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Reshaping Retail with Mobility

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How To Benefit from Changing Consumer Behaviors

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Reshaping Retail with Mobility

  1. 1. Reshaping Retail with Mobility How To Benefit from Changing Consumer Behaviors Internet Business Solutions Group November 2011 Lisa Fretwell, Jeff Loucks, Paul Schottmiller, Jon Stine, and Edward Westenberg For more information and to download the entire presentation please visit http://www.cisco.com/web/about/ac79/docs/retail/Retail-Mobility_IBSG.pdfCisco IBSG © 2011 Cisco and/or its affiliates. All rights reserved. Cisco Public Internet Business Solutions Group 1
  2. 2. Today’s Agenda 1. Executive summary 2. Trends and challenges facing retailers 3. Today’s capabilities, tomorrow’s innovations 4. Opportunity and way forward 5. ConclusionsCisco IBSG © 2011 Cisco and/or its affiliates. All rights reserved. Cisco Public Internet Business Solutions Group 2
  3. 3. 1 Executive SummaryCisco IBSG © 2011 Cisco and/or its affiliates. All rights reserved. Cisco Public Internet Business Solutions Group 3
  4. 4. Executive Summary  Mobile+location+context+social is creating exciting new experiences for consumers and differentiation opportunities for retailers  Combined with high-speed access, increased computing power, and next- generation video, mobility will unleash a torrent of innovations  Mobility is having the biggest impact in four areas: 1) mobile marketing, 2) shopper services, 3) mobile payments, and 4) mobile store operations  By focusing on these areas, retailers increase net margins by as much as 10 percent  Pre-shopping mobile search has become a key touchpoint. Through mobile marketing and shopper services, retailers must begin to provide instant, contextual, and relevant answers to consumers.  To succeed with mobility, retailers should continuously assesses opportunities and refresh their mobile experiences  Mobility must be embedded in all retail functions and based on a content- centric, device- and OS-agnostic architecture. Source: Cisco IBSG, 2011Cisco IBSG © 2011 Cisco and/or its affiliates. All rights reserved. Cisco Public Internet Business Solutions Group 4
  5. 5. Trends and Challenges 2 Facing RetailersCisco IBSG © 2011 Cisco and/or its affiliates. All rights reserved. Cisco Public Internet Business Solutions Group 5
  6. 6. For U.S. audiences The Rise of Smart Devices in the United States Smartphones becoming the By 2015, of 58% majority mobile users will have smartphones…up from just 38% in 2011 People love Source: Source: eMarketer, August 2011 the user Pew, 7/11 experience Source: Pew Research Center, July 2011 160,000 Android devicesInstalled base (1000s of units) 140,000 dominate 120,000 Irreversible rise 100,000 of the tablet BlackBerry (RIM) 80,000 MS Windows 60,000 Apple Android 40,000 20,000 tablet sales to reach 0 27.7 million units by 2014 2010 2011 2012 2013 2014 Source: Parks Associates, June 2011 Source: Gartner, July 2011 Cisco IBSG © 2011 Cisco and/or its affiliates. All rights reserved. Cisco Public Internet Business Solutions Group 6
  7. 7. For European audiences The Rise of Smart Devices in the European Union Smartphones By 2014, 52% to 77% are mainstream and growing of mobile users will have smartphones…up from 20-32% in 2011 People love Source: Google, 2011 the user experience Source: Pew Research Center, July 2011 200,000 Android now andInstalled base (1000s of units) 180,000 in the future 160,000 Irreversible rise 140,000 120,000 BlackBerry (RIM) of the tablet 100,000 MS Windows 80,000 Apple 60,000 Android 40,000 20,000 tablet sales to reach 0 41.9 million units by 2014 2010 2011 2012 2013 2014 Source: Parks Associates, June 2011 Source: Gartner, July 2011 Cisco IBSG © 2011 Cisco and/or its affiliates. All rights reserved. Cisco Public Internet Business Solutions Group 7
  8. 8. Mobility Is Changing Shopping Behavior The Influence of Mobility Cannot Be Measured by Transaction Levels Alone Impact on Impact on Shopping Behavior Shopping Behavior Today Tomorrow (2014)67% Research on smartphone,  New device features and buy in store capabilities will continue to change behaviors Research on smartphone,23% visit store, buy online —Mobile health monitoring / diagnosis will cause people to Research on smartphone, make healthier shopping choices16% visit store, purchase on —Predictive analysis using mobile smartphone devices can determine consumers’ shopping patterns 9% Visit store, purchase on smartphone Sources: Google and Ipsos OTX, April 2011 Source: The Wall Street Journal, April 2011Cisco IBSG © 2011 Cisco and/or its affiliates. All rights reserved. Cisco Public Internet Business Solutions Group 8
