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Innovation in Retail - attention economy, social commerce and epiphenomenology

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Presentation given to the DAS/Omnicom CEO Forum on 'Innovation in Retail'. The day is a senior, strategic briefing for leaders in the broad agency network and their key clients, and other speakers included Chris Sanderson (Director, The Future Laboratory), Mary Portas ("Queen of Shops"), Dr Jonathan Reynolds (Said Business School and Oxford Institute of Retail Management).

Published in: Business, Technology

Innovation in Retail - attention economy, social commerce and epiphenomenology

  1. 1. eCommerce is not retail 'done digitally': opportunities in the network age Innovation in Retail Forum London, April 2009 www.ianjindal.com www.internetretailing.net !
  2. 2. Innovation in Retail Forum “eCommerce is maturing and now ubiquitous. Customers are sophisticated, demanding and habituated to infidelity, wooed by innumerable, increasingly discount-driven retailers. The social web is teaching customers to look past retailers for recommendations, insights and inspiration, but today we'll look beyond this current trend to its logical conclusion: the attention economy. With demonstrations of currently-available glimpses of this future, we'll consider attention profiling, co-retailing and co-creation and consider multichannel behaviours and opportunities in the post-Web2.0, post-social phase of the web: the Network Age.” !
  3. 3. Innovation in Retail Forum “eCommerce is maturing and now ubiquitous. Customers are sophisticated, demanding and habituated to infidelity, wooed by innumerable, increasingly discount-driven retailers. The social web is teaching customers to look past retailers for recommendations, insights and inspiration, but today we'll look beyond this current trend to its logical conclusion: the attention economy. With demonstrations of currently-available glimpses of this future, we'll consider attention profiling, co-retailing and co-creation and consider multichannel behaviours and opportunities in the post-Web2.0, post-social phase of the web: the Network Age.” !
  4. 4. 1. eCommerce is now mature
  5. 5. 1. eCommerce is now mature
  6. 6. 2. Social
  7. 7. 2. Social 83.85% higher conversion (20+ reviews) • Reviews becoming standard • User “stories”, not just ratings • 78%: “customer recommendations are the most credible form of advertising” (Nielsen)
  8. 8. 2. Social • Top style-setters become “Mavens” • Customers become sales-people • Based on page views AND product • Social networks become retailers Co-shoppers as retailers (ThisNext) clicks
  9. 9. 2. Social • Configure all panels, materials, colour • Preview your custom shoe • nikeid.nike.com
  10. 10. 2. Social • Configured option • Buy “your” show • Feedback to Nike on trends, colours • May put into production
  11. 11. 3. Data: personal and placeful and propagated
  12. 12. 3. Data • “Doing” not “viewing” – Making Social Networks “transactional” – You can “do”, not just “view” – From web to desktop – Web to web
  13. 13. 3. Data – Google - hCard format added to Search results. – One click to add the result to your address book. – Could do the same with calendar items, or recommendations
  14. 14. Attention please
  15. 15. Attention – Attention Profiling Markup Language - www.apml.org – Beyond ‘personal’: interchange and exchange value of behaviour
  16. 16. Attention Show us some APML!!
  17. 17. When the network knows more than anyone
  18. 18. Where you are... Location, location, location (and mobile)
  19. 19. What you’re buying, from whom, when and with what...
  20. 20. Place, time and social • Configuration • Social • Virtual and real... • Can do on a mobile phone? Copyright Icon Nicholson - http://www.iconnicholson.com/ nrf07/
  21. 21. 6. Next?
  22. 22. 6. Any sufficiently advanced technology is indistinguishable from magic “Brain Scanners can predict a decision up to 10 seconds before a person is aware of making that decision” Nature Neuroscience, April 2008
  23. 23. 6. Any sufficiently advanced technology is indistinguishable from magic
  24. 24. 6. Any sufficiently advanced technology is indistinguishable from magic Nodes
  25. 25. 6. Any sufficiently advanced technology is indistinguishable from magic Open Structured Data Nodes
  26. 26. 6. Any sufficiently advanced technology is indistinguishable from magic ESP? Epiphenomena Open Structured Data Phenomena Network Social Web 2.0 Business Nodes
  27. 27. Innovation in Retail Forum “eCommerce is maturing and now ubiquitous. Customers are sophisticated, demanding and habituated to infidelity, wooed by innumerable, increasingly discount-driven retailers. The social web is teaching customers to look past retailers for recommendations, insights and inspiration, but today we'll look beyond this current trend to its logical conclusion: the attention economy. With demonstrations of currently-available glimpses of this future, we'll consider attention profiling, co-retailing and co-creation and consider multichannel behaviours and opportunities in the post-Web2.0, post-social phase of the web: the Network Age.” See Digital Trends presentation for fuller explanation and examples: http://www.slideshare.net/ikj/ps070-digital-trends-presentation-presentation !
  28. 28. Thank you. Innovation in Retail Forum London, April 2009 www.ianjindal.com (t @ianjindal) www.internetretailing.net (t @etail) !

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