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eMarketer Webinar: Omnichannel Retail—Seven Trends in 2015

  1. © 2015 eMarketer Inc. Omnichannel Retail—Seven Trends in 2015 Yory Wurmser Retail Analyst May 14, 2015 Made possible by
  2. © 2015 eMarketer Inc. Agenda  What is the state of omnichannel?  Are physical stores losing their importance?  How are consumers using their phones to shop?  Will location-based services like beacons change the retail world this year?  How are retailers using personalization to help attract shoppers?
  3. © 2015 eMarketer Inc. State of Omnichannel
  4. © 2015 eMarketer Inc. Consumers are already living an omnichannel life
  5. © 2015 eMarketer Inc. Omnichannel is intrinsic to how most US Internet users shop
  6. © 2015 eMarketer Inc. In some product categories, more than half of US internet users have mixed online and offline shopping
  7. © 2015 eMarketer Inc. But retailers still lag behind consumers
  8. © 2015 eMarketer Inc. Only 5% of US retailers in a 2014 survey said they had executed on most of their omnichannel strategy
  9. © 2015 eMarketer Inc. Seven Trends that Will Drive Omnichannel in 2015
  10. © 2015 eMarketer Inc. Trend #1: Physical Stores Retain Their Mojo
  11. © 2015 eMarketer Inc. Foot traffic is down in retail stores 7.1% drop in holiday season foot traffic in the US* * November 30, 2014, to January 3, 2015, compared with same time period in 2013, as measured by RetailNext
  12. © 2015 eMarketer Inc. … and ecommerce sales do represent a growing portion of retail sales  US retail ecommerce sales will grow by $43.4 billion in 2015  US retail ecommerce sales growth will be 14.2% in 2015
  13. © 2015 eMarketer Inc. But physical stores still dominate for sales generation  Total US retail sales will grow by $173 billion in 2015  75% of the growth in total retail sales will come from offline
  14. © 2015 eMarketer Inc. The in-store experience continues to be the most important channel for digital shoppers when making a purchase
  15. © 2015 eMarketer Inc. Pure-play ecommerce companies are finding benefits in a physical store presence “The world has become lonelier through technology and through urbanization. Having a great human one-to-one experience is unique these days.” —Andy Dunn, CEO and founder of Bonobos “We did not predict just how much promise physical stores would have for our business from a profit perspective.” —Jennifer Fleiss, co-founder and head of business development at Rent the Runway
  16. © 2015 eMarketer Inc. Even Amazon is looking into ways to approximate the brick-and-mortar experience  Amazon locker  Pop-up store in San Francisco  Refitted food truck selling Kindles  Same-day delivery  Firefly visual-search tool Source: @emilysteel, twitter via HuffingtonPost
  17. © 2015 eMarketer Inc. Trend #2: Consumers Want Flexibility in Fulfillment
  18. © 2015 eMarketer Inc. Consumers want flexibility “ One of the things we’re always trying to do at Barnes & Noble is serve our customers in ways in which they want to be served, in ways in which they’d like to consume content. In the book world we’re used to dealing with not just channels but formats, so the point is: We want to mix and match those channels and formats so that we can find the right customer experience where someone’s going to go, ‘Oh, that’s perfect.’ —Jaime Carey, chief merchandising officer at Barnes & Noble
  19. © 2015 eMarketer Inc. And at the same time, US internet users show strong interest in a range of fulfillment options
  20. © 2015 eMarketer Inc. Stores can play a central role in enabling quicker and cheaper online fulfillment through ‘distributive fulfillment’ Image source: Shopatron Online Order Order management system
  21. © 2015 eMarketer Inc. Majority of consumers have used in-store pickup 70% of online shoppers say that they have used buy online, pickup in store services* Source: Forrester via Internet Retailer
  22. © 2015 eMarketer Inc. Trend #3: The Smartphone Is the New Retail Hub
  23. © 2015 eMarketer Inc. 1.6% of total US retail sales in 2015 will be made directly from mobile devices  Mcommerce will grow 32.2% year over year in 2015  Mcommerce will account for 22% of ecommerce sales in 2015 $4.524 trillion in offline retail sales $76.79 billion in mcommerce sales $252.27 billion in other ecommerce sales Source: eMarketer
  24. © 2015 eMarketer Inc. Mobile influences a huge share of US retail sales 28% of US retail sales were influenced by smartphones in 2014 = $1.0 trillion* * Deloitte Consulting research
  25. © 2015 eMarketer Inc. Mobile’s influence will only increase “ I absolutely see mobile impacting 80-plus percent of every in-store purchase over the next few years. I see mobile becoming the dominant sales driver over time.” —Jeff Simpson, director at Deloitte Consulting
  26. © 2015 eMarketer Inc. Smartphones used mostly to enhance the in-store experience Leading Uses: 1. Find local store 2. Take a picture of a product to share with a friend 3. Search for a coupon in-store
  27. © 2015 eMarketer Inc. Smartphone metrics are up across the board  Smartphone visits and orders grew at twice the rate of tablet orders and visits during the 2014 holiday season* * on Branding Brand’s platform
  28. © 2015 eMarketer Inc. Smartphones are gaining share of US retail mcommerce sales from tablets
  29. © 2015 eMarketer Inc. Trend #4: Context Is More Than Location
  30. © 2015 eMarketer Inc. Some 86% of US marketers polled in 2014 used or planned to start using mobile location data in their marketing
  31. © 2015 eMarketer Inc. Location is important, but it works in tandem with behavioral data “ Location is a useful trigger, but it’s not the only one. For me, behavior is by far the most important one. Knowing that someone added something to their cart and didn’t check out is far more interesting than knowing if they’re near a store. Location is only a secondary trigger off of something else, probably behavioral.” —Paul Adams, VP of product at Intercom
