From Subscription to Prescription
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Presented by Michael Stich, Rockfish Chief Innovation Officer, at the 2016 Kantar Retail OmniShopper Forum.
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From Subscription to Prescription
- 1. FROM SUBSCRIPTION TO PRESCRIPTION KANTAR RETAIL OMNISHOPPER FORUM March, 2016
- 2. Subscriptions Today Subscription-Changing Technologies Subscriptions Tomorrow AGENDA 2
- 4. How many subscription categories exist? POP QUIZ! 4
- 6. What is the most expensive subscription service? POP QUIZ! 6
- 8. Which subscriptions are most popular, and why? POP QUIZ! 8
- 10. WHY SUBSCRIPTIONS? 10Necessity Indulgence Value exchange Convenience Confidence Customization Connectivity Savings Experience • Subscription merchants experienced heavy shopping on Cyber Monday with same- store sales increasing by 83 percent on Cyber Monday 2015 compared to the previous year. • Looking at the entire four-day period starting with Black Friday and ending on Cyber Monday 2015, same-store sales grew 70 percent from the previous year. Source: Recurly
- 11. WHO DOES IT WELL? 11
- 12. WHO DOES IT WELL? 12
- 13. WHO DOES IT WELL? 13
- 16. 16
- 17. 17
- 18. 18
- 19. 19
- 20. NEW USES OF DATA! 20 New Context • Personality • Current Emotion • Physical state / health • Recently New Habits / Behaviors Emerging Channels – In-Home • In-home devices / IoT: Echo/Dash/New Sensors (Light, Temperature, Chemicals, Movement) • Delivery / retail commerce • Subscriptions / Auto-replenishment • Top Home Web Properties (Search / Weather / Entertainment / Utilities) Maturing Digital Shopper Channels • Email • Social placements and platforms • Influencer campaigns • Display • Paid search • Promotional microsites and brand pages • Third-party deal and coupon sites • Retail media networks Emerging Channels – In-Store • IR / smart cameras • Kiosk • Smart shelves • Self check-out / smart POS • Click-and-collect • In-store Mode Emerging Channels – On-the-Go • Shopping List • Application In-store mode • M-wallet / M-payments • M-loyalty • Scanning / Identity Recognition • Micro-Geolocation • Product/Category Mobile Search • App Category Navigation • Wearables Emerging Shopper Segments • Hyper-Local • Shoppertainment • Ultra Cost-Conscious • In-store/Pickup Hybrid • Gen Z Traditional Segments • Shopper Category • Lifestyle • Lifestage • Occupation • Affinity
- 22. • Increasingly viable option for brands and CRM programs • Agencies are waking up to the model as trial and relationship driver • Infrastructure services, DIY templates and vendor support make it easier than ever. • Mobile-specific programs become the norm. • From sample sizes to larger items • More local items and services • “Surprise” shipments give way to multiple subscription choices • Beyond the Box: premium content and community • Premium boxes as brand extensions SUBSCRIPTIONS IN 2016 22
- 23. INTELLIGENT 23 +
- 24. DYNAMIC 24 +
- 25. COMMUNAL 25 +
- 26. MULTI-LEVEL 26 +
- 27. THANK YOU!
- 28. Q&A
Editor's Notes
- Why it works: Simple, simple, simple concept at an inarguable value Flexible product options, easy to adjust your plan
- Completely geared toward subscription boxes. The company built its software on the understanding of subscription box needed, sensitivities and processes. Super simple set up processes and trial. CrateJoy has really made it easy for new business owners to get a site essentially up and running in just a few days (24 hours if you're motivated). Whether your soft launching or just playing with the idea, I found their trial is be a pretty decent example of what you'll need to understand when running these types of businesses. Simple templates/operational tools already in place. One thing I've learned running these businesses is I don't need/want to bog myself down with operations and tasks that distract from 1) customer acquisition 2) customer service and 3) performing excellently with procurement (ie. getting your products). Their system minimizes operational oversight in website building, billing, etc, which frees you up to build your business. Great support and passionate team of people. They got back to my questions promptly and seemed to be invested in my project (even though I was just ideating in their system). As someone really geared toward customer service, this stuck out to me. Affordable. At about $30/month, it's a SaaS that doesn't break the bank and instead provides high level functionality that saves time and money. I think it's a really affordable solution for new owners in this space.
- - In a world of ad blockers and low click through rates, we're trying to make marketing and advertising feel more natural. This is why we've developed a model that is more like "native advertising but for e-commerce". While people are getting a sample in their parcel, it feels natural because the item is contextual and a value add to their shopping experience. - We leverage data from online retailers to run panel studies. Online retailers can give you so much more (and richer) data than traditional offline methods. - Brands are beginning to identify other ways to market to consumers in an "ad-free future". Here's an article that references what we and others are doing with brand marketers - http://adage.com/article/print-edition/big-agenda-ad-industry-2016/302067/