BRIDAL REGISTRY Product & Business Case - Image and...
Transcript of BRIDAL REGISTRY Product & Business Case - Image and...
Multiple registries and multiple stores create a mixed experience
A lot of noise and generic experience in the selection process
Brides have a difficult time seeing how things come together by choosing individual items from multiple stores
Today’s Customer Journey is Painful
Customer interviews, June 2016
Product & Business Case: Bridal Registry
Multi-Item Baskets
Higher Conversion
Supplier Leverage
Customer Multiplier
Near-Zero CAC
Loyalty to Nurture
Purely organic traffic, promoted by bride and groom themselves vs. paid spend
Single registry creates opportunity to expand ‘one-
and-done’ buying across guests for high-price point category
Registry
Predefined registry shortens funnel and increases buyer confidence
(top registries had over 50% conversion rate!1)
Leveraged opportunity to convert every wedding guest into a lifetime customer
Increased volume on even slower moving items can
increase margin expansion
1. Source: http://www.xoedge.com/xogroupinc/pdfs/2013%20Registry%20Study_FINAL_sales.pdf
71% of brides believe their registry experience has made them a more loyal customer1
$5,160Average Registry
Value
Market Positioning Statement
“For millennial brides and their wedding guests who want a highly personalized wedding registry with customizable features, The Wayfair Bridal Registry provides the ability to aggregate a particular aesthetic from different brands and allow guests to chip in for items as a group
with one of the world's largest online selections of furniture, home furnishings, décor and goods, including more than seven million
products from over 7,000 suppliers.”
2.3 Million
Couples Get Married Every
Year
91% Register For
Gifts
The Markethttp://www.xoedge.com/xogroupinc/pdfs/2013%20Registry%20Study_FINAL_sales.pdf
HUGE & CONSTANTLY REPLENISHING
$10.8 Billion
Addressable Market
Registry Industry LandscapeBrick & Mortar + Online Universal Registry E-commerce (Pure Play)
Market Leaders New Entrants
Target Customer I: Bride
MillennialAverage age 28 years old.
College GraduateTech Savvy
Uses laptop, smartphone, tablet to make purchasing decisions.
Career OrientedFull-time employed.
Geographically DispersedAcross the United States.
Above Average HHIMedian HHI around $71K
Educated and informed.
Customer interviews, June 2016 | The Knot 2013 Bridal Registry Study, XO Group Inc.
Attributes
We’ve Done The First Bride Interviews…
Customer Name: Catherine Stella Chuter
Date of Interview: June 21, 2016
Interview Goals
Understand if engaged couples want a standalone Wayfair website to get their wedding guests to purchase high ticket home items through a customizable interface and flexible features.
Introduction (Icebreaker/Logistics)
Thank you for meeting with me today! I am Yana, a Product Manager for Wayfair. We will be together for just about 15 minutes today and during that time, we will be talking about your experience with Wayfair and wedding registries and anything else you’d like to talk about. There are no right or wrong answers, this is not a test of you. I’m purely looking to hear your feelings and thoughts about the experience you’ve had so far with wedding registries and if you’d be interested in a Wayfair registry.
Background Info (Gather persona characteristic information)
Can you tell me a little bit about yourself? How old are you? What do you do for a living? Where do you live? Do you have pets? Do you have kids? Where do you like to shop for home goods? What ways do you like to use e-commerce to make decisions which home furnishings? Do you buy on your laptop, smartphone, tablet?
• 28 years old, from SF, comes from a big family • product marketing in information technology • very organized, type A but also creative • food52 – difficult to find items, edgier more vintage • bedding – pottery barn • William Sonoma and crate and barrel • Local hardware store • Pinterest use a lot for creative ideas – aggregate and collect and keep record and
companies that she likes around particular themes • Schematic organized approached • When shipping is free – it’s nice to use e-commerce and see how they fit into your
lifestyle and no barrier to entry when you have to return items
Question 1:
Tell me about your experience using a wedding registry as you were planning for your wedding. How was the experience of using it? Have you had good experiences or bad ones? [Get stories from them]
• Uses zola.com – particularly someone who likes pinterest likes to see collections of items that are all together
• Multiple registries and multiple stores creates a mixed and not a great experience • For the bride it’s hard to see how things come together – whereas if you have a collection which
shows how everything comes together • Other sites seem broken and not the best experience • Loves the store credit option in zola.com • Another benefit is that items can be shipped at a later date – if you travel for work or if you go
on a long honeymoon – it’s nice to have optionality of when the item will ship – you can have all
Catherine C. Devon F. Kelly S. Lindsay F. Susie C.
