The future of retail michael weissman svic presentation
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Transcript of The future of retail michael weissman svic presentation
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The Future of RetailHow to put it back together when it all falls apart
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Outline
• Macro view
• Implications
• Causes
• Recommendations
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30,000” view
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WHAT IS RETAIL?
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Ecommerce Value Chain
Customer perspective
Sellerperspective
Selection
Finding the right product quickly
Customer acquisition & merchandising CMS
Buy
Fast, simple & affordable transaction
1-click ordering
Process order
Easy to pay the way want to pay
Cart
Get it shipped
Convenient delivery & cost
Warehouse & logistics
Get support
Easy to try, return, or work through issues
Omni-channel support
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Ecommerce Value Chain
Selection
SINGLE RETAILER
Benefits of scale- Purchase power- Selection- Logistics efficiencies
Buy Process order Get it shipped
Get support
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Yet… Retail is breaking
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Becoming disaggregated
Discovery
Buy
Selection
Transact
DeliverySupport
Share
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PLACE
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Changes in DistributionDrive Innovation
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Instacart
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Where can it head?
• Robotic sorting• Robotic delivery• Autonomous cars
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Moving to Omni-Channel
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INSIGHT | WHAT HAPPENS WHEN RETAIL
IS NO LONGER A PLACE?
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DISCOVERY & SEARCH
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© 2013 SYNQY
CONTENT CONSUMPTION WAS CENTRALIZED
80% of adults could be reached with 3 TV ads in 1965.
Today, it would take 117 commercials in prime time.
- Former CMO, P&G
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Path to purchase used to be linear
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Most time was in store
Actively shopping After the exchange
Preparing to shop
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Retailers are too-transaction centric
• Didn’t focus on path to purchase (P2P)
• Missed most of the shopping process
• Less opportunities to create ROI and monetization
Only focused
here
Missed opportunityMissed
opportunity
15 different sites over 5-6 weeks Lots of content
Actively shopping
After the exchangePreparing to shop
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Discovery time in-store is declining
34% drop
Shoppers are going elsewhere to learn about what to purchase.
This raises acquisition costs, too.
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Money is made along the path to purchase not, just at transaction
Discover Purchase Use
Marketing $$ Margin $$ Repeat/Upsell $$
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Ad revenue has dropped 50% in 6 yrs
50% drop
Advertisers know retailer circulars don’t work like they used to.
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The Purchase Path is now convoluted
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The number of touch points is growing exponentially.
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© 2013 SYNQY
CONTENT IS EXPLODINGBreaking through is harder than ever
“We generated more content in the last 2 days than we did from beginning of time until 2003”
– Eric Schmidt, Google
2003TodayBeginning of time
2 Days today > 6,000 years
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© 2013 SYNQY
CUSTOMERS MORE DISTRACTED THAN EVER
Source: Google
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© 2013 SYNQY
CONSUMERS DON’T READ, THEY SCANRead only 8% of the article (32 words)
40% view
½ story
http://www.slate.com/articles/technology/technology/2013/06/how_people_read_online_why_you_won_t_finish_this_article.html
Only 40% see more than ½ the article
And they only read 20% of what they see.
Source: Jacob Nielsen
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© 2013 SYNQY
USERS DON’T CLICK ON WHAT THEY DON’T SEE(only 10-20% of links get seen)
50% never read past here.Above the
fold The good stuff – the interactive content and links are here.
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© 2013 SYNQY
AND THEY RARELY GET TO THEIR CTA DESTINATION
Most customers are lost quickly when asked to click away from what they are doing
1 2 3 4 5 6 7 80%
20%
40%
60%
80%
100%
120%
Number of clicks
33%
11%
3.7%1.2% 0.41% 0.14% 0.05%
% of customers still with you
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Marketing $ are moving from retailers to online properties like Google
Discover Purchase Use
Marketing $$ Margin $$ Repeat/Upsell $$
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Product Listing Ads – big trend
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Internet Scavenger Hunt
BUY
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MARKETING TRANSPORTATION$100B
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Marketing dollars are substantial…
$83
Google Ad dollars per
order*
$10 margin per order
Source: Google average ad cost @ 3% convert rate, Margin assumption of 50%
8x bigger
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Retailers are getting commoditized
Price becomes differentiator
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Who is this retailer?
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Who is this retailer?
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INSIGHT | WHO CONTROLS SHOPPER?
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DIGITAL SHELF
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How will we disrupt merchandising?
Discovery
Buy
Selection
Transact
DeliverySupport
Share
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HOW WILL YOU CUT CUSTOMER ACQUISITION COSTS?
