Retail & eCommerce
Abstract:
New Technologies and more sophisticated infrastructure are leading the way to an improved consumer journey / shop- ping experience. However, this transition has been different from other sectors in that it is fragmented and complex. Con- sumers want a highly personalized, real time, Omni-channel shopping experience with flexibility and returns. At the same time, advancements in digital shopping coupled with exponential growth in the number of connected devices and individ- uals with internet access has disrupted the traditional consumer path to purchase. Whereas the traditional consumer shopping experience began with marketing and promotions, followed by an in-store retail experience, on-premise checkout platform, over-the phone customer service and in-store returns, this process in no longer the norm. eCommerce sites are offering “try before you buy” experiences with free shipping and returns. Con- sumers are being driven by mobile loyalty and promotion platforms once already in-store. Social media influencers are blurring the lines between native content and advertising, and geolocation advancements are ushering in a new era of customer-targeting. Fierce competition amongst Ecommerce and traditional retail companies, as well as competition be- tween the technology companies that support them, fueled a number of massive exits in 2016 including Jet.com, Lazada and Dollar Shave Club. As legacy retail companies scramble to keep up with modern eCommerce giants, 2017 could prove to be a transformational year for the industry.
Key Market Statistics:
According to UPS’s recent shopper survey, shoppers reported that 20% of their purchases were made in a store the conventional way, 42% percent chose to search and buy entirely online, 22% researched online and in-store before buying in-store, and 16% researched online and in-store before buying online
Mobile Payments reached $450 billion in 2015, and is expected to surpass $1 trillion by 2019 (marketsandmarkets)
Location-targeted mobile ad sales are expected to rise from $9.8 billion in 2015 to $29.5 billion by the end of 2019, a 25% CAGR (BIA/Kelsey) 54% of women around the world have purchased a product or service after seeing it in an influencer's post (Business Insider)
Discussion Topics:
What is your perspective on the dismantling of the traditional consumer path to purchase, and what trends do you see emerging in the next 3-5 years? What are your thoughts on the state of traditional retailers? Do you foresee more deals in 2017 similar to Walmart/ Jet.com as these companies try to keep up with eCommerce giants? What strategies have you seen innovative retailers implement that have placed them ahead of the pack in their ef- forts to expand their digital footprint? What are some missteps you have observed from traditional retailers? Which “hot-button” technologies such as augmented reality, chatbots and drones do anticipate having the most sig- nificant impact on the eCommerce / retail industries? Which do you think will never reach fruition? How has social media marketing evolved in the last 3 years? How has the emergence of newer social media plat- forms such as Snapchat affected the industry? Do you foresee contemporary delivery and returns strategies such as Jackthread’s “Tryouts” or Jet.com’s variable pricing panning out? Which strategies do you think have the most potential? Which practices have proven most effective in folding mobile marketing, promotions and loyalty into broader sales and marketing strategies? What interesting / cutting edge use-cases around data have you seen emerge?
Any key expectations / predictions for 2017?
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