Customer Name: Devon Fisher
Date of Interview: June 18, 2016
Interview Goals
Understand if engaged couples want a standalone Wayfair website to get their wedding guests to purchase high ticket home items through a customizable interface and flexible features.
Introduction (Icebreaker/Logistics)
Thank you for meeting with me today! I am Yana, a Product Manager for Wayfair. We will be together for just about 15 minutes today and during that time, we will be talking about your experience with Wayfair and wedding registries and anything else you’d like to talk about. There are no right or wrong answers, this is not a test of you. I’m purely looking to hear your feelings and thoughts about the experience you’ve had so far with wedding registries and if you’d be interested in a Wayfair registry.
Background Info (Gather persona characteristic information)
Can you tell me a little bit about yourself? How old are you? What do you do for a living? Where do you live? Do you have pets? Do you have kids? Where do you like to shop for home goods? What ways do you like to use e-commerce to make decisions which home furnishings? Do you buy on your laptop, smartphone, tablet?
• The home decorator and she’s obsessed, it’s something that she likes doing and satisfies her need to furniture shop
• Going to renovate soon after the wedding • Stores she likes restoration hardware, favorite store of all time ABC home and west
elms and crate and barrel • Loves wayfair • New York, from Hawaii, 29, self employed • No kids • Big into pinterest for design inspiration, comparing prices, discovery a lot before
making a final purchase • Sign up for all newsletters and she clicks on new things that companies are launching
on new items • Into the brick and mortar store for displays and then goes online to make purchases • Laptop to make purchases
Question 1:
Tell me about your experience using a wedding registry as you were planning for your wedding. How was the experience of using it? Have you had good experiences or bad ones? [Get stories from them]
• First got engaged and decided to do charities in Nepal to honor the Sherpa people after the earthquake
• Another cause they were going to donate to fighting child brides
Customer Name: Kelly Schaefer
Date of Interview: June 21, 2016
Interview Goals
Understand if engaged couples want a standalone Wayfair website to get their wedding guests to purchase high ticket home items through a customizable interface and flexible features.
Introduction (Icebreaker/Logistics)
Thank you for meeting with me today! I am Yana, a Product Manager for Wayfair. We will be together for just about 15 minutes today and during that time, we will be talking about your experience with Wayfair and wedding registries and anything else you’d like to talk about. There are no right or wrong answers, this is not a test of you. I’m purely looking to hear your feelings and thoughts about the experience you’ve had so far with wedding registries and if you’d be interested in a Wayfair registry.
Background Info (Gather persona characteristic information)
Can you tell me a little bit about yourself? How old are you? What do you do for a living? Where do you live? Do you have pets? Do you have kids? Where do you like to shop for home goods? What ways do you like to use e-commerce to make decisions which home furnishings? Do you buy on your laptop, smartphone, tablet?
• 30 years old, peter is 29, live in back bay • work full time • divide the tasks pretty evenly • don’t like wedding planning • neither have nice stuff independently bc moving a lot • they haven’t fully combined households even when they’re living together • have an overabundance of home items, • getting stuff from crate and barrel that’s a little bit nicer • home supplies is through amazon • pick out stuff in person for home stuff – they don’t have deadlines for home furnishings • laptop is top priority and sometimes smartphone – browse on the phone but buy on the
laptop
Question 1:
Tell me about your experience using a wedding registry as you were planning for your wedding. How was the experience of using it? Have you had good experiences or bad ones? [Get stories from them]
• mostly fun • crate and barrel – because it’s easy and have different price points, add and remove items • they won’t hold things that they buy – don’t want to ship it right away to the house, rather want
to pick up some items in bulk
Customer Name: Lindsay Forsthuber
Date of Interview: June 19, 2016
Interview Goals
Understand if engaged couples want a standalone Wayfair website to get their wedding guests to purchase high ticket home items through a customizable interface and flexible features.
