Contenu connexe Similaire à Webinar: 5 Must-Have Items You Need for Your 2020 Ecommerce Strategy (20) Webinar: 5 Must-Have Items You Need for Your 2020 Ecommerce Strategy1. 451RESEARCH.COM
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5 Must-Have Items You Need for Your 2020
Ecommerce Strategy
Sheryl Kingstone, 451 Research
Justin Sears, Lucidworks
February 26, 2020
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Today’s speakers
Sheryl Kingstone
Research Vice President & General
Manager - VOCUL
Justin Sears
VP Product Marketing
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Questions?
Presentation Slides
Feedback
Housekeeping Items
Questions?
A copy of the presentation slides are located in
the resources section for download
Presentation slides
On Demand
To ask a question, click on the question button
The on demand version of this webcast will be
available once the live webcast concludes
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Lucidworks Retail
Survey Results
• Findability: Time between add to
catalog & search availability
• Personalization: Predict intent to
recommend products
• Performance: Site degradation
during periods of peak demand
123 participants, from companies with more than $100M in revenue
https://lucidworks.com/ppc/ecommerce-best-practices-survey/
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Findability: TCBIITCFI
They can’t buy it if they can’t find it
• Time between adding to catalog
and availability in search results
• Search relevancy, once products
are available in search
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Personalization: Can you
guess what they want?
67% of respondents collect user
behavior signals
48% use artificial intelligence for
query intent prediction
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TREND 1
Experience Not Price or Products
Creates Differentiation
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Customer experience stakeholders cite
‘selling more to existing customers’
as their number one business objective
for 2019, followed by ‘improving
customer service for retention’
Source: 451 Research’s Voice of the Enterprise: Customer Experience & Commerce, Organizational Dynamics & Budget 2019
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27%
of consumers are
less trusting of
businesses today
than they were
one year ago
34%
of Gen Z are
already
using new
subscription
services
80%
of consumers
feel they have
little to no control
over their
personal data
RetentionTransparencyTrust
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69%
31%
Consumer awareness & use of
subscription services is on the rise
How would you describe your level of
awareness with subscription services?
Somewhat to very aware
Somewhat to
very unaware
29
%
69%
of respondents are at
least somewhat aware
of subscription products
and/or services
29%
of respondents claim
that they currently
subscribe to a
product or service
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To remain relevant in
the eyes of consumers,
enterprises will need to
invest in contextual
experiences at every step
of the consumer journey
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61% state a negative online shopping
experience makes them less likely to
shop with them in the future
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TREND 2
Digital Transformation Drives
Strategic Investments
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Digital transformation is about the application and exploitation of
technology in all aspects of an organization’s activity.
… Success isn't only about the technology.
It’s about rethinking strategy, culture, talent, operating models and
processes.
ˈdɪdʒɪt(ə)l/
adjective
ˌtransfəˈmeɪʃ(ə)n
nounDigital transformation
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16% 18%
24% 14%
28%
27%
33%
41%
2016 2018
We have a formal strategy and are
actively digitizing our business
processes and technologies
We are in the planning stage –
researching to form our digital
transformation strategy
We are considering it, but
have no formal plans
We currently have no digital
transformation strategy
Strong shift in retailers’ formal digital
transformation strategies
Source: 451 Research's Voice of the Connected User Landscape, Digital Transformation Survey, 2H 2018
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19% 12% 8%
44% 55%
53%
37% 33% 38%
Digital Laggard Digital Learner Digital Leader
9% 3% 3%
48%
46%
33%
43%
51%
63%
Digital Laggard Digital Learner Digital Leader
Digital leaders are strategically
shifting more budget dollars
19
TODAY FUTURE
TRANSFORMING
TRANSITIONING
TACTICAL
Digital Laggard Digital Learner Digital Leader
Which of the following best describes your organization's status with regards to a digital transformation strategy?
On a scale of 1-10, how will, or how do you expect, digital transformation to shift your IT spending over the next 5 years? Moving from tactical to
strategic budget allocation. – Now & Within 5 Years
Source: 451 Research's Voice of the Connected User Landscape, Digital Transformation Survey, 2H 2018
Digital Laggard Digital Learner Digital Leader
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53%
49%
43%
40%
40%
34%
28%
28%
Improve customer experience
Reduce costs through operational efficiencies
Manage risk (e.g., cybersecurity, data privacy, systems reliability)
Enhance the ability to innovate
Manage increasing volume of data growth
Increase competitive differentiation
Exploring new working styles/workplace arrangements (across the
organization's departmental/geographical borders, supply chain, etc.)
Create new business models
Customer Experience Drives
Digital transformation Priorities
Q. Which of the following best describes your organization's status
with regards to a digital transformation strategy? In your opinion,
what are the main drivers for digital transformation?