  9. 9. Meeting Consumers’ High Expectations Can Be Challenging Some Retailers Making Basic Mistakes… ―Check availability No store hours, at your local store‖ no commerce Pictures not showing Hard-to-read, static (can’t be Redirects to resized) map unreadable website Apps that are just a catalog of products or that fail to use smartphone functionality are unlikely to succeed Sources: Cisco IBSG, 2011; Deloitte Content Strategy Forum, Colleen Jones, 2011Cisco IBSG © 2011 Cisco and/or its affiliates. All rights reserved. Cisco Public Internet Business Solutions Group 9
  10. 10. Meeting Consumers’ High Expectations Can Be Challenging …But Some Getting It Right Store hours Personal Preference Transaction visibility Availability Easy-to-use, clear instructions Reminders To drive customers into stores, mobile apps must deliver the right content at the right time at the right place Sources: Cisco IBSG, 2011; Deloitte Content Strategy Forum, Colleen Jones, 2011Cisco IBSG © 2011 Cisco and/or its affiliates. All rights reserved. Cisco Public Internet Business Solutions Group 10
  11. 11. In Store Wi-Fi Increasingly More Important  2 of 3 smartphone owners use Wi-Fi hotspots outside home / office at least once a day  72% of these users have bought local deals presented via their mobile phones Why they switch to What consumers want What retailers get Wi-Fi in stores  Always-on value /  High-speed, reliable access  More sales by providing convenience access to information and  Unique services and offers answering questions  Satisfying in-store (subscriptions or coupons experience for Wi-Fi users only)  Increased revenues from consumers who spend more  Connect with friends  Carriers moving away from time in the store  Reassurance about making unlimited data plans  Opportunity to offer shopper the correct decision  Easy switching convenience (e.g., product locator, click to buy) Sources: JiWire, May 2011; Deloitte, 2011Cisco IBSG © 2011 Cisco and/or its affiliates. All rights reserved. Cisco Public Internet Business Solutions Group 11
  12. 12. Mobility Trends and Challenges Summary Mobility changes behavior Retailers should…  Convenient: Instant answers,  Embed mobile across all key multitasking save time touchpoints to deliver a consistent cross-channel experience  Context: Relevant information  Deliver in-store services that use  Fun: Entertaining, challenging, context to help consumers find engaging relevant answers and make better decisions  Understand how to offer those services through 3G and Wi-Fi Source: Cisco IBSG, 2011Cisco IBSG © 2011 Cisco and/or its affiliates. All rights reserved. Cisco Public Internet Business Solutions Group 12
  13. 13. Today’s Capabilities, 3 Tomorrow’s InnovationsCisco IBSG © 2011 Cisco and/or its affiliates. All rights reserved. Cisco Public Internet Business Solutions Group 13
  14. 14. Mobile Capabilties Creating Significant Threats to Established Retail Example: Mobile Shopper 3. Shopper compares items (real-time pricing) 2. App displays nearby stores (real-time store inventory) 1. Customer takes picture of 5. Customer picks up desired product product using receipt (mobile picture search) (mobile / store integration) 4. Customer orders and pays Source: Fast Company, 2011 (mobile payment)Cisco IBSG © 2011 Cisco and/or its affiliates. All rights reserved. Cisco Public Internet Business Solutions Group 14
  15. 15. Cisco IBSG Sees Four Capability Areas Where Mobility Has a Major Impact Mobile Payments / Mobile Store Mobile Marketing Shopper Services Point of Sale Operations  Connect with  Offer easy-to-use,  Streamline the  Mobilize store customers where intuitive mobile checkout process functions and apps they are services to:  Integrate with  Communication /  Pre-purchase search –Encourage scanning, coupons / collaboration support is crucial shoppers to make offers, mobile wallets, and loyalty  Mobile POS  Provide relevant purchases wherever they are  Three methods:  Enable associates to offers, content, and provide customer services at the 1. Mobile POS 2. Web payments service where it’s moment of need needed 3. In-store payments (NFC) Source: Cisco IBSG, 2011Cisco IBSG © 2011 Cisco and/or its affiliates. All rights reserved. Cisco Public Internet Business Solutions Group 15
  16. 16. In Each Capability Area, Mobility Offers Specific Benefits Mobile Payments / Mobile Store Mobile Marketing Shopper Services Point of Sale Operations  Permission-based  Increase loyalty  Increase staff  Improve task response rates:  Capture more productivity management 2x higher lifetime value  Improve customer  Improve compliance  Customer  Make it easier to service / interactions  Enhance acquisition costs: shop (more)  Create up-selling / communication 10x lower cross-selling  Improve customer  Offer redemption  Enable new location- service / experience rates: ~40% based services Source: Cisco IBSG, 2011Cisco IBSG © 2011 Cisco and/or its affiliates. All rights reserved. Cisco Public Internet Business Solutions Group 16
