION FINANCIALS CONCLUSIONIMPLEMENTATION SCOTT’S TOTS Meet our team Evelyn Cai Chief Fashion Officer Michelle Jiang Happiness Consultant Jessie Yu Kendra Scott Intern Juliana Yu Gem Specialist
- 4. OVERVIEW SOLUTION FINANCIALS CONCLUSIONIMPLEMENTATION COMPANY OVERVIEW The Kendra Scott Brand 100+ Stores 100+ Stores(in addition to 600 specialty boutiques and premiere retailers) A valuation of $1 billion by Boston-based private equity firm, Berkshire Partners
- 5. OVERVIEW SOLUTION FINANCIALS CONCLUSIONIMPLEMENTATION COMPANY OVERVIEW The Kendra Scott Brand Target Audience: 15-25 Year Old's Unique Color Bar Experience Practical, Yet Fashionable
- 6. OVERVIEW SOLUTION FINANCIALS CONCLUSIONIMPLEMENTATION CORE VALUES Staying True to the Foundation Fa m i l y Fa s h i o n P h i l a n t h r o p y
- 7. OVERVIEW SOLUTION FINANCIALS CONCLUSIONIMPLEMENTATION PROBLEM Need to increase the percentage of revenue coming from Color Bar and enhance the customer experience Customers are at a loss for what to buy and where to start The abundance of available gemstones, chain colors, and styles force consumers into choice overload
- 9. OVERVIEW SOLUTION FINANCIALS CONCLUSIONIMPLEMENTATION SOLUTION OVERVIEW Kendra Connect Implementation Marketing 01 02 03 Innovation + Personalization Online + Offline Social Media Influencers
- 10. OVERVIEW SOLUTION FINANCIALS CONCLUSIONIMPLEMENTATION INTRODUCING: KENDRA CONNECT The Future of Shopping is Here and Now Innovative try-on experience Augmented reality Personalized jewelry recommendations
- 11. OVERVIEW SOLUTION FINANCIALS CONCLUSIONIMPLEMENTATION AUGMENTED REALITY The Full Experience At Your Fingertips “More than 59 million Americans using AR by the end of 2019” INNOVATION. FEASIBILITY. EXPERIENCE.
- 12. OVERVIEW SOLUTION FINANCIALS CONCLUSIONIMPLEMENTATION AUGMENTED REALITY The Full Experience At Your Fingertips “Research shows 71% of shoppers would shop more with retailers that have AR” INNOVATION. FEASIBILITY. EXPERIENCE.
- 13. OVERVIEW SOLUTION FINANCIALS CONCLUSIONIMPLEMENTATION PERSONALIZED RECOMMENDATIONS Putting the Customer First Purchased more expensive item 40% 5% 44% Impulse purchases returned Customers return to store
- 14. OVERVIEW SOLUTION FINANCIALS CONCLUSIONIMPLEMENTATION PERSONALIZED RECOMMENDATIONS Putting the Customer First Purchased more expensive item 40% 5% 44% Impulse purchases returned Customers return to store
- 15. OVERVIEW SOLUTION FINANCIALS CONCLUSIONIMPLEMENTATION PERSONALIZED RECOMMENDATIONS Putting the Customer First Purchased more expensive item 40% 5% 44% Impulse purchases returned Customers return to store
- 16. OVERVIEW SOLUTION FINANCIALS CONCLUSIONIMPLEMENTATION PERSONALIZED RECOMMENDATIONS The Kendra Scott Approach “You’ll want to pay attention to when picking out jewelry” Undertone Hair color Eye color Face shape ~Ivy (Kendra Scott employee)
- 17. OVERVIEW SOLUTION FINANCIALS CONCLUSIONIMPLEMENTATION Personalized Quizzes Virtual Try-On Final Product 1 KENDRA CONNECT: ONLINE Updating the Website 32
- 18. OVERVIEW SOLUTION FINANCIALS CONCLUSIONIMPLEMENTATION PERSONALIZED QUIZZES Increasing Popularity of Online Quizzes 44% of customers buy from product recommendations 42% of Gen Z respondents would participate in an online quiz for a brand 30% average increase in conversion rate from online quizzes
- 19. OVERVIEW SOLUTION FINANCIALS CONCLUSIONIMPLEMENTATION TAKE THE QUIZ What’s your undertone? WARM COOL NEUTRAL What’s your hair color? BLONDE RED BROWN BLACK OTHER PERSONALIZED QUIZZES
