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Confessions of a shopaholic dx3 - mar 6,13 pdf

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Ian Cruickshank
Ian Cruickshank

Confessions of a Shopaholic: How Digital Connectivity has Changed the Shopper Presented at Dx3 Canada in Toronto ON, March 6th, 2013 The term “shopaholic” used to be associated with images of someone out of a Sophie Kinsella book parading through a mall overburdened by shopping bags and a desire to try on as many outfits as they could over a 9 hour period. Well, things have changed. Armed with pre-shop research, mobile intelligence, virtual dressing rooms and deal locators, the new shopaholic is a different kind of shopper.

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Confessions of a Shopaholic: How Digital Connectivity has Changed the Shopper Dx3 Canada – Toronto, ON March 6th, 2013 Presented by: Ian S. Cruickshank
Confessions of a shopaholic dx3 - mar 6,13 pdf
Confessions of a shopaholic dx3 - mar 6,13 pdf
FIRST A FEW STATS
85% Have access to the internet
95% when under the age of 55
31% Own a smartphone
46% of those aged 18-34 own one
75% Of Consumers say that Mobile improves their shopping experience
67% A store associate with a mobile device creates a better experience.
33% of mobile users who compare prices in store will make their final purchase elsewhere.
62% Browsed an online Social Network last week
90% of consumers trust the product recommendation of someone they know.
70% Trust someone they don’t know.
81% of respondents had received shopping advice through a social network.
74% claimed that this advice influenced their decision.
98% 0f shoppers have researched a purchase online
54% of retail purchases are influenced by the internet
WHAT HAS CHANGED?
Access to Data
Digital Commerce
EMFX-Commerce
Mobility
Social
Cloud
Cloud
The Cloud ―The computer industry is the only industry that is more fashion-driven than women's fashion. Maybe I'm an idiot, but I have no idea what anyone is talking about. What is it? It's complete gibberish. It's insane. When is this idiocy going to stop?‖ Larry Ellison, CEO Oracle Corporation
A LITTLE CONSUMER BEHAVIOUR
Time Spent Online
Changing Habits
Traditional Purchase Funnel
Purchase Decision Process
The Loyalty Loop Harvard Business Review - 2010
David Edelman - McKinsey & Co.
Information Overload Prod uct Search Ret ailer W eb sit es Prod uct Review W eb sit es Barcod e Scanners Brand W eb sit es Business Review W eb sit es
Omnichannel
The Digital Shopper ➜Better informed ➜Savvy ➜High Expectations ➜Busy ➜Well Educated ➜Online regularly ➜Active in Social
The Digital Shopper ➜Affluent ➜Loyal ➜Pre-qualified ➜Pre-sold/Ready to buy ➜Spends more ➜Likes shopping to be easy
Shopper Expectations ➜Easily find products online ➜Product details ➜Specifications ➜Images ➜Descriptions ➜Objective reviews ➜Stock availability
Shopper Expectations
of 40 attributes - including Price and Brand Perception
Confessions of a shopaholic dx3 - mar 6,13 pdf
The Gap in thinking Consumer reasons Our perceived reasons 61% Discount New product info 73% 55% Purchase General info 71% 53% Reviews Submit opinion 69% 53% General Info Exclusive Info 68% 52% Exclusive Info Reviews 67% 51% New product info Feel connected 64% 49% Submit opinion 37% Customer service Customer service 63% 34% Event Participation Submit product ideas 63% 33% Feel Connected Part of a community 61% 30% Submit product ideas Purchase 60% 22% Part of a Community Discount 60%
The Gap in thinking Consumer reasons Our perceived reasons 61% Discount New product info 73% 55% Purchase General info 71% 53% Reviews Submit opinion 69% 53% General Info Exclusive Info 68% 52% Exclusive Info Reviews 67% 51% New product info Feel connected 64% 49% Submit opinion 37% Customer service Customer service 63% 34% Event Participation Submit product ideas 63% 33% Feel Connected Part of a community 61% 30% Submit product ideas Purchase 60% 22% Part of a Community Discount 60%
Confessions of a shopaholic dx3 - mar 6,13 pdf
How Digital is your Industry? Books Fashion Grocery PRICE Prices often lower online 5 3 1 Digitized products create lower cost 5 1 1 Value of price comparison 5 3 2 SELECTION Value of broad selection 5 4 3 Value of customization 2 3 1 Searches in stores often futile 4 3 2
How Digital is your Industry? Books Fashion Grocery CONVINIENCE Research and information intensity 5 3 2 Web tools trump store experience 4 2 2 Ease of delivery and returns 5 3 1 TRUST Reliability of product description 5 2 2 Frustration in stores 4 4 2 Trust online retailers 5 3 1
How Digital is your Industry? INDUSTRY TOTAL Books 54 Fashion 34 Grocery 20 So what about your business?
TOOLS TO WIN IN THE DIGITAL WORLD
The Must Have’s ➜SEO ➜SEM ➜Social ➜Mobile ➜eCommerce
Savvy as Online Shoppers ➜Launch an eCommerce website ➜Make your site mobile-ready ➜Publish you product feed to multiple shopping engines ➜Measure Everything—Usage, Fans, Engagement, Popularity ➜Deliver exceptional service—It’s your online reputation
Launch an eCommerce Site ➜Get your products online ➜Keep it accurate & current ➜Offer lots of product details ➜Add user reviews ➜Offer stock inventory details ➜Enable microformats ➜Offer online purchase, offline pickup ➜Run online-only promotions
Enable Microformats
Be Mobile Ready ➜Your site needs to work in Mobile ➜Don’t use flash or java ➜Focus on usability ➜Must load quickly ➜Integrate with native functions (maps, phone, email)
Publish a Product Feed ➜A product feed is a file containing information about the product list on an e- commerce website ➜Search Engines ➜Affiliate Website ➜Shopping Comparison ➜Marketplaces
Get Social ➜Listen ➜Plan ➜Build ➜Engage ➜Content ➜Contesting ➜Advertising ➜Drive Traffic ➜Measure
A QUICK LOOK FORWARD
Confessions of a shopaholic dx3 - mar 6,13 pdf
Confessions of a shopaholic dx3 - mar 6,13 pdf
Confessions of a shopaholic dx3 - mar 6,13 pdf
Ian S. Cruickshank Chief Revenue Officer, Wishpond @ian_Cruickshank ca.linkedin.com/in/iancruickshank Or just call me 1.778.997.9474

