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BuyIttoTryItWhereNewConsumerExpecta8onsMeet
Retail-RedefiningInnova8onNitaRollins,PhDExecu8veDirector,CulturalSemio8cs&ThoughtLeadershipResource/Ammira8
MeaghanRoseCEOandFounder
RocksBox
LindsayFerstandigDirector,Marke8ngS8tchFix
MichelleLamCEOandCo-Founder
True&Co.
PresentedSeptember28,2016atRetail’sDigitalSummit
NitaRollins,PhDExecu8veDirector,CulturalSemio8cs&ThoughtLeadershipRESOURCE/AMMIRATI,ANIBMCOMPANY@Resource,@NitaRollins
MeaghanRoseCEOandFounderROCKSBOX@myrocksbox
LindsayFerstandigDirector,Marke8ngSTITCHFIX@s>tchfix
MichelleLamCEOandCo-FounderTRUE&CO.@trueandcompany
ECOMM GUESSWORK
RISK AVERSION
CONSUMER ENTITLEMENT
THE RETURNS JUGGERNAUT 8% OF TOTAL U.S. SALES
33% OF ECOMMERCE SALES
$642.6 BILLION GLOBAL RETAIL LOSS
BUY
Recurrent purchases online, unplanned purchases in-store
RETURN KEEP
BUY IT TO TRY IT CONSUMER JOURNEY
DISCOVER
ASSESS
BUY
Membership or multiple items
1 PLANNED OVER-ORDERING (HOME TRY-ON)
2 SUBSCRIPTION SHOPPING
3 PERSONAL E-STYLIST
THE NEW ECOMM VALUE PROPOSITION
CONVENIENCE
CONTINUITY
CO-CREATION
CURATION
PRODUCTS DATA INTELLIGENCE
HUMAN INSIGHTS
CLIENT
OCTOBER2015Su M T W Th F Sa
1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 31
22 ORDER
QUEUE
ORDER
ORDER
ORDER
EXPERTHUMANSUnstructuredData
CurateRela8onship
MACHINESStructuredData
QualityRank
EXPERIENTIALTRIALConvenienceDiscoveryFeedback
QUEUE
ORDER
ORDER
ORDER
EXPERTHUMANSUnstructuredData
CurateRela8onship
MACHINESStructuredData
QualityRank
EXPERIENTIALTRIALConvenienceDiscoveryFeedback
STRUCTUREDDATAPROCESSING
ORDERRANKING
QUEUE
ORDER
ORDER
ORDER
EXPERTHUMANSUnstructuredData
CurateRela8onship
MACHINESStructuredData
QualityRank
EXPERIENTIALTRIALConvenienceDiscoveryFeedback
UNSTRUCTUREDDATAPROCESSING
RELATIONSHIPBUILDING
QUEUE
ORDER
ORDER
EXPERTHUMANSUnstructuredData
CurateRela8onship
MACHINESStructuredData
QualityRank
EXPERIENTIALTRIALConvenienceDiscoveryFeedback
ORDER
SHIPPING
DISCOVERY
HiKrystal,I’mexcitedtostyleyourFixforcasualfabricsthatare“easytochasekids”inJ.Icompletelyunderstand!Istylemyfriendwhohasaspirited2-year-oldboy.Justbecauseyou’reamomdoesn’tmeanyouneedtolooklikeone.Ithoughtyou’dliketheJemdyDolmantop,whichissupercomfortableandeasytototethe8nypeoplearoundin.TheElvinatoppairsnicelywiththeAlancardiganandAidenjeanswhenyoujustneedtogetoutthedoor.YoucaneasilypairitwithKensiejeansfromthelastFix,too.WhiletheDorinaisalooserfitthatyouprefer,Ithoughtyou’denjoythecrochetback.HappyNewYear!XOTracy.
TWEET KELLIfrom Sep21
Gotmyfirst@s8tchfixboxtoday,andholy
molywhoeverKarenisabsolutelynailedit.
