Reinventing Global Retailing: How Retailers are Adding Excitement and Omnichannel Options to Retain Customers
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I guest lectured at Loyola University's Quinlan School of Business. Senior Lecturer Stacy Neier Beran invited me to speak to undergraduate students taking her Retailing class.The presentation features global retailing data from Euromonitor International's Passport market research database.
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Reinventing Global Retailing: How Retailers are Adding Excitement and Omnichannel Options to Retain Customers
- 1. © Euromonitor International 1 REINVENTING GLOBAL RETAILING VIRGINIA LEE SENIOR RESEARCH ANALYST NOVEMBER 7, 2012
- 2. © Euromonitor International 2 • Global provider of Strategic Market Intelligence • 11 Regional offices - 800+ analysts in 80 countries • Cross-country comparable data and analysis • Consumer focused industries, countries and consumers • 5 - 10 year forecasts with matching trend analysis • Subscription services, reports and consulting ABOUT EUROMONITOR INTERNATIONAL London Singapore Shanghai Dubai Vilnius Cape Town Santiago Tokyo Sydney Chicago Bangalore
- 3. CHANGING THE RETAILING LANDSCAPE DEPARTMENT STORES FIGHT BACK URBAN AMERICAN RETAILING CHANNEL CONVERGENCE RETAILING AS EXPERIENCE MOBILE: FRIEND OR FOE? SOCIAL COMMERCE WHAT’S NEXT?
- 4. $1.8 tn ADDITIONAL NEW SALES BY 2016 2.3 mn ADDITIONAL NEW STORES BY 2016 64.4 % INTERNET RETAILING GROWTH: 2011-2016
- 5. © Euromonitor International 5 0 5 10 2007-08 2008-09 2009-10 2010-11 %growth Global Retailing Growth Emerging markets Excluding US World CHANGING RETAIL LANDSCAPE FIRMLY ON THE REBOUND
- 6. © Euromonitor International 6 0 5 10 2007-08 2008-09 2009-10 2010-11 %growth Global Retailing Growth Emerging markets Excluding US World CHANGING RETAIL LANDSCAPE FIRMLY ON THE REBOUND
- 7. © Euromonitor International 7 0 5 10 2007-08 2008-09 2009-10 2010-11 %growth Global Retailing Growth Emerging markets Excluding US World CHANGING RETAIL LANDSCAPE FIRMLY ON THE REBOUND
- 8. © Euromonitor International 8 Changing retail environment Need for convenience Informed consumers Price conscious consumers Internet retailing encroaching Cross channel Inter- nationalization CONSUMERS ARE CHANGING AND RETAILERS ARE TOO More Demanding Consumer Growing Competition CHANGING RETAIL LANDSCAPE
- 9. © Euromonitor International 9NEW CONSUMER: LOOKING TO BUY USED, BORROW, RENT CHANGING RETAIL LANDSCAPE Edited for Goodwill Pop-Up, Washington, DC
- 10. CHANGING THE RETAILING LANDSCAPE DEPARTMENT STORES FIGHT BACK URBAN AMERICAN RETAILING CHANNEL CONVERGENCE RETAILING AS EXPERIENCE MOBILE: FRIEND OR FOE? SOCIAL COMMERCE WHAT’S NEXT?
- 11. © Euromonitor International 11DEPARTMENT STORES’ SHARE OF SALES DECLINES 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 6.0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 ShareofValueSales(%) DEPARTMENT STORES FIGHT BACK Global value sales
- 12. © Euromonitor International 12DEPARTMENT STORES ADD IN-STORE BOUTIQUES DEPARTMENT STORES FIGHT BACK Levi’s Denim Bar at JCPenney. Image from JCPenney John Lewis Technology, Stratford City, London, UK
- 13. © Euromonitor International 13DEPARTMENT STORES ADD OPEN-SELL BEAUTY DEPTS DEPARTMENT STORES FIGHT BACK Bloomingdale’s 59th Street, New York City Macy’s Water Tower Place, Chicago
- 14. CHANGING THE RETAILING LANDSCAPE DEPARTMENT STORES FIGHT BACK URBAN AMERICAN RETAILING CHANNEL CONVERGENCE RETAILING AS EXPERIENCE MOBILE: FRIEND OR FOE? SOCIAL COMMERCE WHAT’S NEXT?
