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Social media is having an explosive impact on modern consumer behaviour. Harnessing the power of friends, fans and followers is crucial to work with, and not against, the networks that are shaping the face of shopping today. Watch this space for the next MORE Vision!
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Inside
What is your retailsocial media strategy?
y y
The message for retail property is clear:the industry needs to work with, not against, social media and embrace theopportunities that it brings. Shoppers can now impact your retail propertyactivity through at least four interactions : Prepare, Rate, Feedback, Share.
Whether you are a retailer, a developer, a promoter, an investor…youneed a social media strategy and to update it regularly...
We’ve talked to four of you who shared with ‘MORE+ Vision’ their view inan exclusive interview. Together with key data, useful links and must-seevideo, it makes the 1st issue of MORE+ Vision.
MORE+ Vision is MAPIC’s contribution to the online community of retail realestate professionals. Please feel free to use it, comment on it, share it…
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every 2 months: 1 consumer trend briefing • 4 retail real estate player’s viewpoints • online follow-up
MORE+ Vision n°1July 2011
• The trend briefing • Interviews:
TescoCiscoForum TV, Foruminvest GroupAareal BankMeyer Bergman
• What is MORE+ Vision?• What is MAPIC?
MORE+ Vision is alsoavailable in PowerPoint for
your team presentation
Vision by
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Vision by
every 2 months: 1 consumer trend briefing • 4 retail real estate player’s viewpoints • online follow-up
Where does the trend come from ?*Social Media has ‘historically’ been dominated by Facebook and related influences; Over500m active users spend over 700bn minutes a month on the site (Facebook, April 2011).Every month, more than 250m people engage with Facebook across more than 2.5mexternal websites (Facebook, April 2011). The average user clicks the ‘Like’ button ninetimes each month (Facebook, 2010). 75% of Facebook users have ‘Liked’ a brand(AdAge/Ipsos, February 2011). This massive and fast change in individual/consumerbehaviour opened the way to many new online services and mobile applications. It hasforced retailers and shopping centers to develop clear multi-channel strategies.
Shoppers can now impact your retail property activity throughat least 4 interactions:• Prepare: How consumers discover new products and services and prepare their
potential visit to store by relying on their social networks.
• Rate: How consumers increasingly (and automatically) receive targeted ratings,recommendations and reviews from their social networks.
• Feedback: How consumers can ask their friends and followers to improve and validatetheir buying decisions.
• Share: How shopping is becoming increasingly social, even when consumers and theirpeers are not physically together.
The trend briefing
*Source: trendwatching.com a London-based, independent trend firm, scans the globe for the most promising consumer trends, insightsand related hands-on business ideas. Its free monthly Trend Briefings get sent to more than 160,000 business professionals in 180+ countries.”
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Consumers’ ongoing obsession with owning orexperiencing the best of the best and their desirefor serendipity, excitement, interaction andcommunity, explains the pull of PREPARATION.People are curious and interested in what theirfriends and contacts think, do, eat, read, listen to,drive in, travel to and buy, because often this willbe similar to how they want to think, act and buy.
Consumers are increasingly able to accesspersonalised reviews on something they know theywant to purchase, with more sites automaticallyserving up friends’ recommendations, ratings andreviews next to goods.
1. Prepare
2. Rate
*Source: trendwatching.com a London-based, independent trend firm, scans the globe for the most promising consumer trends, insightsand related hands-on business ideas. Its free monthly Trend Briefings get sent to more than 160,000 business professionals in 180+ countries.”
every 2 months: 1 consumer trend briefing • 4 retail real estate player’s viewpoints • online follow-up
read Tesco interview4here
Selected linksItSpot: Canadian shoppers canuse ItSpot’s iPhone apps todiscover what fellow shoppersnearby are buying. The appscover a number of cities, andinclude details of localpromotions as well as shoppingtips from local experts.
Boutiques.com is apersonalised shopping sitefrom Google where users canestablish their own collection offavourite web items.
Giftfinder: In November 2010,Gifts.com and Hunch joinedforces to create their GiftFinderapp, which logs into Facebookand suggests suitable gifts forfriends based on theinformation in their profilepages. The company claimsconversion rates up to 60%higher than when users wereshown genericrecommendations.