  17. 17. Mobile Capabilties Create Significant Threats to Established Retail Example: Mobile Shopper Shopper Services Mobile Marketing Mobile Payments 3. Shopper compares items (real-time pricing) Shopper Services 2. App displays nearby stores (real-time store inventory) 1. Customer takes picture Mobile 5. Customer picks up of desired product Store product using receipt (mobile picture search) Operations (mobile / store integration) 4. Customer orders and pays Source: Fast Company, 2011 (mobile payment)Cisco IBSG © 2011 Cisco and/or its affiliates. All rights reserved. Cisco Public Internet Business Solutions Group 17
  18. 18. Mobile Marketing: Search Is a Critical Entry Point into the Shopping Cycle More than 60% of Pre-purchase Searches Are Done on Mobile Devices QR codes Bar codes Image search Contextual search Text search Location-based Voice search search NFC Source: ROI Research and Microsoft, March 2011 Augmented realityCisco IBSG © 2011 Cisco and/or its affiliates. All rights reserved. Cisco Public Internet Business Solutions Group 18
  19. 19. Mobile Marketing Today: Advertising Is Having an Impact, Couponing Is Leading H&M using SMS and social media for advertising and couponing  Mobile coupon redemption is 10x higher than traditional coupons  By 2014, 300 million people worldwide (1 in 10 mobile subscribers) will use mobile coupons, generating nearly $6 billion in redemption value  Mobile marketing is growing at 84% CAGR, reaching $57 billion by 2014 Unlike other forms of advertising, 90% of text messages get opened, and most are responded to within five minutes Sources: Social Media Pathways, 2011; Borrell Associates, 2010; Juniper Research, 2010; H&M, 2011Cisco IBSG © 2011 Cisco and/or its affiliates. All rights reserved. Cisco Public Internet Business Solutions Group 19
  20. 20. Innovations in Mobile Marketing: Trend Is “Social, Local, Mobile” Airwalk: Social promotion designed for mobile only Thought Starters  Invisible ―one-day-only‖ pop-up store for limited edition Airwalk sneakers in two locations (NYC, LA) Get permission  Using GoldRun’s augmented reality and geolocation: Make offers relevant download app + find store + find shoe + buy so customers share  $5 million of earned media in press, online, and TV information about themselves Sephora: Personal and local transactional messaging  Determined up-sell / cross-sell opportunities based Understand context on individual purchases / transaction history SoLoMo captures  Allowed Sephora to deliver personalized offers new insights based on user-specified attributes Curate the most  Response rates have more than doubled relevant local knowledge Nespresso: Mobile personal suggestions Market in real time  Provided rapid ordering based on personal preferences Address customers’  Used CRM database to deliver personalized offers to needs based on customers’ mobile phones (Nespressso Club Members) where they are and  More than 1 million people are using the app to order what they want now new cups on their mobile devices Sources: Tusk Agency, 2011; Mobile Marketer, 2009; PR Newswire, 2011Cisco IBSG © 2011 Cisco and/or its affiliates. All rights reserved. Cisco Public Internet Business Solutions Group 20
  21. 21. Shopper Services Today: Mobility Is Bridging Physical and Online Worlds Tesco mobile shopper services Walmart adapting mobile to shopping behaviors  Mobile shopping across all platforms Optimized mobile site with integrated loyalty card data  When effectiveness  Includes store finder, product matters scanning, voice search for adding  For executing tasks products to shopping carts Native mobile app  When efficiency matters  For customers on the go (one-touch, fast loading) Source: MeasureWorks Mobile Convention, 2011Cisco IBSG © 2011 Cisco and/or its affiliates. All rights reserved. Cisco Public Internet Business Solutions Group 21
  22. 22. Innovations in Shopper Services: Making it Fun and Easy to Shop Macy’s: Rich video content Thought Starters  Lets designers explain the latest trends in HD mobile video by scanning QR codes in the store Be inspirational  Bypasses store staff by allowing customers to make purchases ―on the spot‖ Inspire customers at home and on the go Source: Business Wire, February 2011 Make real-time recommendations Highly accurate, location-based services (especially in stores)  Tablet-equipped carts sync with consumers’ smartphones to offer position-relevant, real-time info Save time / money  Uses shopping history to deliver targeted product Find things faster recommendations / personalized marketing messages Help customers  Pilot in progress make the best Source: Springwise.com, September 2011 decisions faster Never miss a moment Allow multitasking  Sainsburys is combining a shopping cart, iPad, and Enable customers / streaming sports app shoppers to do what  Allows customers to watch their favorite TV channels they want, or sports while shopping anywhere, anytime  Pilot in progress Source: GigaOM, September 2011Cisco IBSG © 2011 Cisco and/or its affiliates. All rights reserved. Cisco Public Internet Business Solutions Group 22