- 15. © Euromonitor International 15BIG BOX RETAILERS ENTER URBAN CORE URBAN AMERICAN RETAILING 570 W Monroe, Chicago225 W Chicago Ave, Chicago City Target, Chicago
- 16. © Euromonitor International 16TARGET’S EVOLUTION URBAN AMERICAN RETAILING City Target, Chicago 1st or 2nd Target, Minneapolis
- 17. © Euromonitor International 17RETAILERS ADDRESS FOOD DESSERTS URBAN AMERICAN RETAILING Walgreens, 67th & Stony Island, Chicago Fresh Moves, Chicago Green Cart, New York City.
- 18. CHANGING THE RETAILING LANDSCAPE DEPARTMENT STORES FIGHT BACK URBAN AMERICAN RETAILING CHANNEL CONVERGENCE RETAILING AS EXPERIENCE MOBILE: FRIEND OR FOE? SOCIAL COMMERCE WHAT’S NEXT?
- 19. © Euromonitor International 19 257 0 50 100 150 200 250 300 Leisure & Personal Goods Others Mixed Retailers Home and Garden Specialist Apparel Specialists Electronics and Appliance Specialists Health and Beauty Specialist Traditional Grocery Hypermarkets Supermarkets Internet Retailing Value sales (US$ billion) CHANNEL CONVERGENCE ACTUAL SALES GROWTH BY CHANNEL 2011-2016
- 20. © Euromonitor International 20 Supply Side • Wider audience • Fewer stores • Consumer analytics • Tax Demand Side • Variety • 24-hour shopping • Reviews • Price CHANNEL CONVERGENCE RETAILERS AND CONSUMERS DRIVE E-COMMERCE
- 21. © Euromonitor International 21 PURE PLAYERS ENCROACHING CHANNEL CONVERGENCE : Americana Manhasset Mall, Long Island, New York
- 22. © Euromonitor International 22TESCO’S F&F CROSS-CHANNEL APPROACH CHANNEL CONVERGENCE Try in-store Buy & share online: see photo booth Pick up at store Buy online Virtual Fitting Room
- 23. © Euromonitor International 23ASOS’ SUCCESS STORY CHANNEL CONVERGENCE US$884 mil for year ending Aug 31, 2012 (+37%) Consumers from 160 countries 10% of traffic comes from mobile Fusion of e-commerce and social media Journalism + retail Mix of own label and well-known brands
- 24. © Euromonitor International 24STORES A KEY ASSET CHANNEL CONVERGENCE . Reserve & pay in store Ship home from store Collect in store Return in store Carrefour, Indonesia Walgreens, Chicago Cora Drive, France Walmart, USA
- 25. © Euromonitor International 25STORES A KEY ASSET CHANNEL CONVERGENCE . Reserve and pay in store Ship home from store Collect in store Return in store Inventory online Additional service
- 26. © Euromonitor International 26 CHANNEL CONVERGENCE SHOWROOMING?
- 27. CHANGING THE RETAILING LANDSCAPE DEPARTMENT STORES FIGHT BACK URBAN AMERICAN RETAILING CHANNEL CONVERGENCE RETAILING AS EXPERIENCE MOBILE: FRIEND OR FOE? SOCIAL COMMERCE WHAT’S NEXT?