- 20. OVERVIEW SOLUTION FINANCIALS CONCLUSIONIMPLEMENTATION VIRTUAL TRY-ON Y O U R R E S U L T S
- 21. OVERVIEW SOLUTION FINANCIALS CONCLUSIONIMPLEMENTATION VIRTUAL TRY-ON Y O U R R E S U L T S Implementing augmented reality so the consumer can see what the product looks like on them Personalized results directly from the quiz algorithm Explore further options through Color Bar
- 22. OVERVIEW SOLUTION FINANCIALS CONCLUSIONIMPLEMENTATION BENEFITS OF AUGMENTED REALITY Case Studies Consumers who try products on are 7x more likely to purchase the product “Our Virtual Try-On feature significantly enhances the digital shopping experience…driving even greater consumer confidence towards shopping for prescription glasses online.”
- 23. OVERVIEW SOLUTION FINANCIALS CONCLUSIONIMPLEMENTATION KENDRA CONNECT: OFFLINE The Experience Inside Stores AR Screens Rollout Further Customization Virtual Try-On Take Jewelry Quiz 1 2 3 4
- 24. OVERVIEW SOLUTION FINANCIALS CONCLUSIONIMPLEMENTATION KENDRA CONNECT: OFFLINE Comparable Successes compared to regular displays 10x engagement AR displays had
- 25. OVERVIEW SOLUTION FINANCIALS CONCLUSIONIMPLEMENTATION INITIAL ROLLOUT Major Stores Flagship: Austin, TX Los Angeles, CA New York City, NY Chicago, IL Ann Arbor, MI
- 26. OVERVIEW SOLUTION FINANCIALS CONCLUSIONIMPLEMENTATION MARKET STRATEGY The Generation Z Revolution 2019 $44 billion buying power 2020 40% of all consumer shopping Gen Z: The largest generation of consumers by 2020
- 27. OVERVIEW SOLUTION FINANCIALS CONCLUSIONIMPLEMENTATION MARKET STRATEGY How Do We Target Gen Z-ers? Authenticity and Transparency Collaborative Engagement Cutting-Edge Technology Gen Z: Core Values
- 28. OVERVIEW SOLUTION FINANCIALS CONCLUSIONIMPLEMENTATION MARKET STRATEGY Social Media Influencers Other, 6% Magazine/Newspaper, 7% Lifestyle website, 8% Store, 9% Friend/Family, 17% Brand/Manufacturer, 21% Social media influence, 33% In one study, a third of respondents chose social media influencers as their most trusted source for shopping Trusted Sources for Shopping Recommendations
- 29. OVERVIEW SOLUTION FINANCIALS CONCLUSIONIMPLEMENTATION MARKET STRATEGY The Power of Youtube Influencers YOUTUBE INFLUENCERS “Studies find 90%of Gen Zers watch YouTube daily” 90% AUTHENTICITY FACTOR
- 30. OVERVIEW SOLUTION FINANCIALS CONCLUSIONIMPLEMENTATION MARKET STRATEGY The Power of Youtube Influencers YOUTUBE INFLUENCERS “Videos increase intent to buy by 5.2x5.2x AUTHENTICITY FACTOR
- 31. OVERVIEW SOLUTION FINANCIALS CONCLUSIONIMPLEMENTATION MARKET STRATEGY The Power of YouTube Influencers YouTube Influencers = Drive Acquisitions + Build Brand Awareness All-In-One Package: Awareness Consideration Conversion
- 32. OVERVIEW SOLUTION FINANCIALS CONCLUSIONIMPLEMENTATION BUYER PERSONA: KATIE Kendra’s Customers Name: Katie Age: 22 Traits: Independent, working woman, recent graduate Values: Representation, style, price
- 33. OVERVIEW SOLUTION FINANCIALS CONCLUSIONIMPLEMENTATION SOCIAL MEDIA INFLUENCERS YouTube Partnerships and Promotions Patricia Bright Safiya Nygaard Jenn Im Subscribers: 2.83M Innovative Focus Fashion + LifestyleProduct Testing Subscribers: 8.5M Subscribers: 2.47M
- 34. OVERVIEW SOLUTION FINANCIALS CONCLUSIONIMPLEMENTATION PROMOTIONAL VIDEOS Color Bar Parties and Visits Kendra Scott Color Bar Party with My Girls!!
