IoT and the Retail Marketplace: Bringing IoT, Wearables, and Smart Devices to Retail - Jeff Baltz
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Transcript of IoT and the Retail Marketplace: Bringing IoT, Wearables, and Smart Devices to Retail - Jeff Baltz
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IOT and the Retail Marketplace: Bringing IOT, Wearables, and
Smart Devices to Retail
Jeff BaltzAmp Consulting
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• Introduction• IOT Definition – Real vs Retail• Retail Landscape• Retailer Structure & Process• Working with Retailers• IOT, Smart Devices, and Wearables• Conclusion / Case Study
Agenda
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AMP Consulting
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AMP TeamThis team is Amp Consulting, and we have expertise in consumer electronics that has resulted in…• The #1 Bluetooth speaker and #2 portable charging line in the market.• The successful launch of myCharge and its growth from 0-$30mm in 3 years.• The growth of Sharper Image branded electronics from 0-$70MM in 1 year.• The growth of HMDX (consumer electronics line) to $50mm in 5 years.• Launch of the Vysk EP1- the first phone case with built-in privacy features - with a major retailer.• The cumulative creation and selling of consumer electronics in excess of $1 billion total sales.• Extensive relationships at every major U.S. retailer including Walmart, Target, Best Buy, Costco, Apple,
Amazon, AT&T, Verizon, and others.• Twenty-year relationships with the top CE factories in China, resulting in the securing of favorable
terms and exclusive technology partnerships.
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• “Real” vs. “Retail”• IOT, Smart Devices, and Wearables
IOT Defined
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• Why Brick & Mortar Retail Matters
Retail Landscape
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Amazon vs. Walmart
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• Why Brick & Mortar Retail Matters• Online Sales Increase with Offline Placement
• Brand Awareness• Experiential Marketing
Retail Landscape
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• Why Brick & Mortar Retail Matters• Online Sales Increase with Offline Placement• Echo available at stores
Retail Landscape
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Channels:• CE• Mass• Club• Home Improvement• Wireless• Food & Drug• Department• TV
Retail Landscape
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• Structure – GMM, DMM, Buyer• Assistant Buyer, Planners
Retailer Structure
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• Structure – GMM, DMM, Buyer - Pyramid• Buying Process
• Line Review• Help them sell it
Retailer Structure
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• Structure – GMM, DMM, Buyer - Pyramid• Buying Process• Buyers:
• Empathy• Move categories, companies• Geographic• Demographic• Psychographic
Retailer Structure
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• Start at the “end”• Initial Buyer meeting with X retailer
IOT and the Retail Marketplace: Bringing IOT, Wearables, and Smart devices to retail
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• Start at the “end”• Initial Buyer meeting with X retailer• Know your customer – 5 w’s
IOT and the Retail Marketplace: Bringing IOT, Wearables, and Smart devices to retail
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• Start at the “end”• Initial Buyer meeting with X retailer• Know your customer – 5 w’s
• Can your product be tied to a larger project, company initiative.• Target Innovation Lab
IOT and the Retail Marketplace: Bringing IOT, Wearables, and Smart devices to retail
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• Company Overview • Logistics/3PL• Financial• Key People
Buyer Presentation / Meeting
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• Company Overview• Market Analysis / Overview
• Growth, sales figures• Competitive analysis
Buyer Presentation / Meeting
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• Company Overview• Market analysis / overview• Products / SKU’s:
• Price – MAP, margin, options• Analytics – data from online• Explaining your product line – why would their
customer buy it.
Buyer Presentation / Meeting
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• Company Overview – logistics/3PL• Market analysis / overview• Competitive analysis• Products / SKU’s:• Packaging / Marketing / Messaging
Buyer Presentation / Meeting
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• Company Overview – logistics/3PL• Market analysis / overview• Competitive analysis• Products / SKU’s:• Packaging / Marketing / Messaging
All of these factors should be considered as you build your product line.
Buyer Presentation / Meeting
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• “Home” Products• “Fashion” • Aspirational
Design Matters
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• What has worked and hasn’t:• Sell the experience• Cramming features
• Iteration is key • Trends• Adoption – buyers follow not lead
Winning at Retail
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• Belkin WeMo – sell what it does, not what it is.• Know your customer• Product validation, product market fit• Make a lot of mistakes early• Echo chamber – get input from variety of sources• Field of Dreams• “Pre” Sales – getting data from Crowdfunding, Amazon, Website
Key Factors in Bringing Hardware to Market
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• QVC• IOT Definition• Retailer Specifics – Customer, competition• Sell the Benefits• Know your customer
Case Study / Conclusions