- 28. © Euromonitor International 28RETAILTAINMENT: OFFER MORE THAN JUST GOODS RETAILING AS EXPERIENCE . Apple, Regent Street, London, UK
- 29. © Euromonitor International 29STORE: PROMOTIONAL TOOL RETAILING AS EXPERIENCE H&M Olympic pop up store, London, UK Announce the new season Promote new range extension Improve fashion credentials Reach new consumers Chilli Beans vending machine, São Paulo, Brazil
- 30. © Euromonitor International 30FLAGSHIP STORE: LOUIS VUITTON LONDON RETAILING AS EXPERIENCE Louis Vuitton Maison, London, UK
- 31. © Euromonitor International 31FLAGSHIP STORES: BURBERRY LONDON RETAILING AS EXPERIENCE Burberry, Regent Street, London, UK
- 32. © Euromonitor International 32FLAGSHIP STORES: BURBERRY BEIJING RETAILING AS EXPERIENCE “Holographic” Catwalk Show Burberry, Beijing, China
- 33. © Euromonitor International 33FLAGSHIP STORE: UNIQLO NEW YORK CITY RETAILING AS EXPERIENCE 666 Fifth Avenue, New York City
- 34. © Euromonitor International 34FLAGSHIP STORES: HOLLISTER, UNIQLO IN NEW YORK CITY RETAILING AS EXPERIENCE Uniqlo, Fifth Avenue, New York City Hollister, Fifth Avenue, New York City
- 35. © Euromonitor International 35 Ensure presence in sought-after locations Easy to travel, re-usable concept Create exclusive, in-the-know feeling Capitalize on festival and other current events POP-UP: ALTERNATIVE FOR SMALL BUDGETS RETAILING AS EXPERIENCE BOXPARK in Shoreditch, London, UK Mikawaya Mobile Unit, Japan
- 36. © Euromonitor International 36ENTERTAIN THROUGH POP-UP STORES RETAILING AS EXPERIENCE Men’s Journal Shop, Chicago. Image from Men’s Journal Microsoft Surface, Times Square, New York City. Puma Social Club, Sao Paulo, Brazil
- 37. © Euromonitor International 37FASHION’S NIGHT OUT FOUNDED IN 2009 TO BRING RETAILING AS EXPERIENCE Saks Fifth Avenue, ChicagoTopshop, Chicago
- 38. © Euromonitor International 38EXCITEMENT TO FASHION INDUSTRY DURING RECESSION RETAILING AS EXPERIENCE 900 North Michigan Shops, ChicagoMacy’s, Water Tower Place Chicago
- 39. © Euromonitor International 39ENTERTAIN THROUGH COOKING DEMOS, IN-STORE DINING RETAILING AS EXPERIENCE Mariano’s Fresh Market, 333 E Benton Place, Chicago Mariano’s Fresh Market, Arlington Heights, Illinois
- 40. © Euromonitor International 40WALGREENS OFFERS SUSHI, FRO-YO, MANICURES RETAILING AS EXPERIENCE Walgreens State & Randolph, Chicago
- 41. © Euromonitor International 41ENTERTAIN THROUGH IN-STORE DINING, WINE BAR RETAILING AS EXPERIENCE Standard Market, Westmont, Illinois
- 42. CHANGING THE RETAILING LANDSCAPE DEPARTMENT STORES FIGHT BACK URBAN AMERICAN RETAILING CHANNEL CONVERGENCE RETAILING AS EXPERIENCE MOBILE: FRIEND OR FOE? SOCIAL COMMERCE WHAT’S NEXT?