4More links on trendwatching
Selected linksLevi’s: In April 2010, Levi’s wasthe first big brand to integrateits online store with Facebook,allowing shoppers to viewwhich products their friendshad ‘liked’, interact with themand create a ‘like mindedshopping’ experience.
Amazon launched a feature inJuly 2010 that allows users tointegrate their Facebook andAmazon accounts and baserecommendations on informationfound in his/her Facebook profile.
Bing: In February 2011, Microsoft’sBing rolled out its “Liked Results”feature to all users. The updatebrings Facebook ‘likes’ andsearch preferences of friends intothe search engine’s algorithm.
Google’s +1 feature, launched inMarch 2011, bringspersonalisation to search results,by allowing users to ‘+1’ results.These are then shared with anindividual’s Google contacts, andhighlighted in their search results..
4More links on trendwatching
Which retailer do you think has themost impressive social media
presence?
Which shopping center do you thinkhas the most impressive social
media presence? (And why?)
Post your answer4here
Selected videoTesco Homeplus VirtualSubway Store in South Korea
How do you see it?
Do you know how manyshopping centers have got a
Facebook page?
Which shopping center has thebiggest followers group on
Facebook ?
Post your answer4here
Selected videoSocial Shopping Comes to Levi's
How do you see it?
Follow us onVision by
Share your view and join inthe discussion!
Share your view and join inthe discussion!
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every 2 months: 1 consumer trend briefing • 4 retail real estate player’s viewpoints • online follow-up
*Source: trendwatching.com a London-based, independent trend firm, scans the globe for the most promising consumer trends, insightsand related hands-on business ideas. Its free monthly Trend Briefings get sent to more than 160,000 business professionals in 180+ countries.”
Anonymous online reviews aren’t always what consu-mers want, which is where FEEDBACK comes in:consumers actively disclose their purchasing intentionsand reach out for personal feedback.Product recommendations from family (63%) andfriends (31%) are the most trusted. However 81%of US consumers now go online to do additional re-search, with 55% looking for user reviews, and 10%soliciting advice from their social networks. (ConeInc, June 2010)90% of people trust the recommendations of theirFacebook friends (ExactTarget, August 2010)31% of daily Twitter users ask their followers foropinions about products and services (Edison Re-search & Arbitron Internet, April 2010)
Group-buying platforms such as Groupon arerevolutionising local retail but consumers usuallydon’t know who they are buying with. So, the actual‘group shopping experience’ now starts integratingthis ‘identified group’ buying dimension.
3. Feedback
4. Share
Selected linksMyShopanion and Scandit aretwo iPhone apps that allowconsumers to scan items whileout shopping and see onlinereviews and get instant feedbackvia Facebook and Twitter.
The Tweet Mirror enablescustomers to send snaps ofthemselves to friends and followersdirectly from the fitting room.
From September to November2010, Macy’s Magic Fitting Roomenabled shoppers at the brand’sNew York flagship store to virtually‘try on’ items via an augmentedreality ‘mirror’ and then post theresults to Facebook.
In November 2010, Ciscoencouraged consumers to useits WebEx tool to share theirdesktops with friends on CyberMonday, the post-Thanksgivingday when many US retailerslaunch online promotions.(read Cisco interview here)
4More links on trendwatching
Selected linksFacebook announced in April2011 that when a user posts onFacebook about buying a ticketfrom Ticketmaster, the companyestimates it receives an extra $5.30(New York Times, April 2011)
Event ticketing site Eventbritefound users are 10 times morelikely to share details of eventsthey have bought tickets tothan those events they are stillconsidering whether to buy(Eventbrite, March 2011)
Ebay’s Group Gifts feature,launched in November 2010,allows users to invite friends tosplit the cost of a gift. Theapplication integrates withFacebook to allow friends to beprivately invited and informationfrom the recipient’s profile canbe used to suggest gifts.
In April 2011, Facebook piloted'Deals in Facebook' in various UScities allowing users in these citiesto find local deals and then share,buy and plan them with friends.
4More links on trendwatching
Whose product reviews do you trustthe most?
Where do you go for impartialconsumer advice?
Post your answer4here
How do you see it?
Selected videoLearn How Groupon Works!