Introduction (Icebreaker/Logistics)
Thank you for meeting with me today! I am Yana, a Product Manager for Wayfair. We will be together for just about 15 minutes today and during that time, we will be talking about your experience with Wayfair and wedding registries and anything else you’d like to talk about. There are no right or wrong answers, this is not a test of you. I’m purely looking to hear your feelings and thoughts about the experience you’ve had so far with wedding registries and if you’d be interested in a Wayfair registry.
Background Info (Gather persona characteristic information)
Can you tell me a little bit about yourself? How old are you? What do you do for a living? Where do you live? Do you have pets? Do you have kids? Where do you like to shop for home goods? What ways do you like to use e-commerce to make decisions which home furnishings? Do you buy on your laptop, smartphone, tablet?
• 30 years old, married 3 years • north Carolina with husband, completing her residency in orthopedic surgery • a lot of moving together, moved into a small house after sharing their own places • been in a house for about a year • moved 5 different locations in the last 6 years • Vermont marriage, didn’t do a lot of registry stuff • Did a honeyfund – for people to contribute to their honeymoon • They had combined their furniture • Don’t really buy home goods, they have hand me downs • Home goods – low cost, not the best quality but make things look nice • Ikea for big home furnishings • Pottery barn furnishings • Overstock.com – good deals • Low budget • She’s more particular about style, husband focused on functionality and cost • She’ll pick something out and run it by him, and he makes decision on the cost, but if
she really likes it, she’ll make an executive • Decorative stuff she likes going into a store, to see what it looks like and what the
quality is • Picture frames or bar stools - shop online • For big purchases go into store • Like to use a big laptop on a big keyboard
Question 1:
Customer Name: Susie Castillo
Date of Interview: July 19, 2016
Interview Goals
Understand if engaged couples want a standalone Wayfair website to get their wedding guests to purchase high ticket home items through a customizable interface and flexible features.
Introduction (Icebreaker/Logistics)
Thank you for meeting with me today! I am Yana, a Product Manager for Wayfair. We will be together for just about 15 minutes today and during that time, we will be talking about your experience with Wayfair and wedding registries and anything else you’d like to talk about. There are no right or wrong answers, this is not a test of you. I’m purely looking to hear your feelings and thoughts about the experience you’ve had so far with wedding registries and if you’d be interested in a Wayfair registry.
Background Info (Gather persona characteristic information)
Can you tell me a little bit about yourself? How old are you? What do you do for a living? Where do you live? Do you have pets? Do you have kids? Where do you like to shop for home goods? What ways do you like to use e-commerce to make decisions which home furnishings? Do you buy on your laptop, smartphone, tablet?
• 32, event marketing, walk to work, live in Boston • originally from Canada • quite addicted to class pass and enjoy running, two half marathons • buying from bed bath and beyond, jordan’s, crate and barrel • struggled to buy stuff online because they wanted to see things in person, they want to
be able to touch the furniture, as opposed to a couch, where we will feel it out • like to make decisions together as a couple, they look at stuff in stores and then go
online to compare prices • for the most part, they will not use online, they will then go back to the store and buy
Question 1:
Tell me about your experience using a wedding registry as you were planning for your wedding. How was the experience of using it? Have you had good experiences or bad ones? [Get stories from them]
• nice to be able to shop without spending • they would go to a store, make an appointment, then go to the store for showings • once you pick everything that you want, then they create the account and you have access to it • bed bath and beyond registered because there is one in Canada – because of the currency
exchange • on the wedding invitation at the bottom – invitation only – give a card with money
… And There is An Emerging Persona
(Actual Customer Interviews & Template Used – Click Each Document For More)
Bride Persona: ‘Adventurous Alex’Goals
• To have a seamless experience navigating through the site and on a smartphone
• Personalized site that speaks to the bride and groom and captures their style and aesthetic
• Flexibility to choose on which dates gifts are delivered to the home• Optionality for guests to contribute to individual items or to group
gift• Create mood boards of items to see how all gifts come together to
create consistent home decor
Adventurous Creative Informed
Frustrations
• Multiple registries and multiple stores create a mixed experience• Hard to see how all items at multiple registries come together in a home to
create a particular look• Guests tend to avoid sending gifts through registries that they know are
cash-based transactions, instead opting to purchase items that they know are actual gifts
• No recommendations at the bottom of the product that shows what other items might look good together
• Want a universal registry that allows you to scan an item at any store
Customer interviews, June 2016
Target Customer II: Guests
By providing a seamless and positive multi-devicecustomer experience, wedding guests will becomerepeat customers and in turn create their ownwedding registries through Wayfair.