- 35. OVERVIEW SOLUTION FINANCIALS CONCLUSIONIMPLEMENTATION EXPECTED IMPACTS Marketing for Success • More purchases from women aged 15-25 • Greater exposure for Color Bar • Heightened personal connection to Kendra Scott brand
- 37. OVERVIEW SOLUTION FINANCIALS CONCLUSIONIMPLEMENTATION FINANCIALS 0 2000000 4000000 6000000 8000000 10000000 12000000 14000000 16000000 18000000 20000000 2020 2021 2022 2023 2024 Kendra Scott Financials Total Revenue Total Cost Net Profit
- 39. OVERVIEW SOLUTION FINANCIALS CONCLUSIONIMPLEMENTATION Implementation Timeline Offline Online Marketing Talent Acquisition Dec 2019 Jan 2020 Feb 2020 Mar 2020 Apr 2020 May 2020 Jun 2020 Jul 2020 Aug 2020 Website Development Beta Testing Website Release Talent Acquisition Digital Add-Ons to Existing Technology Distribute to Major Cities Partner with Youtubers Tours Release Videos
- 41. OVERVIEW SOLUTION FINANCIALS CONCLUSIONIMPLEMENTATION RISKS AND MITIGANTS Possible Challenges and How We’ll Counter Them ONLINE Risk: Data Breach Mitigants: • Strong encryption • Clear communication with those affected OFFLINE Risk: Technological Glitch Mitigants: • Staff training • Software engineer on call MARKETING Risk: Scandals Mitigants: • Behavior clauses in contracts • Thorough background checks
- 42. OVERVIEW SOLUTION FINANCIALS CONCLUSIONIMPLEMENTATION SUCCESS CRITERIA Trackable Metrics to Evaluate Progress Conversion Rates Promo Codes Virtual Try-On Metrics Number of Customers that Take the Quiz In-Store or Online and Subsequently Make a Purchase Number of Promo Code Uses for Each Youtuber Number of Customers that Click on Recommendations Provided by Virtual Assistant
- 43. OVERVIEW SOLUTION FINANCIALS CONCLUSIONIMPLEMENTATION FINAL THOUGHTS Kendra Connect Implementation Marketing 01 02 03 Innovation + Personalization Online + Offline Social Media Influencers
- 44. Return to Table of Contents TABLE OF CONTENTS Additional Research Influencer Generated vs Professionally Generated Content $1 Billion Valuation Augmented Reality in Shopping Snapchat and Augmented Reality Augmented Reality in Retail Sephora Engagement Personalization Financials
- 45. Return to Table of Contents Influencer Generated vs Professionally Generated Content
- 46. Return to Table of Contents $1 Billion Valuation
- 47. Return to Table of Contents Augmented Reality in Shopping
- 48. Return to Table of Contents Snapchat and Augmented Reality
- 49. Return to Table of Contents Augmented Reality in Retail
- 50. Return to Table of Contents Sephora Engagement
- 51. Return to Table of Contents Personalization
- 52. Return to Table of Contents FINANCIALS