INTRODUCTION & DEFINITION BTFV is defined as a software or a group of software used in conjunction to facilitate business activities throughout the fashion value chain. The purpose is to help understand business technology in fashion value chain with the assistance of a live case study.
CHANGING CONSUMER LIFECYCLE: Improve theconnect, maximize the value • New Channels, • Segmentation, Improved Consumer Personalization, Offers/ experience, Audience Promotions/ Coupons, Improvement, Direct Content, Community, Marketing, Contextual Referral/, Advertising Recommendation, Search, Games/ Ads/ Sweeps 1. Attract 2.Engage • Multi channel • Customer Support, • Adjacent business, Commerce, Single Churn management, Increase value for Cart, Promotion, Loyalty program, partners, advertisers Recommendation, Volume discounts, Workflow, Loyalty Events, Offers & Management Promotion 3.Transact 4.Retain 5.Extend 3
E-COMMERCE BUSINESS CHALLENGES Business problem• Conversion Rate • Currently, average ecommerce conversion rate is about 2.5%• Search Engine Optimization • An estimated 80% of store traffic and 55% of purchases begin at a search engine• Cart abandonment • Approximately 52.1% of carts are abandoned• Usability • 48% of users do not buy from a website because of bad usability• Customer Service • 87% of online customers experienced problems with customer service • Out of this, 52% stop dealing with the company altogether• Social Media/Wiki • Only 51% of customers who came looking for customer support (10%) could find it. • Analysis of customers who did not buy from a website • Source: iPerceptions report
Fashion value chain is defined by 4 broad categories… Inform Interact Transact Fulfill1 Product Marketing Captivate customer Complete a transaction SendTypical ▪ Advertise through: ▪ Make the shopping ▪ Manage back end order ▪ Warehouse and supplyActivities – Online channels experience “real” processing chain management (e.g. Ads on – Give ample product ▪ Setup easy to navigate ▪ Allow customer to track Google, description payment gateway order partnerships with – Allow user to compare – Offer multiple online bloggers) products and write / payment options to – Offline channel read reviews simplify purchase Customer service (e.g. fliers, ads in – Leverage customer – Offer multiple ▪ Setup help desk and / or magazines) history and identify his shipping options call center to address likes to offer relevant (e.g. express – in 1 customer queries or ▪ Leverage past products day, or usual – 5-7 complaints purchases history to – Dynamically manage working days) effectively market product inventory to display only in-stock Data analytics and manage “Easy to surf” product products (also ensure customer data for marketing catalogue high selling items are ▪ Track customer data and ▪ Easily navigable always in stock) purchase history website – Identify high ▪ Group similar products Lead customer to a spending and loyal in clear categories transaction customers and tailor ▪ Track customer’s viewing marketing programs history to reach out to them ▪ Shopping cart to track all products a user wants to buy ▪ Setup help desk and / or call centers to assist customers 5
BTFV TO THE RESCUEWhy is BTFV a critical success factor ? To optimize from visitor to customer To optimize meta-data for efficient SEO and SCM To lower cart abandonment To improve user experience of the web-interface To make customer service a differentiating factor To efficiently use social media for all of the above objectives
BTFV @DONEBYNONE.COM Inform Interact Transact Fulfill1 Product Marketing Captivate and interaction Complete a transaction Warehouse and SCMTypical 1) Fb, Custom code for with the customer 1) Paypal 1) Unicommerce(Activities SEO and SEM 1) Magento 2) Bank gateways Back office accounting Product information Data analytics 1) Tally management (PIM) 1) Google 1) Magento 2) Fb analytics Customer service 1) Exotel 2) Olark HR software- SumHR 7
BTFV @DONEBYNONE.COM Inform Interact Transact Fulfill1 1) Magento 1) Paypal Attract & Retain More Customers Shop securely 1) UnicommerceTypical Procure Make Buying Easy Save timeActivities Inbound Foster Brand Affinity Get great deals Order-fulfilment Customize & Refine Your Site Website payment standard Shipping Grow & Scale with Confidence Express checkout Returns Integration Monitoring Technology 2) Tally Audit analysis Auto Bank Reconciliation Cash Deposit Slips Cheque Management HR software- SumHR 3) Exotel Leave Management IVR based call routing Employee engagement Conferencing Collaborate & Streamline Work Call recording Employee Dashboard Missed call mktg. Company Administration campaign Intelligent SMS 8
PRIMARY DATA & ANALYSIS – PRODUCTS, NEW ACCOUNTS AND ABANDONED CARTS Products – Most Viewed New Accounts Created Number Period Number of New Accounts Period Product Name Price of Views Aug-12 Roxy Star Shoulder Bag Rs1,399 17248 May-12 1611 Aug-12 Beowulf Three-Toned Flats Rs1,499 11741 Jun-12 2178 Aug-12 Black Magic Woman Top Rs1,399 10436 Jul-12 983 Three To Tango Aug-12 4160 Aug-12 Asymmetrical Happy Strappy Rs899 8819 Aug-12 Galactica Ring Rs399 7944 Sep-12 885 Total 56188 Total 9817 10
IMPROVEMENT AREASAs an insider1) The performance of magento is not consistent due to the refresh time it takes.2) Duplication of order entry data (manual intervention needed)As a customer1) The wishlist functionality need to be fixed.2) Myaccount functionality is very sporadic.3) Inaccurate Product display4) Product availability not updated.