How do you see it?
Follow us on
Selected videoDiesel Like button
Vision by
Share your view and join inthe discussion!
Share your view and join inthe discussion!
Which coupon website wouldyou participate in or share with
your friends?
Post your answer4here
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every 2 months: 1 consumer trend briefing • 4 retail real estate player’s viewpoints • online follow-up
Follow us on
The retailer’s view: Philip Clarke, CEO, Tesco
Is personalisation the
next fad, or here to stay?
Our view is that personalisa-tion is becoming incrediblyimportant. We have put cus-tomer reviews on our TescoDirect [non-food] websiteand they are one of themost used elements by cus-tomers. Increasingly, custo-mers see little distinctionbetween online and off-lineand there is no doubt peopleare more likely to choosethings people ‘like’. Views onproducts can acceleratesales of a product in a mat-ter of minutes, which addspressure for the retailer butat the same time means thatit allows us to know evenmore about our customers.
How should businesses
leverage review-based so-
cial media?
As an example, we ran a Fa-cebook competition re-cently to win two tickets tosee Take That and added10,000 new Friends in justone weekend. What we allhave to focus on is enga-ging with consumers online,responding fast and in theway that they want. I thinkwe are all well aware nowthat a local problem can goglobal very quickly and as abusiness that means on abroader level that we haveto be confident of what weare doing and be able tostand by our actions.
How can these trends be
incorporated into stores
and malls?
The important thing is thatonline can support storesand stores can support on-line. We are expanding ourclick-and-collect service fornon-food to 600 stores inthe UK this year. In July wewill add clothing and afterthat grocery. Globally, weare already selling online inIreland and South Korea andwe will add Prague thisyear, Warsaw early nextyear, plus other key citiessuch as Shanghai, Budapestand Bratislava. Availability iscrucial. Anyone can offerproduct online, but sup-plying it is the real issue.
Is personalisation the
next fad, or here to stay?
Consumers today are defini-tely personalising theirshopping journey and mas-hing up their online and of-fline shopping experienceswith technology and socialmedia.Cisco retail marketing andIBSG recently conducted aMy Shopping My Way sur-vey of 1,000 consumers ineach of the UK and US andsome of the findingsalign. We found that amongthe UK respondents, thereare generational differencesbut between 24-48% haveused Facebook to researchproducts, and on-line re-views are second only tofriends and families as atrusted source.
How should businesses
leverage review-based so-
cial media?
There are many approachesfor social media reviews,especially in the online andmobile shopping expe-riences. These reviews canbe integrated into the itemdescription on the web orapplications on mobile de-vices. Another approachwould be to proactively soli-cit reviews and provide peerfeedback mechanisms.
How can these trends be
incorporated into stores
and malls?
Social media content can beincorporated for rank andtrends information on digitalsigns to provide informationto shoppers and there is also
integration of real-time, user-created content. Forever 21broadcasts selected Tweetsfrom users to its sign over-looking Times Square soconsumers feel connected.Use of social media contentto supplement product infor-mation in kiosks and otherself service devices alsohelps to convert browsers toshoppers. We know from re-search that consumers valueonline reviews more thaneven employees in thestores, so the ability to pro-vide trusted reviews at pointof display helps close thesale. Enabling consumers topost reviews on socialmedia, offering mobile appli-cations and Wi-Fi access toshoppers also helps retailersconnect to their customers.
The technology player’sview: Kenneth Leung, globalretail marketing manager,Cisco
@clarkepatesco
@CiscoRetail
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every 2 months: 1 consumer trend briefing • 4 retail real estate player’s viewpoints • online follow-up
Follow us on
The operator’s view:Edouard Detaille, Co-founder - ManagingDirector, Forum TV,Foruminvest Group
Is personalisation the next
fad, or here to stay?
How can you not agree withthis report? But you could beafraid. The property industryis about real things, not thedigital world, and I thinkthere are still a lot of peoplewho don’t know how to useit and do not feel comforta-ble about the integration ofthe two elements and thenew ways of thinking.
How should businesses le-
verage review-based social
media?