  32. © 2015 eMarketer Inc. Hyper-local messaging is set to grow rapidly Beacon-related revenues are expected to rise nearly 1,000% in 2016
  33. © 2015 eMarketer Inc. Current use of beacons is centered on coupons  Half of beacon-triggered messages are for coupons (Source: Shopkick via BI)
  34. © 2015 eMarketer Inc. Beacons’ real power is contextualization “ In the 1.0 approach [to beacons], retailers used them as another form of delivering coupons. Brands and retailers are realizing that where these devices are really powerful is in the personal delivery of information and contextualization. ... I want the store to be tailored to me.” —Maya Mikhailov, co-founder and CMO at GPShopper
  35. © 2015 eMarketer Inc. For beacons, 2015 will be about resolving four major challenges: 1. Scaling beacons requires a middleware layer 2. App penetration is low for most retailers 3. Beacons only work with existing customers in stores 4. Marketers lack experience building a notification strategy that enhances the shopping experience
  36. © 2015 eMarketer Inc. Trend #5: Enterprise Mobile Is on the Rise
  37. © 2015 eMarketer Inc. Clienteling apps are transforming sales Burberry Customer 360  Customers share shopping history  Information is piped to iPads held by sales associates  In-store customer behavior is tracked with RFID Dick’s Sporting Goods  “Endless aisle” showing range of options for customers  Integrated inventory view for associates
  38. © 2015 eMarketer Inc. Enterprise mobile extends expertise to broader range of associates “ We’ve been able to take the expertise of the A associate [the expert], and give this selling experience via mobile device to the new associates—what we would call B, C or D associates. It’s a win for the retailer and it’s a win for the customer.” —Ken Morris, partner and co-founder, Boston Retail Partners
  39. © 2015 eMarketer Inc. Retailers are getting better at providing information to their associates via mobile Edgell Knowledge Networks found that: 35% of retailers let associates track and manage orders on their mobile device 32% of retailers provide associates with customer information 29% of retailers let associates track and manage inventory on their mobile device Source: EKN, 2014
  40. © 2015 eMarketer Inc. Good service generates sales 31% Premium in sales from excellent customer service Source: Edgell Knowledge Network, 2014
  41. © 2015 eMarketer Inc. Ultimate expression of digitizing the physical store turns it into a showroom for online store  Restoration hardware converted its stores to design galleries  Associates with iPads have access to digital catalog  Trailing 12-month (TTM) revenue had 20.4% growth (as of Jan. 31, 2015)  3-year CAGR for revenue is 24.9%
  42. © 2015 eMarketer Inc. Trend #6: Data Integration Underpins Omnichannel
  43. © 2015 eMarketer Inc. Digital shoppers say inventory visibility at a physical store is the most important omnichannel retail capability
  44. © 2015 eMarketer Inc. A unified customer view also boosts growth rates  Based on McKinsey’s analysis of big-box stores with unified analytics compared with otherwise similar competitors without unified analytics.* * McKinsey, “Digitizing the Customer Decision Journey,” June 2014 10% 2% Without unified analytics With unified analytics
  45. © 2015 eMarketer Inc. … but current systems limit what many retailers can do
  46. © 2015 eMarketer Inc. Trend #7: Personalization Works in Tandem with Trust
  47. © 2015 eMarketer Inc. A majority of US consumers value privacy over relevant offers
  48. © 2015 eMarketer Inc. Loyal customers generally trust the retailer already
  49. © 2015 eMarketer Inc. Consumers don’t mind when purchase data is used for personalization
  50. © 2015 eMarketer Inc. Consumers love some in-store omnichannel technologies, but cringe at others Cool % of US internet users who rate tech as ‘cool’  In-app scanner linked to product reviews: 76%  Interactive store map with directions from current location to searched items: 69%  Personalized mobile notifications triggered by in-store location: 44% Creepy % of US internet users who rate tech as ‘creepy’  Facial recognition technology informing sales associates that you’re a high-value customer: 75%  Salesperson greets you by name as you enter based on mobile device ID: 74%  Videos triggered by facial recognition technology: 73% Source: RichRelevance 2015
  51. © 2015 eMarketer Inc. Use data discreetly to minimize privacy intrusions “ People don’t need to know we’re sending them a message because of where they actually are. We just need to get them the right messages at the right time in the right place, so it feels magical.” —Jennifer Kasper, group VP for digital/new media and multicultural marketing at Macy’s
  52. © 2015 eMarketer Inc. Takeaways Seven trends will influence omnichannel this year: 1. Brick-and-mortar stores still play the dominant role in retail 2. Consumers expect flexibility in shopping and fulfillment 3. Mobile is the new retail hub 4. Context is more than just location 5. Enterprise mobile is becoming more important 6. Data integration underpins all of omnichannel 7. Personalization is key but requires trust Final point: Omnichannel is now intrinsic to retail
  53. © 2015 eMarketer Inc. Learn more about digital marketing with an eMarketer corporate subscription Around 200 eMarketer reports are published each year. Here are some recent reports you may be interested in: Q&A Session Made possible by You will receive an email tomorrow with a link to view the deck and webinar recording. To learn more: 800-405-0844 or Yory Wurmser Omnichannel Retail—Seven Trends in 2015  Omnichannel Trends 2015: Mobile is the New Retail Hub  Holiday Shopping Preview  Visual Search & Recognition: On the Cusp of a New Era in Retail  Product Listing Ads Google Dives into Comparison Shopping