Retail Marketing 2017 - Carson McKelvey, Togugear
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Digital immersion – the future of the in-store experience
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Retail Marketing 2017 - Carson McKelvey, Togugear
- 2. Millennial | Retail Marketer | Digital CX Expert ABOUT ME Carson McKelvey Managing Partner
- 4. DO YOU HAVE PHYSICAL RETAIL STORES?
- 5. WHAT DOES THE RETAIL STORE MEAN TO YOU?
- 6. 92% sales occur in stores
- 7. Phuket, Thailand Long Weekend Trip 5 Star Resort Business Class Round Trip HK$ 10,000 Hugo Boss Suit + Shoes HK$ 9,500
- 8. Louis Vuitton Montaigne MM HK$ 27,000 Paris, France 1 Week Trip 4 Star Hotel Business Class Round Trip HK$ 29,800
- 9. Take-Out Food HK$ 80.00 Fresh Sizzling Plate HK$ 110.00
- 10. How can retail stores deliver more experiences?
- 11. DIGITAL IMMERSION The Future of the In-Store Experience
- 12. There is no Offline, Online, e-Commerce, In-Store, Mobile…
- 13. It’s just RETAIL
- 15. IN-STORE EXPERIENCE GAP Stores Today • Channel Aligned • Offline • Limited to Physical • Disconnected Staff • Inconvenience How They Should Be • CX Aligned • Seamlessly Connected • Endlessly Digital • Empowered Associates • Immersive
- 16. Establish a Criteria Brainstorm Ideas Evaluate Initiatives WHERE DO WE START? with 3 easy steps
- 17. STEP 1: 4 KEY CRITERIA FOR SUCCESS VALUE • Experiential • Sensory • Convenience • Non-commerce INSIGHTS • Big Data • Try-and-Buy Behavior • Predictive Analysis • Operations RELATIONSHIPS • Brand • Store Associates • Social • Products/Services CONVERSIONS • KPIs • Basket Size • Retention • Loyalty Don’t forget, everything must be CUSTOMER ALIGNED!
- 18. STEP 2: BRAINSTORM IDEAS Augmented Commerce Mobile Digital Touchpoints Seamless Purchasing Clienteling Endless Aisle Conversational Commerce Pop-Up Stores Sensory Marketing eCommerce Social Media Omnichannel Fulfilment Curated Commerce Thing Commerce
- 20. AUGMENTED COMMERCE VR, AR, 360˚ and More!
- 25. 1 in 3 shoppers made purchases different than intended because of contextual information. 57% of consumers are more likely to engage with location-based promotions.
- 26. AUGMENTED COMMERCE Strengths • Very captivating and entertaining experience • Enhances brand relationship • AB enhances product relationship with contextual product information • AR and VR offers ways to scrutinize products virtually Weaknesses • Still relatively new • Low user adoption for AR/VR • AR/VR is more of a novelty, doesn’t offer a lot of value • Limited Insights for VR and 360˚ Video • AR/VR/360˚ Does not enhance product, staff or customer relationship • Limited evidence for ROI VALUE INSIGHTS RELATIONSHIPS CONVERSIONS
- 27. ENDLESS AISLE Saving the Sale without Inventory
- 29. 17% will use their mobile device to make an immediate purchase at a competitor’s site. 37% will buy that item from an online retailer when they get home. 35% will abandon their purchases all- together OR go to a different store to buy the item. Out-of-stock merchandise is the #1 in-store disappointment…
- 30. 77% desire same day delivery Forrester recommends that inventory accuracy be 98% or higher before implementing endless aisle. 73% find 4-5 days acceptable 81% find 6+ days unacceptable 68% of lost sales due to out-of-stock can be recaptured if store can order the product for home delivery. 0 1 2 3 4 5 6 7
- 32. ENDLESS AISLE Strengths • Decreases lost sales due to out-of- stock • Increases net conversions, loyalty and CX KPIs • Offers more value in the form of convenience for customers • Better relationship with store associates and store services • Greater insights for improving operations and merchandising Weaknesses • May require investment into inventory visibility • Change to supply chain operations • Impacted by delivery time (limited control) VALUE INSIGHTS RELATIONSHIPS CONVERSIONS
- 33. DIGITAL TOUCH POINTS Connected Store Experiences
- 40. DIGITAL TOUCHPOINTS Strengths • Digitalizes store experiences • Improves efficiency operations • Captures try-and-buy behavior data • Enables O2O interactions that can be taken home from the store • Enriches customer experience • Builds product relationship • Increases basket size, conversions and engagement KPIs Weaknesses • May negatively impact staff relationship if not implemented correctly • Customer adoption period for self- service implementations • Staff onboarding required for staff- centered implementations • Impacts store design and layout VALUE INSIGHTS RELATIONSHIPS CONVERSIONS
- 41. CLIENTELING Empowering Store Associates with Data
- 42. of retailers miss out on their top 10% of customers by not being able to identify and engage them with personalized offers.70%
- 43. Kaylina Customer Chris Staff 40% of customers said the #1 reason for shopping in stores is knowledgeable store associates. 85% of customers buy more when helped by a knowledgeable store associates.
- 45. CLIENTELING Strengths • 360˚ insights on customers • Empowers store associates with contextual, consumable data to build strong relationships with customers • Allows store associates to be more personalized when engaging customers • Enhances long-term brand relationship and loyalty • Strong, positive impact on conversions and customer experience KPIs Weaknesses • Requires extensive data capture capability that most store’s are not ready to handle • Significant staff onboarding needed • Privacy concerns VALUE INSIGHTS RELATIONSHIPS CONVERSIONS
- 46. MOBILE The Key to Personalization
- 47. 95% of consumers use multiple channels to shop
- 50. Lifestyle
- 52. MOBILE Strengths • Seamless cross-channel experience • Serves as a connector for all other initiatives • Unrivaled in-store data capture and customer preference insights • Personalization, high customer loyalty, maximizes conversions • Stronger brand and product relationship • Convenient digital payments • Social integration, lifestyle emulation Weaknesses • May be costly to get customers to download a stand-alone app • Data privacy concerns • Limited impact on store associate relationship without clienteling app • Limited value in-store without digital touch points VALUE INSIGHTS RELATIONSHIPS CONVERSIONS
- 53. QUICK WIN (2 – 4 months) Clienteling Digital Touch Points Digital Payments eCommerce Click-and-Collect Social Media MEDIUM TERM (1 year) Mobile Endless Aisle Omnichannel fulfillment Pop-up Stores Sensory Marketing LONG TERM (3 years) Augmented Commerce Conversational Commerce Curated Commerce Thing Commerce If your business was to be reborn right now, here is how you can start off digitally immersed… RELEVANT INNOVATOR LEADER
- 54. It’s just RETAIL
- 55. Tofugear Limited, 4/F Fuk Wo Industrial Building, 5 Sheung Hei Street, San Po Kong, Kowloon, HK (852) 2151 9830 info@tofugear.com www.tofugear.com