The first thing to say is thatany approach should integra-ted with the real estate. It isalso about being local for
each centre. For example, inBelgium we approached alocal dance school about per-forming a flash dance at ourcentre. On the day we vi-deoed the dance and put iton big screens in the centreand on YouTube and sent allthe dancers their own copy,which many sent on to theirfriends and family. So it wasa viral style marketing cam-paign. That is exactly thepoint made by the F-Factor.Such an approach also res-pects the consumer and pre-vents it from becomingSpam. You also must alsowelcome criticism and re-member that negative com-ments are not always wrong!
How can these trends be
incorporated into stores
and malls?
Incorporation can be by a va-riety of methods. We putgiant LED screens up in themall and sound systems.Then there is mobile, the In-ternet, social networks. Theapproach integrates with theshopping centre and well-executed campaigns can pro-duce very significant upliftsin sales. You can see the traf-fic and the amazing visibility.We are at a point where areseeing the marriage of thephysical and digital world.That’s the game we are in.
There is a growing, ifreluctant, acceptance by theinvestment community thatthe old metrics arebecoming less and lessabsolute. The requirementsof the financial world havealways been somewhat atodds with the dynamic,consumer-facing world ofthe retail tenants thatpopulate Europe’s shoppingcentres, retail parks and highstreets and social media isexacerbating that differential.“Undoubtedly, assessmentof the investment value of ashopping centre must nowtake account of bothquantitative and qualitative
factors,” says SotiriosKotinakis, vice president,special property finance,retail, at Aareal Bank. “Thefundamentals must bethere but after that theability of a shopping centreto adapt and to adopt newways of retailing come intothe equation. We are still ata point where the evolutionof social media contains alot of unknowns.”Social media is just part ofthe online revolution andZsolt Kohalmi, chiefinvestment officer forMeyer Bergman adds:“Once we acquire an assetwe add social media
offerings, starting of coursewith Twitter and Facebook,which we provide at mostof our centres already andwill add to the rest. For meit is harder for shoppingcentre owners to create fullintegration than it is forretailers. Services likeFoursquare and FacebookPlaces allow people tocheck in or out, so intrusionis not such a big issue, so itis more about relevance.We need to work withretailers to provide thingslike flash sales, whichprovide value for us, theretailers and consumers anddrive footfall.”
The investors’ views:Mark Faithfull, editor, RetailProperty Analyst
@markfaithfull1
@EDetaille
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Vision Pavilion
For regular upades, questions, comments …
is a new initiative by MAPIC, The international market for retail real estate
16 – 18 November 2011, Palais des Festivals, Cannes, France.
Every 2 months, MORE+ Vision will pitch a new trend thatinfluences retail property strategy. MORE+ Vision is a multi-channel service composed of:• A general trend briefing, including a background on the
trend, facts & figures, useful links, exclusive interviewswith retail real estate professionals
• A slide presentation to pitch the subject within yourcompany.
• An open and animated dialogue on MAPIC web platforms
MORE Pavilion is a special MAPIC exhibition area,grandstanding four key trends for 2012: multi-channel,culture & shopping, SLOW and client gratification. Thepavilion will mix with an exhibition of new retailing conceptsand innovative technologies. It will also spotlight the natureof tomorrow’s shops and stores in a demonstration areadeveloped by the Lille retail industries cluster (PICOM) called'The New Shopping Experience.' Last but not least, retailsocial media strategy will be covered in a conference series,on the MORE Pavilion, throughout the duration of the event.
ContactsAny questions on MORE+ Vision, please contact Editor: [email protected]
Want to advertise in MORE+ Vision, please contact [email protected]
CreditsContributors: Mark Faithfull • Joanne Archibald • Jean-Marc AndréAcknowledgement: MORE+ Vision wishes to thank the interviewees for their kind participationDesign: Frédéric Beauseigneur
Source: “trendwatching.com, a London-based, independent trend firm, scans the globe for the mostpromising consumer trends, insights and related hands-on business ideas. Its free monthly Trend Brie-fings get sent to more than 160,000 business professionals in 180+ countries.”
Next MORE+ Vision: ’Citysummer’ (City center consumers)
Learn more about MAPIC
Today’s intelligencefor tomorrow’s business
Register here if you wish to be notified
Sept. 2011
4
MORE+ Vision is alsoavailable in PowerPoint foryour team presentation
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