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Add value through proximity
$$
Path to purchase
POS
The closer to the time and place of purchase, the more valuable the marketing investment
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Persuasion is weakest at the shelf
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Brand Storytelling and product marketing are separated
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Limited retail usability innovations
2002 2014
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Object of Desire
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Object of Desire
The desire comes from the marketing and brand work
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Ecommerce Today
No persuasive brand content
How Brands Market
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Object of Desire
Great content is stripped when it goes to resellers
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Object
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INSIGHT | RETAILERS ARE
COMMODITIZING BRANDS
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Commoditized shopping experience
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Commoditized shopping experience
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There’s very little other differentiationSection Attribute TRU Amazon Walmart Target
Details &Description
Product details ✔ ✔ ✔ ✔
Product description <50 word ✔ ✔ ✔ ✔
Quick bullet facts about product ✖ ✔ ✔ ✖
Rich-media content
Roll over image/zoom ✔ ✔ ✔ ✔
30 Second video commercial ✔ ✖ ✖ ✖
Customer and shipping information
Customer Question & Answer ✔ ✔ ✔ ✖
Customer reviews ✔ ✔ ✔ ✔
Featured/related items ✔ ✔ ✔ ✔
Fast shipping options ✔ ✔ ✔ ✔
Local store search ✔ N/A ✔ ✔
Price comparison/financing options ✖ ✔ ✔ ✖
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INSIGHT | RETAILERS ARE
COMMODITIZING THEMSELVES
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Enthusiasm gets lost, not amplified
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What Happens Without Impulse Buying?
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Merchandising
Matters.
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Didn’t deliver right content
• Most shoppers still go to vendor websites for information
• Over 50% of shoppers who abandon shopping carts go to visit vendor websites
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Sources: LivePerson, IBM/CoreMetrics
100% of shopping
carts
32%Buy
The cost of stripping away the content
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Sources: LivePerson, IBM/CoreMetrics
100% of shopping
carts
68%Abandon
32%Buy
The cost of stripping away the content
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Sources: LivePerson, IBM/CoreMetrics
100% of shopping
carts
32%Buy
41%Other reasons
27% Seek rich
vendor content
The cost of stripping away the content
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Transactional info, not lifecycle info
• Focused only on one small sliver of time and narrow content
• Didn’t think end-to-end or whole consumer lifecycle
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Win the discovery phase with more relevant content
Discover Purchase Use
Give them a reason to shop you in this phase
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Content Enhances Discovery
VENDOR PRODUCT REGISTRATION
VENDOR-BASEDPRODUCT SUPPORT &
CONTENT INFORMATION
PROMOTIONAL INFOBUYER’S GUIDES &
EXPERT ADVICE
LIVE VENDOR CHAT
AUTHENTIC UNBOX VIDEOS AND USER PHOTOS
INTERACTIVE MARKETING MATERIALS
CAUSE MARKETING MATERIALS
RICH-MEDIA SHARING
HOW-TO TUTORIALS
AWARDS
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INSIGHT | RELEVANCE WINS DISCOVERY
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COMPARISON SHOPPING
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HOW WILL YOU FIGHT SHOWROOMING?
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THE PATH ISN’T CLEAR
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Google Value Chain
Selection Buy Process order Get it shipped
Get support
PLAAdwordsExpress
Wallet WalletExpress
Express ?
44% of transactions today in ecommerce
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Where are you?
Advice: Be careful with your partnerships
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INSIGHT | SCALE MATTERS AGAIN.
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© 2013 SYNQY
ENCOURAGED YET?
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THE VENDOR PERSPECTIVE
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WHAT HAPPENS WHEN 3-4 BIG RETAILERS CONTROL EVERYTHING?
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Vendors need a toxin. Retailers too.
Need a way out.
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Vendors need to protect their channel.
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As Google search goes local,National brands lose control
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Vendors must transform discovery
Discovery
Buy
Selection
Transact
DeliverySupport
Share
• Lowers the Google tax• Increase flatter retail• Shortens path to purchase• Can move location of retail
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INSIGHT | IT’S THE NETWORK. STUPID.
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HIDDEN PROBLEM.
Product marketing content doesn’t flow to resellers.
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PRODUCTS FLOW
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PRODUCTS FLOW
Content Doesn’t Flow
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Work gets replicated
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Problem
• Gathering the rich media content
• Organizing and managing it
• Keeping it current
• Displaying the content across sites, platforms and apps
Too hard and expensive for companies to do themselves
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INSIGHT | IT’S THE NETWORK. STUPID.
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NOW WHAT?
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EMBRACE THE COMPLEXITY
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Turn Pointers to Engagement into Places of Engagement
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Built engagement everywhere
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LEVERAGE THE POWER OF THE NETWORK
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Introducing SYNQY
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Introducing SYNQY
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Introducing SYNQY
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Introducing SYNQY
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Introducing SYNQY
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Introducing SYNQY
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Introducing SYNQY
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Rich, interactive brand content
Improves your results and product pages
Curates together
Live Feed
How it works
1 line of codeProduct pages
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SEE IT IN ACTION
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Sources: LivePerson, IBM/CoreMetrics
100% of shopping
carts
32%Buy Upside of fixing
91% growth
41%Other reasons
27% Seek rich
vendor content
SYNQY can deliver real financial results
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Everybody Wins
Shoppers Get better experience
Resellers Increase revenue per visitor
BrandsImprove persuasion at the pivotal moment of truth
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UPDATE ONCE – CORRECT EVERYWHERE
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See more clearly
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Hassles eliminated
• Simplify shopping• No more wasted time• Discovery is comprehensive
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DYNAMIC & RESPONSIVE
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Costs Eliminated
Gets rid of manual efforts to keep content current and relevant
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INSIGHT | PARTNER OR PERISH
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WHAT IS RETAIL?
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Summary
• Retail is disaggregating
• Product discovery sits as pivotal way to survive
• Key is to partner with vendors
• Think network, not static
• Ride the change to survive
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Q&A | LET’S DISCUSS