Source: 451 Research's Voice of the Connected User Landscape,
Digital Transformation Survey, 2H 2018
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Source: 451 Research’s 2H 2018 Voice of the Connected User Landscape: Corporate Mobility and Digital Transformation Survey
(n= >500 ~30% IT and 70% line-of-business decision-makers)
Data, digital and intelligence will
separate leaders from laggards
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TREND 3
Data-Driven Experience Economy
Requires Context
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Data Drivers will leapfrog Data Drifters
Source: 451 Research
55%
of Data Drifters say data will
become more important over the
next year
15%
of Data Drifters are
investing in strategic customer
experience initiatives
81%
of Data Drivers say data will
become more important over the
next year
55%
of Data Drivers are investing in
strategic customer experience
initiatives
vs
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The top IT-led priority for customer
experience is ‘updating the online
presence for personalized
customer engagement.’
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Source: 451 Research’s Voice of the Enterprise: Customer Experience & Commerce, Organizational Dynamics & Budget 2019
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25% would pay a premium for Search Results
Tailored to Them
26
10.7%
17.1%
46.6%
25.6% Would pay moderately higher prices (>5%) for
this
Would pay slightly higher prices (1-5%) for this
Want this, but would not pay higher prices for it
Not interested in this
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Individual
Segment
Transparent Data
Architecture
Black Box
• Marketing
• Machine Learning
• Multi-Channel
using 2-3 Sources
• Marketing
• Rules-Based
• Individual Channels
and Sources
• Enterprise-Wide
• Rules-Based
• Individual Channels
and Sources
• Enterprise-Wide Customer
Journey
• Context–Aware Deep
Learning
• Real-Time Customer360
Hyper-Personalization
Segment-Based PersonalizationMarketing A/B Testing
1:1 Marketing
AI and Search Essential for Hyper-
Personalization
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Intersection of customer experience
and AI drive business outcome success
LEADERS LEARNERS LAGGARDS
Q. Which of the following best describes your organization’s current machine learning adoption status?
Q. What are the most significant benefits your organization has realized or expects to realize from its use of machine learning?
Source: 451 Research’s Voice of the Enterprise: AI & Machine Learning, Adoption and Use Cases 2018
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Machine learning growth path for Commerce
22%
Roughly 1 in 5
already
deploying ML
Source: 451 Research’s Voice of the Enterprise: AI and Machine Learning, Adoption & Use Cases 2018
In Pilot
28% 13%
Plan to use ML
within a year
63%
~3X current state
of 22% within a year
=
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WHY NOW?
37. 37
Advanced connectors and AI enrichment,
delivered by intuitive applications created with App
Studio,
deployed on-prem or as a multi-tenant cloud managed
service.
D ATA
Any format,
any platform
S O L U T I O N
Personalized
insights for each
shopper
STORAGE &
SEARCH
INTENT
PREDICTIO
N
APP
CREATION
DATA
INGEST &
PREP
F U S I O N P L AT F O R M
Human
Generated
System
Generated
Application
Generated
Digital
Commerce
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STORAGE & SEARCH INTENT PREDICTION APP CREATIONDATA INGEST & PREP
NLP: NER, phrases, POS
Document classification
Anomaly detection
Clustering
Topic detection
Search engine &
data processing
Connectors
ETL pipelines
Scheduling & alerting
SQL engine
Rules engine
Query pipelines
Query intent detector
Automatic relevancy
Signals & query analytics
Recommenders
A/B testing
Modular components
Stateless architecture
User-focused experience
Geospatial mapping
Results preview
Rapid prototyping
S C A L A B L E O P E R A T I O N S
SECURITYCDCRCLOUDSCALABLEEXTENSIBLE
39. 3939
C L O U D - N AT I V E ,
M I C R O S E R V I C E S
A R C H I T E C T U R E
O R C H E S T R AT E D B Y
K U B E R N E T E S
A U TO S C A L I N G P O L I C I E S
D Y N A M I C A L LY M A N A G E
R E S O U R C E S
N AT I V E S U P P O R T F O R
P Y T H O N M L M O D E L S
E A S Y I N T E G R AT I O N W I T H
D ATA S C I E N C E TO O L S E . G .
T E N S O R F LO W, S C I K I T - L E A R N ,
S PA C Y, J U P Y T E R N OT E B O O K S
S PA R K S T R E A M I N G F O R
S I G N A L S
F U S I O N – C LO U D N AT I V E & D ATA S C I E N C E R E A D Y
40. 4040
P R O D U C T R E L E VA N C Y
S C O R I N G I N T E R P R E T S
S I G N A L S & S H O W S R E L AT I V E
P R O D U C T P R E F E R E N C E S
D A S H B O A R D A N A LY T I C S
P R O V I D E R E A L - T I M E
I N S I G H T S I N TO S E A R C H &
B R O W S E O U TC O M E S
A U TO M AT I C S E A R C H
R E W R I T E S P R E D I C T I N T E N T,
F I X M I S S P E L L I N G S &
I N T E R P R E T S Y N O N Y M S
R U L E S M A N A G E R TO P I N ,
B O O S T, B U R Y, O R B L O C K
P R O D U C T S F O R S E A R C H
T E R M S / C AT E G O R Y PA G E S
L U C I D W O R K S P R E D I C T I V E M E R C H A N D I S E R
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Sheryl.Kingstone@451research.com
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