“
”@ksnedegar
TWEET JODIPHILLIPSfrom Aug13
Love#s8tchfix!Theyno8cedmynewjob,sentanoteofcongrats&boxfullofnewofficeclothes.Nowthat’s
personalizedawesomeness!@idojphillips
“
”
TWEET KIARAfrom Aug14
Gotmyfirst“fix”@s8tchfixtodayand…I’MINLOVE!Thepiecesandpersonalizednote
arespoton!#shopping#personalstylist
@kiara803
“
”
HELPFULSELLINGIncrementaloffersdrivenby1:1insightandknowledgeoftheirneedsSELLINGTOBETTERSERVETHEMFocusonup-sellingopportuni8esonthingstheytrulyneed
SERVETHEMMOREBROADLYUSEPERSONALIZATIONTOOFFERTHEMTHERIGHTKINDOFVALUE
PUSHVS.PULLFocusonofferingherthethingssheseeksfromyouLETTHEMKNOWYOULISTENYoudon’thavetopitchitifyouremindhersheaskedforit
SERVETHEMMOREBROADLYLETTHEIRINPUTDRIVETHEGROWTHOFYOUROFFERING
SURPRISE&DELIGHTCAREFORTHEMASPEOPLE
“Yourkindnessandthoughpulnessmeansomuch.Thissayssomuchaboutwhatanamazingcompanyyouare.”
“Ihadreceivedanear-perfectFixthismonth,andthiswastheicingonthecaketocementmylove…youhavegonetheextra
mileinourcase.
KEYTAKEAWAYS
•Ifyouupsellwithacustomer-centricfocus,theywillthankyouforit.Deligh8ngyourcustomersandincreasingyourcustomervaluearenotmutuallyexclusive.•Shoppersexpectdynamic,interac8veandpersonalizedexperiencesandwillserlefornothingless.Buildingthisasacorepartofyourexperienceiscri8caltokeepcustomerscomingback.
DepartmentStores
Supermarkets
ShoppingMalls
DiscountChains
WholesaleClubs
Ecommerce RetailasaService
CornerStore
On-DemandDelivery
Evolu>onofRetail
1800 1900 1920 1940 1960 1980 1990 2010 Today
SuburbanlifeIncreasedassortments,regulatorypricingshiss
InternetDataScience
OnDemandGenera8on
SUBSCRIPTION
Tobuildarela>onship
DATA
Tolistenandrespond
RENTAL
todrivediscovery&purchase
TECHNOLOGY
Tomakeiteasy
TECHNOLOGYtomakeiteasy
“Idon’treallylikehavingtogoshoppingforjewelry;havingthisdeliveredtomydoorisgreat”
SayaD.,Cambridge,MA
KEYTAKEAWAYS
• Recentrapidadvancementintechnologyaredrivingamajorshisinwhatshopperswantandwhatretaillookslike.Successfulretailbrandswillbeabletounderstandandevolvequicklytokeepupwiththeircustomer.
• Pointofpurchaseishappeninginthehome.Cri8caltobuildtrialandreturnprocessintoyourmodelinawaythatcreatesvalueforthecustomerandforyourbusiness.
78
Yes,ProductIsS8llQueen
IndividualCustomer
DataCollec8onInfrastructure “FeelsLike
ItWasMadeForHer”
KEYTAKEAWAYS
• Evenintoday’sonlineage,shewantsahightouchhumanexperience.Dataandtechnologycanhelpmakethatscalable.
• Customer-centricproductbuiltwithherpreferencesinminddrama8callylowerscustomeracquisi8oncostsandreturnrates.
LET’STALK!NitaRollins,PhDExecu8veDirector,CulturalSemio8cs&ThoughtLeadershipRESOURCE/AMMIRATI,ANIBMCOMPANY@Resource,@NitaRollins
MeaghanRoseCEOandFounderROCKSBOX@myrocksbox
LindsayFerstandigDirector,Marke8ngSTITCHFIX@s>tchfix
MichelleLamCEOandCo-FounderTRUE&CO.@trueandcompany