The future of retail

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At a VisionID Retail Technology event Damian O Reilly from Dublin Institute of Technology discusses the future of retail

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The future of retail

  1. 1. TEO RAW KI
  2. 2. The End Of Retail As We Know It? • • • • • The Future is Not What it Used to be Consumer confidence is weak High oil prices Eurozone not out of crisis U.S.A. has $16.7 trillion debt China’s growth is slowing Global recession may last another 5 years!
  3. 3. Recent Retail Trends
  4. 4. ASDA new Drive Thru in York ASDA have 5,000 collection points in UK
  5. 5. But what will happen to our Local Stores?
  6. 6. Indicators of Retail Health • Demand – Depressed; loss of confidence and lack of credit facilities have weakened demand • Margin – Discounts/Promotions having significant affect on margins • Costs – Have been increasing: insurance; fuel; rates
  7. 7. Polarisation of the Consumer market Source: IBM – Institute for business analysis
  8. 8. “Pretty good isn’t good enough anymore”
  9. 9. The Future - Retail Analytics Era of Big Data and The Science of Retail • Walmart has more than 1 million customer transactions every hour, in databases estimated to contain more than 2.5 petabytes • Walmart creates more data per hour than research surveys have ever delivered • Data storage capacity is doubling every year and there is no constraint on the amount of information to analyse
  10. 10. Online & Offline Analytics….
  11. 11. Omni-Channel Retailing • The quest for the Holy Grail…..
  12. 12. We exist in a multi-screen world
  13. 13. Virtual Shopping Wall on side of Truck
  14. 14. Augmented Reality
  15. 15. Commerce and Facebook-Assisted Commerce Selling ON Facebook Selling WITH Facebook
  16. 16. Disney built in movie-ticket sales into their Facebook page
  17. 17. Counters built into each hanger, which are networked, update in real time to reflect the input of C&A's Facebook fans voting with their FB virtual thumbs on photos of each clothing item. C&A (Brazil)calls the system "Fashion Like."
  18. 18. Commerce Electric Ireland setting up a “Tweet Café” at Dublin Web Summit August 2013 -Twitter appoints Nathan Hubbard (ex-CEO Ticketmaster) as Head of Commerce
  19. 19. Mercedes sells 666 cars in 8 hours with 3 point “Twitter-Commerce” Plan Mercedes made 4% of its annual sales for SMART cars in 8 hours
  20. 20. Social Commerce Model • Create a special limited edition – a Twitter exclusive. • Theme and schedule the special edition around a popular calendar event (e.g. Chinese New Year) • Don’t ask for full payment, just a deposit (e.g. 1.5%) – “de-risked” the purchase
  21. 21. mCommerce mCommerce is NOT mobile eCommerce
  22. 22. 3 Main Approaches to mCommerce • Shopping Apps – giving customer a better shopping experience – – – – – Location based services QR Scanners Shopping lists Price comparison Social shopping • Retailer branded apps – driving loyalty with customers – Transactions possible; but on watered-down version of website – In-store apps to track behaviour; increase conversions with in-store deals • Traditional eCommerce mobile apps – retailer online offering ported to mobile – Few retailers provide good user experience comparable to eCommerce
  23. 23. Digital Couponing
  24. 24. TEO RAW KI? Winning Retailers will embrace technology and engage with shoppers in an omni-channel world & through multiple devices Retailers ask “How can we sell more?” Instead they should ask: “How can we get shoppers to spend more?”
  25. 25. Make the Shopper HAPPY 1. Give shoppers the products they WANT 2. Support shoppers in-store and at the shelf 3. Make the shoppers’ trip as quick as possible
  26. 26. dboreilly@dit.ie

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