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Confessions of a shopaholic dx3 - mar 6,13 pdf

  • 1. Confessions of a Shopaholic: How Digital Connectivity has Changed the Shopper Dx3 Canada – Toronto, ON March 6th, 2013 Presented by: Ian S. Cruickshank
  • 4. FIRST A FEW STATS
  • 5. 85% Have access to the internet
  • 6. 95% when under the age of 55
  • 8. 46% of those aged 18-34 own one
  • 9. 75% Of Consumers say that Mobile improves their shopping experience
  • 10. 67% A store associate with a mobile device creates a better experience.
  • 11. 33% of mobile users who compare prices in store will make their final purchase elsewhere.
  • 12. 62% Browsed an online Social Network last week
  • 13. 90% of consumers trust the product recommendation of someone they know.
  • 14. 70% Trust someone they don’t know.
  • 15. 81% of respondents had received shopping advice through a social network.
  • 16. 74% claimed that this advice influenced their decision.
  • 17. 98% 0f shoppers have researched a purchase online
  • 18. 54% of retail purchases are influenced by the internet
  • 25. Cloud
  • 26. Cloud
  • 27. The Cloud ―The computer industry is the only industry that is more fashion-driven than women's fashion. Maybe I'm an idiot, but I have no idea what anyone is talking about. What is it? It's complete gibberish. It's insane. When is this idiocy going to stop?‖ Larry Ellison, CEO Oracle Corporation
  • 33. The Loyalty Loop Harvard Business Review - 2010
David Edelman - McKinsey & Co.
  • 34. Information Overload Prod uct Search Ret ailer W eb sit es Prod uct Review W eb sit es Barcod e Scanners Brand W eb sit es Business Review W eb sit es
  • 36. The Digital Shopper ➜Better informed ➜Savvy ➜High Expectations ➜Busy ➜Well Educated ➜Online regularly ➜Active in Social
  • 37. The Digital Shopper ➜Affluent ➜Loyal ➜Pre-qualified ➜Pre-sold/Ready to buy ➜Spends more ➜Likes shopping to be easy
  • 38. Shopper Expectations ➜Easily find products online ➜Product details ➜Specifications ➜Images ➜Descriptions ➜Objective reviews ➜Stock availability
  • 40. of 40 attributes - including Price and Brand Perception
  • 42. The Gap in thinking Consumer reasons Our perceived reasons 61% Discount New product info 73% 55% Purchase General info 71% 53% Reviews Submit opinion 69% 53% General Info Exclusive Info 68% 52% Exclusive Info Reviews 67% 51% New product info Feel connected 64% 49% Submit opinion 37% Customer service Customer service 63% 34% Event Participation Submit product ideas 63% 33% Feel Connected Part of a community 61% 30% Submit product ideas Purchase 60% 22% Part of a Community Discount 60%
  • 43. The Gap in thinking Consumer reasons Our perceived reasons 61% Discount New product info 73% 55% Purchase General info 71% 53% Reviews Submit opinion 69% 53% General Info Exclusive Info 68% 52% Exclusive Info Reviews 67% 51% New product info Feel connected 64% 49% Submit opinion 37% Customer service Customer service 63% 34% Event Participation Submit product ideas 63% 33% Feel Connected Part of a community 61% 30% Submit product ideas Purchase 60% 22% Part of a Community Discount 60%