  23. 23. Mobile Payments Today: Bringing the Online Payment Model to the Real World Mobile POS Web payments In-store payments  Mobile checkout throughout  Scan and pay for items with  Google teaming with Citi, the store smartphones Visa, and MasterCard to  Influence customers at the  ―The growing impact of make ―tap and pay‖ most critical part of the mobile technology on retail  Uses NFC to pay at more decision-making process will soon make cash registers than 20,000 merchants,  Reduce walkouts / increase obsolete.‖ including Macy’s, American customer satisfaction by Glen Senk Eagle, Jamba Juice, shortening checkout lines CEO, Urban Outfitters Bloomingdale’s, Guess, Subway, Walgreens  Capture information to boost marketing Sources: GeekWire, 2011; Retail Solutions Online, 2010; InformationWeek, 2011Cisco IBSG © 2011 Cisco and/or its affiliates. All rights reserved. Cisco Public Internet Business Solutions Group 23
  24. 24. Innovations in Mobile Payments: Delivering a New Shopping Experience Google Wallet: More than payments Thought Starters  "Googles interest here isnt in the payments, its in the data that underlies the complete chain of commerce, including consideration, promotion, Increase productivity transaction details, coupons, and receipts." Streamline the —Thomas Husson, Forrester Research checkout process (faster / easier) Personalized, local offers Enhance services  Loyalty programs being built into the path of Utilize permission- purchase based, two-way  Location-based offers allow shoppers to see an interactions during ad, download the personalized (NFC) coupon, transactions and redeem it  All on one device Use local resources Differentiate by Two-way interactions making local offers  Retailers starting to use permission-based and deals personal information to make relevant offers at the point of purchase  Creates a win-win situation for shoppers and retailers Sources: Cisco IBSG, 2011; Forrester Research, 2011; PayPal, 2011Cisco IBSG © 2011 Cisco and/or its affiliates. All rights reserved. Cisco Public Internet Business Solutions Group 24
  25. 25. Mobile Store Operations Today: Mobilizing Existing Applications for Staff Mobilizing Communication / Customer Mobile POS enterprise apps collaboration for service all associates anywhere Sonea Lowe’s JCPenney Urban Outfitters  €10M annual benefit  Deploying 42,000  Integrating Apple  Serving customers at from 6,000 iPhones to create a iPads to help the point of decision employees seamless transition customers ―find  Goal: Make the store executing more than between customers more in the store‖ experience as good 1 million operations and employees as the website per day experience Sources: Cisco IBSG 2011; Retail Systems Research, 2011; Shop.org Annual Summit, 2010Cisco IBSG © 2011 Cisco and/or its affiliates. All rights reserved. Cisco Public Internet Business Solutions Group 25
  26. 26. Innovations in Mobile Store Operations: Rethinking Processes and Functions Next-generation, real-time BI dashboards Thought Starters  Full process control through alerts, triggers, and real-time business intelligence (BI) Improve operations with real-time data Offer instant access Video collaboration to data anywhere  Fix issues on the spot using mobile video for (dashboards) ―show and share‖ collaboration Video collaboration Support collaboration Full multichannel service at the edge for faster  Mobile, Internet-like fulfillment in stores decision making and  Adds the e-commerce ―long tail‖ to brick-and- better execution mortar stores  Dynamic reallocation of goods (home delivery) Execute multichannel Augmented reality Deliver true  Increase in-store operational excellence and multichannel service compliance verification for things like plan-o-grams and fulfillment using mobile in stores Source: Cisco IBSG, 2011Cisco IBSG © 2011 Cisco and/or its affiliates. All rights reserved. Cisco Public Internet Business Solutions Group 26
