Stronger together: The new reality of consumers, brands & retailers united | Bazaarvoice Summit 2014
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Transcript of Stronger together: The new reality of consumers, brands & retailers united | Bazaarvoice Summit 2014
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Stronger together: The new reality of consumers, brands & retailers united
Julia McCullough
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Confidential and Proprietary. © 2014 Bazaarvoice, Inc. 2
Retail websites are the #2 place
consumers search to research products, often before going to the store or while in-store, second only to search engines1 84%
70%
of consumers research online before buying a product online or in-store1
of consumers say they look at reviews before making a purchase2
1 Google Shopper Marketing Council2 Bazaarvoice Analytics, 2012
New Shopping Realities
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Confidential and Proprietary. © 2014 Bazaarvoice, Inc. 3
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
$3,500
$4,000
2011 2012 2013 2014 2015 2016
Online retail sales
Web influenced offline
spending
Non web influenced offline
retail sales
$1,572
$1,707
$1,987$1,856
Forrester forecasts that in 2015, Web Only and Web Influenced sales will surpass Non-Web Influenced retail sales4
4 Forrester US Cross-Channel Retail Forecast, 2011-2016
$1,672 $1,723 $1,741 $1,771 $1,780 $1,812
$1,103$1,206
$1,320$1,429
$1,552$1,660
$202$226
$252$278
$304$327
$1,305$1,432
Every $1 a consumer
spends online influences
$5.24 offline1
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“Be where the Member is headed, not where they’ve already been”Doug McMillon – President & CEO Wal-Mart Stores
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Creating Today’s Sale
• Answering key questionsleads to sales
• Sharing the "voice" ofprior buyers with today'sshoppers
• Providing service &responsiveness isunusual in today's
marketplace
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Informing and Enabling Tomorrow’s Sale
• Leverage insights fromreviews and Q&A
• Example: Holiday Season Program & Chosen By Program
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Stronger together: The new reality of consumers, brands & retailers united
Claire Spinti
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Consumer Expectations are ever growing
89% of consumers find internet channels trustworthy
sources and will see online information to verify product recommendations from friends and family
86% of consumers would buy more from a web site
that offers strong Ratings & Reviews feature
63% of consumers said it was very valuable for a web
site to provide a strong selection of Ratings & Reviews
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3M needs to advance product sell-through in a disruptive purchase cycle
The Loyalty Loop
EVALUATE
Consider
ADVOCATE
Bond
EnjoyBuy
Trigger
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Call Center
Word of Mouth
In-Store
Packaging
Website Email
Brand Answers Allows Us to Serve Our Consumers
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Brand Answers Allows Us to Serve Our Channel Partners
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Built a Customer Service Center of Excellence
“A good recovery process
can turn angry, frustrated
members into loyal ones.
It can create more goodwill
than if things had gone
smoothly in the first place.”
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Additional Data for Brands
This data directly
and immediately
impacts our:
Channel
Brand
Research &
Development
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Thank you!