GUESTS
Great Product Makes Both Customers Happy
MarketingCategory Management
Sales & FinanceCustomer Service
Bride(Customer I)
Product Guests(Customer II)
Engineering Creative & UXMerchandisingAnalytics & Data Science
Product Manager
Guided discovery – a registry that resonates
with “me”
Not entering a webpage, but entering
a relationship with “me” and “my guests”
Idea: Invert Product SelectionA first touchpoint that delights; rather than digging through a zillion products, deliver a curated experience that allows products to find the bride
Let your guests in on the fun. Shorten path to
purchase & show items only in their price range
Create your personalized registry with your own photos, custom URL, and notes to guests
See which full schematic room designs speak to
your personality through Pinterest photos
NOW NEXT LATER
Pre Registration Questionnaire Registry Cash Fund Social Visibility Gifting
Suggestions Based on Pinterest Photos Completion Discount Item Suggestions based on
Price and Item Affinity
Product Info Continuous Page Scrolling VR Concierge
Registry Checklist Video Chat
Customer Reviews & Testimonials
Automated Emails for Abandoned Carts
Online Chat
Product RoadmapTHEMES
Bridal Product DiscoveryShorten Registry Conversion FunnelCustomer Experience
Key Stages & Metrics to Monitor
Bridal Discovery Bridal Conversion Guest Discovery Guest Conversion
Bridal Traffic(# Unique Visitors - Attributed)
Bridal Bounce Rate1 - (# Sessions / # Unique Visitors)
Bridal Lead Gen Rate (# Sign Ups / # Unique Visitors)
Registry Conversion Rate (# Registries / # Unique Visitors)
Cost Per Registry (CPR)($ Spend / # Registries – Attributed)
Guest Multiplier (Estimate # of Guests)
Items Per Registry (# of Items Registered)
Registry Value Distribution (Distribution of Item Prices)
Listing Rate(# of Registries Used /
# of Total Registries Created)
Guest Checkout Rate(# Guests Orders / # Add to Carts)
Guest Conversion Rate(# Guests Orders /
# of Guest Unique Visitors)
BRIDE GUEST
Guest Average Order Value(Sum of Order $ / # of Orders)
Guest AOV Distribution(Distribution of Guest Baskets)
Guest Repeat Rate(# Repeat Orders / Unique Guest)
GuestMultiplier
2
3
6
7
1 Wayfair interest to explore wedding site creation (e.g. Zola), experience (e.g. Honeyfund), or universal registry (e.g. Amazon)?
Win-Category vs. Win Market Share
Repurpose the Registry Fund concept to stretch baskets towards higher price point items while staying within affordability thresholds (i.e. crowdtilting)?
The ‘Low Price Point Problem’
It all begins with the bride, it might be worthwhile to delight with one-on-one meetings with a designer (e.g. Havenly) to make sure brides make the most of the registry
Design Concierge (in VR)
Other Areas To Explore
Is it possible to use machine learning to suggest items that not only are pleasing to the bride, but to the guests? Learning from price point distributions and item affinities
Machine Learning for Registry Items
5 How can we make it frictionless for the bride to list her Wayfair site in a way that stands out? Can this be an edge vs. competition? Can we offer paybacks based on total converted registry value?
Listing for Success: Tools & Payback
What if we made gifting amounts visible? Especially for “crowdtilting” type gifts where users can collaborate to buy a gift for the bride and groom
Social Visibility of Gifting
What I Bring As a Product Manager
email: phone number: twitter: linkedin:[email protected] +1.617.755.3388 twitter.com/ysoyfer linkedin.com/in/yanasoyfer
Product Passion Stood up e-commerce business from idea, to code, to ship
Analytical & Curious Use data to identify customer needs and find opportunities
Customer Empathy Agile process of continuous customer interviews & feedback
Solution-Oriented Collaborate through positive influence to get job done
Diplomatic & Diverse Multi-cultural and multi-organizational background
Master Generalist Effective communicator with cross-functional teams
Work Ethic Professional tennis player & D1 full scholarship athlete