  27. 27. Opportunities Across Mobility Areas Can Increase Net Margin by 10 Percent Typical Retailer with $20B of Revenue per Year Shopper Mobile Mobile Store Mobile Marketing Services Payments Operations 2% lift 1% lift 1% reduction 0.5 % lift 1% reduction($M / Percentage Increase) $20M value $661M $20M value $3M value $6M value $6M value $61M $6M value $600M 10% Net Margin Current Mobile Mobile Increase Labor Cost Multichannel Labor Current Advertising Couponing Basket Size Reduction Extended Cost Margin Margin Range Reduction + Potential Upside Source: Cisco IBSG, 2011 Cisco IBSG © 2011 Cisco and/or its affiliates. All rights reserved. Cisco Public Internet Business Solutions Group 27
  28. 28. Opportunity and 4 Way ForwardCisco IBSG © 2011 Cisco and/or its affiliates. All rights reserved. Cisco Public Internet Business Solutions Group 28
  29. 29. High Innovation Requires Continuous Attention 6 1 Respond Assess your and mobile improve opportunity 5 2 Implement Determine solution potential / implications 4 3 Develop Organize technology for success architecture Source: Cisco IBSG, 2011Cisco IBSG © 2011 Cisco and/or its affiliates. All rights reserved. Cisco Public Internet Business Solutions Group 29
  30. 30. Your Mobile Strategy Should Reflect Your Unique Brand Proposition  Seek feedback: your customers  How does your brand fit are in control 1 consumer needs? 6  What are your options for  How do you participate in the Respond Assess your conversation? and mobile delivering great support?  How do you prioritize and improve opportunity  What are your options for improve your next upgrade? improving store operations? How do you embed  Which cross-dept. mobility in all business 5 2 business capabilities functions? Implement Determine are required? Have you enabled solution potential /  How will you measure multichannel implications success? experiences in stores? How do you prepare for continuous improvement / responsiveness? Who owns the experience / 4 3  Which technology requirements Develop are needed to deliver a great content management? Organize for success technology experience across touchpoints, How is mobility connected architecture platforms, and devices? to e-commerce? Source: Cisco IBSG, 2011 Cisco IBSG © 2011 Cisco and/or its affiliates. All rights reserved. Cisco Public Internet Business Solutions Group 30
  31. 31. Cisco IBSG Partners with Customers To Create Great Mobile Experiences… Customer Journey Location- Context- Visual Check-in / based based Couponing / content Customer Payment / recognition services services loyalty experience assistance POS Shopper  Search and  Recommend  Mobile offers  Access to  Customer  Consumer Wi-Fi log-in, find actions /  Mobile mobile help and mobile welcome,  In-store provide coupons content: feedback payment recognition directions advice based – ratings  “Come and (web-based) Seamless from point A on past – reviews help me”  Retailer POS handoff to point B history / – videos functionality between 3G / requests – pricing  Speak to an Wi-Fi expert at time of need Source: Cisco IBSG, 2011 Cisco IBSG © 2011 Cisco and/or its affiliates. All rights reserved. Cisco Public Internet Business Solutions Group 31
  32. 32. …Using a Wireless Architecture for Security, Reliability, and Performance Wireless Architecture Mobile Services Mobile Shopper Mobile Mobile store marketing services payments operations Performance Policy management Infrastructure Video Voice Data Network Location Clean Air PCI HS 2.0 MSAP Switching as the Routing Platform Retail applications services Wireless Security WAAS Source: Cisco IBSG, 2011Cisco IBSG © 2011 Cisco and/or its affiliates. All rights reserved. Cisco Public Internet Business Solutions Group 32
  33. 33. Key Takeaways and Recommendations  Mobility is driving sales: create solutions / experiences that lead shoppers to buy from you rather than your competitors  Mobility will significantly impact retail in four areas: 1. Mobile marketing: social + local + mobile 2. Shopper services: make mobile shopping fun and easy 3. Mobile payments: delivering a new shopping experience 4. Mobile store operations: rethinking processes and functions – These areas can increase net margins by up to 10%  Recommendations: — Define your unique, brand-relevant mobile proposition (do not copy) — Develop solutions specifically for your customers mobile moments (fitness for purpose) — Involve all relevant business functions (share the fun) — Actively solicit feedback (listen and act immediately) — Continuously rethink consumer processes / store operations using current / emerging mobile capabilities (continuous innovation) Source: Cisco IBSG, 2011Cisco IBSG © 2011 Cisco and/or its affiliates. All rights reserved. Cisco Public Internet Business Solutions Group 33
  34. 34. For more information and to download the entire presentation:http://www.cisco.com/web/about/ac79/docs/retail/Retail-Mobility_IBSG.pdf

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