  • 45. How Digital is your Industry? Books Fashion Grocery PRICE Prices often lower online 5 3 1 Digitized products create lower cost 5 1 1 Value of price comparison 5 3 2 SELECTION Value of broad selection 5 4 3 Value of customization 2 3 1 Searches in stores often futile 4 3 2
  • 46. How Digital is your Industry? Books Fashion Grocery CONVINIENCE Research and information intensity 5 3 2 Web tools trump store experience 4 2 2 Ease of delivery and returns 5 3 1 TRUST Reliability of product description 5 2 2 Frustration in stores 4 4 2 Trust online retailers 5 3 1
  • 47. How Digital is your Industry? INDUSTRY TOTAL Books 54 Fashion 34 Grocery 20 So what about your business?
  • 48. TOOLS TO WIN IN THE DIGITAL WORLD
  • 50. Savvy as Online Shoppers ➜Launch an eCommerce website ➜Make your site mobile-ready ➜Publish you product feed to multiple shopping engines ➜Measure Everything—Usage, Fans, Engagement, Popularity ➜Deliver exceptional service—It’s your online reputation
  • 51. Launch an eCommerce Site ➜Get your products online ➜Keep it accurate & current ➜Offer lots of product details ➜Add user reviews ➜Offer stock inventory details ➜Enable microformats ➜Offer online purchase, offline pickup ➜Run online-only promotions
  • 53. Be Mobile Ready ➜Your site needs to work in Mobile ➜Don’t use flash or java ➜Focus on usability ➜Must load quickly ➜Integrate with native functions (maps, phone, email)
  • 54. Publish a Product Feed ➜A product feed is a file containing information about the product list on an e- commerce website ➜Search Engines ➜Affiliate Website ➜Shopping Comparison ➜Marketplaces
  • 55. Get Social ➜Listen ➜Plan ➜Build ➜Engage ➜Content ➜Contesting ➜Advertising ➜Drive Traffic ➜Measure
  • 56. A QUICK LOOK FORWARD
  • 60. Ian S. Cruickshank Chief Revenue Officer, Wishpond @ian_Cruickshank ca.linkedin.com/in/iancruickshank Or just call me 1.778.997.9474

Editor's Notes

  1. Opening film clip from Confessions of a Shopaholic: http://www.youtube.com/watch?v=gc-eqqiDKD8
  2. Source:Comscore
  3. Source: Comscore
  4. Source: Comscore
  5. Source: Comscore
  6. Source:Motorola Solutions 2012
  7. Source:Motorola Solutions 2012
  8. Source:Motorola Solutions 2012
  9. Source:Ipsose Reid, Canadian Inter@ctive Reid Report
  10. Source: Econsultancy
  11. Source: Econsultancy
  12. Source:ClickZ
  13. Source:ClickZ
  14. Source: Google
  15. Source: BIA/Kelsey
  16. Source: Patrick Spenner and Karen Freeman from Corporate Executive Board.
  17. Source: IBM Institute for Business Value
  18. Source: IBM Institute for Business Value
  19. Source: The Future of Shopping by Darrell Rigby
  20. Between 30 and 35 – Digital Capabilities are or will soon be of key interest for your company. Under 30 – Take advantage of digital tools to drive traffic and differentiate yourself from your competition.
  21. Future of Shopping Link: http://www.youtube.com/watch?v=jDi0FNcaock