- 43. © Euromonitor International 43 0% 20% 40% 60% 80% 100% World Asia Pacific Australasia Eastern Europe Latin America Middle East and… North America Western Europe 2007 2012 2016 MOBILE: FRIEND OR FOE? PENETRATION OF SMART PHONES 85% of World’s Population in 2011 has mobile phone (5.8 billion) of World’s Population in 2011 has Internet Access (2.2 billion) 32%
- 44. © Euromonitor International 44 Always on internet connection Location Camera More personal device Allows for purchases on the go… … and in stores MOBILE: FRIEND OR FOE? THE PERSONAL INTERNET
- 45. © Euromonitor International 45 Enhanced service and more information Shelf tags / Digital labels Augmented reality MOBILE: FRIEND OR FOE? MOBILE PHONES IN STORES
- 46. © Euromonitor International 46CHECKOUT AND MOBILE POS MOBILE: FRIEND OR FOE? Paperless receipts Convenience Loyalty programs iPads at Nordstrom, USA Nordstrom, USA Stop & Shop, USA Google Wallet
- 47. © Euromonitor International 47VIRTUAL SHOPPING MOBILE: FRIEND OR FOE? Peapod, ChicagoTesco Homeplus, South Korea Carrefour, France. Image from Carrefour Walmart, Toronto, Canada
- 48. CHANGING THE RETAILING LANDSCAPE DEPARTMENT STORES FIGHT BACK URBAN AMERICAN RETAILING CHANNEL CONVERGENCE RETAILING AS EXPERIENCE MOBILE: FRIEND OR FOE? SOCIAL COMMERCE WHAT’S NEXT?
- 49. © Euromonitor International 49 SOCIAL COMMERCE SOCIAL MEDIA: DIVERSE AND FLUID
- 50. © Euromonitor International 50SOCIAL MEDIA: HOW RETAILERS ARE USING IT SOCIAL COMMERCE Share onlineInspire online Share at event
- 51. © Euromonitor International 51SOCIAL MEDIA: HOW CONSUMERS ARE USING IT SOCIAL COMMERCE
- 52. © Euromonitor International 52MORE SOCIAL MEDIA SOCIAL COMMERCE
- 53. CHANGING THE RETAILING LANDSCAPE DEPARTMENT STORES FIGHT BACK URBAN AMERICAN RETAILING CHANNEL CONVERGENCE RETAILING AS EXPERIENCE MOBILE: FRIEND OR FOE? SOCIAL COMMERCE WHAT’S NEXT?
- 54. © Euromonitor International 54RETAILING REGIONAL GROWTH Regional Performance 2011-2016 % CAGR 7.2% 4.6% 4.2% 0 – 3.3% $162 $231 $910 $139 $275 $81 $11 WHAT’S NEXT? Note: Data in the box indicates incremental value sales in US$ billion per region for between 2011-2016
- 55. © Euromonitor International 55WHAT’S NEXT: RETAILERS GO OMNI-CHANNEL WHAT’S NEXT?
- 56. © Euromonitor International 56WHAT’S NEXT: SAME-DAY DELIVERY WHAT’S NEXT?
- 57. © Euromonitor International 57WHAT’S NEXT: SOCIAL GIFTING WHAT’S NEXT?
- 58. © Euromonitor International 58 • Current/previous purchases • Facebook ‘likes’ • A specific look from blogger or other like-minded users • User-customized profile Product suggestions based on… • Product selection and delivery is done for the customer Personal stylist service • Developed for grocery shopping and can be extended to in-store browsing Shopping cart concierge WHAT’S NEXT? WHAT’S NEXT: PERSONAL STYLIST SERVICE
- 59. © Euromonitor International 59SUBSCRIPTION SERVICES EXPAND OUTSIDE OF BEAUTY Birchbox, USA Babbabox, USA Memebox, S. Korea KLUTCHclub, USA Bluum, USA Mantry, USAGlossybox, UK 12 Society, USA WHAT'S NEXT?
- 60. © Euromonitor International 60 THANK YOU FOR LISTENING Virginia Lee @VirginiaALee virginia.lee@euromonitorintl.com Connect with Euromonitor www.Euromonitor.com www.facebook.com/euromonitorinternational http://www.linkedin.com/groups?about=&gid=744327 @Euromonitor
- 61. © Euromonitor International 61ADVANCES IN INSIGHT GATHERING: EYE TRACKING, MOBILE PHONE SURVEYS, ONLINE COMMUNITIES APPENDIX
- 62. © Euromonitor International 62DRUGSTORES INNOVATE APPENDIX Superdrug, UK: store-within-a-store Duane Reade, New York City. Image from Duane ReadeMurale by Shoppers Drug Mart, Canada Superdrug, UK: store-within-a-store