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The Transformation of Retail in a Digital Age

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Presentation given by Douglas Smith of HolyTornado! at the Marketing Innovations Summit in Genk, Belgium on the need for innovation in retail. http://www.marketinginnovation.eu/

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The Transformation of Retail in a Digital Age

  1. 1. THE TRANSFORMATION OF RETAIL IN A DIGITAL ERA DOUGLAS M. SMITH - CHIEF INNOVATOR foto by Samuel Mann
  2. 2. TIME WE SPEND SHOPPING 8.9 BILLION HRS/YR (IN UK) 182.5 HRS SHOPPING/YR/PERSON X 49M (UK ADULTS OVER 16) UK NATIONAL OFFICE OF STATISTICS foto by Emborg
  3. 3. HOW MANY OF THESE WE COULD BUILD? 406
  4. 4. STATE OF UK RETAIL CHANGE FROM ’08 - ‘09 UK RETAIL UK RETAIL EMPLOYMENT OUTLETS DOWN DOWN 145,000 100,900
  5. 5. RETAIL SALES INDEX Reta il Sa les Index (3 m onths on previous 3 m onths % ) (3 mo. on 3 mo. %) Chart to com pare 1st estim ate w ith 12 m onths la ter Pe rce n t F irst Es timate Value 12 Months la ter 2 .5 2 1 .5 1 0 .5 0 Ma r - 0 4 Sep - 0 4 M a r-0 5 Se p - 0 5 M a r-0 6 Se p - 0 6 Ma r -0 7 Se p - 0 7 M a r-0 8 Se p - 0 8 - 0 .5 -1 - 1 .5
  6. 6. “LOW GROWTH IS HERE TO STAY” Helen Dickinson, KPMG The market scraped marginal growth in 2009 and I see a low growth environment as here to stay. The combination of a weak economic outlook and a changing consumer means the industry is at a key inflection point as it re-aligns itself to a new reality. What growth there is will be absorbed by online. Like-for-like sales will thus dip in and out of negative territory on a monthly basis. Published by the Source: KPMG/Synovate Retail Think Tank Whitepaper, Feb 2010 BRITISH RETAIL CONSORTIUM
  7. 7. "Shoppers are tuning out. Worse, they are exhausted by their shopping experience when they should be energized. That's what happens when you force shoppers to think about getting low prices when what they want is to feel good about what they're buying. " Al Wittemen - MD Retail strategy, Advantage Retail
  8. 8. E-COMMERCE GROWTH B2C E-Commerce Sales* in Europe** 2006-2011 (billions USD and %increase vs. prior year) (15.6%) (20%) 406.8 (25.6%) 357.4 (28%) 307.1 255.7 (37.2%) 196.9 132.9 2006 2007 2008 2009 2010 2011 Source: eMarketer
  9. 9. PREDICTED TOTAL US RETAIL GROWTH IN 2010 2.5% TOTAL PREDICTED E-RETAIL GROWTH IN 2010 11% EST. GROWTH OVER NEXT 5 YEARS 10%/YR Value of e-retail in 2014 will total $249 billion. Source: Forrester Research Inc. Report, “ U.S. Online Retail Forecast, 2009 to 2014”
  10. 10. ONLINE VS. OFFLINE BENEFITS OF E-RETAIL BENEFITS OF HIGH ST. • Experience (learning) • Immediacy of • Better choice purchase • Time savings / • Tactile check convenience INTEGRATED • In-store experience (1-click checkout, no travel) RETAIL • Sales assistance • Empowerment (reviews, transparency, recommendations)d • stock
  11. 11. EXPERIENCE
  12. 12. Text SPACE FOR KNOWLEDGE & SERVICE 50%
  13. 13. EARNINGS / SQ FT / YR $4032 SAKS FIFTH AVE. $362
  14. 14. SHOWER CHANGE LEARN DESIGN RENT http://run.i-voce2.com/wp- content/uploads/2009/03/cimg2707- 1024x768.jpg RUN!
  15. 15. EXPANSION ASSISTANCE INTERACTIVITY CONVENIENCE ENGAGEMENT
  16. 16. EXPANSION
  17. 17. ASSISTANCE
  18. 18. GROWING USE IN FASHION
  19. 19. BLOOMINGDALES ADDS A SOCIAL TWIST
  20. 20. GARDEUR ADDS RFID
  21. 21. SAMPLE RESULTS MITSUKOSHI BUSINESS RESULTS 90% customer satisfaction 25% savings in staff time 15.8% increase in sales revenue over previous year
  22. 22. MOBILE ASSISTANTS Allows consumers to scan product bar codes, find online and offline locations where the product is sold and compare prices. Downloaded by over 4.5 million users with an average of 1 million bar codes scanned daily.
  23. 23. CONVENIENCE INTERACTIVE WINDOWS Shop 24/7 Access full catalog Engage with the brand Data capture
  24. 24. ENGAGEMENT
  25. 25. EXPERIENCE + INTERACTIVITY + EMPOWERMENT
  26. 26. INNOVATING THE HARDWARE STORE Courtesy of Ezio Manzini, Francois Jégou of SUSTAINABLE EVERYDAY, SCENARIOS FOR URBAN LIVING
  27. 27. EXPERIENCE REAL,-THE FUTURE STORE USE THE EQUIPMENT CUSTOM SONIC ENVIRONMENTS INFORMATION TERMINALS
  28. 28. INTERACTIVITY
  29. 29. EMPOWERMENT
  30. 30. EMPOWERMENT EMPOWERMENT
  31. 31. RESULTS 15% SALES GROWTH 20% NEW CUSTOMERS
  32. 32. TOP RETAIL INNOVATIONS Source: TNS Market research shopper insights „08
  33. 33. TOP TECHNOLOGIES FEATURED RFID Mobile Intelligent dressing rooms Interactive surfaces Environmental enhancement technologies E-kiosks
  34. 34. IDEAS TO TAKE HOME RULE 1: CREATE AN EXPERIENCE RULE 2: MAKE IT ABOUT THE BRAND RULE 3: EMPOWER THE CUSTOMER RULE 4: THINK OUTSIDE THE BOX
  35. 35. THANK YOU DOUGLAS@HOLYTORNADO.CO.UK

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