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Omnichannel

How Retailers Are Transforming the eCommerce Marketplace

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How Retailers Are Transforming the eCommerce Marketplace

A joint initiative of Australia’s digital industry peak body, AIMIA, and the Australian Centre for Retail Studies at Monash University, the research aims to give retailers and digital media professionals an independent benchmark by which to assess their own business priorities and opportunities in the online space. 


Whilst no silver bullet strategy exists the are some pleasingly trends identified that will help to increase transformation of the eCommerce and digital space.

Key trends identified by the report include:

  • Online retailing remains a small part of the overall retail landscape, accounting for 5% of global retail spending in 2013. Online retailing is an increasingly important component of the modern marketing mix. 
  • "It's not omnichannel it's just retail". Omnichannel has passed the tipping point and is just normal retail business practice now.  Customers are driving these expectations and retailers understand that there is no on size fits all approach. 
  • Millennial consumers with their always on connectivity are driving expectations and providing opportunities with real time media and new technologies. 
  • The store should be central to an omnichannel execution. Stores have the ability to engage customers in tactile ways, stimulate senses and stir emotions. 
  • There is a strong sales growth linkage to the personalisation of offers and integrating customer information to a single source.
  • Retailers see management and analysis of available data,  keeping up with the pace of change, and targeting the right potential customers among the key future challenges for the next 12 months. 


Opportuntiies for retailers:

  • Opportunities for non standardised products ( I.e. Games and consumer electronics to increasing ther share of the online retail spend mix as customers continue to expert these retailers to offer comparible services. 
  • Depending on the brand, opportunities exist around new technology and media such a real time targeting and tools to target changing millennial consumer expectations. 
  • Challenges around targeting customers and analysis of available data can be addressed in a staggered methodical approach, presenting opportunity for differentiation and optimisation. 
  • Email is still an under utilised marketing tool with significant improvement opportunities in the area of automated and triggered campaigns as well as customer and lifestyle segmentation. 

You can download the full AIMIA Research Findings now. 



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Omnichannel Retail Trends

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Omnichannel Retail Trends

Crosschannel, multichannel, omnichannel... Confused?

There has been significant change in how retailers interact with customers over the past 5 years. Historically, the trend was driven by an internal channel centric view of how organisations can sell. Ultimately, the retailers and solutions that will win will have the customer and the customer experience at the heart of the solution and be driven through customer choice.

The online retail landscape will continue to evolve to deliver this customer focus. I’ve provided 4 presentations below that highlight some of these omnichannel retail trends.

Teradata & Retail Touchpoints

Provides metrics and insights around omnichannel marketing approaches. Importantly, they highlight that success is no longer defined by how you want to sell, but by how customers want to buy. 

Accenture

Provides a summary of trends and case study examples of the omnichannel approach building a seamless customer experience. The most relevant aspect for me is that customer journeys are becoming dynamic, accessible and continuous (they can start and stop at multiple points in the journey. 

Sapient Nitro

Examples of omnichannel leadership from Madonna, Martha Stewart and Arriana Huffington. These leading ladies executed the required concepts before the term omnichannel existed.

 

Propane Studio

Provides a good summary of how current trends such as personalisation impact different retailers and provide example executions. 





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Luxury Goods Online - How Shoppers Research & Buy

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Luxury Goods Online - How Shoppers Research & Buy

Recently, Google partnered with Ipsos to reveal how affluent consumers research and shop for high-end fashion, accessories and jewellery. 

Unsurprisingly, they found that people shopping for luxury goods are among the most digitally savvy, they use the Internet more than any other avenue for research, they use multiple devices and they still want to experience products and finalise purchases in store.

My six key takeaways from the research:

  • Even though 82% of luxury purchases occur instore, 78% of shoppers research online before they buy.
  • Affluent buyers  are more likely to use multiple connected devices (PC, tablet, smartphone) than the general population and in emerging markets they own twice as many devices.
  • Convenience and access to good deals are the key motivations for purchasing online, whilst the main barrier to purchasing online is the desire to experience the product first hand.
  • Luxury shoppers multi-task by interacting with digital devices whilst consuming offline media (TV and magazines). This is more likely in emerging markets with over 80% multi-screening whilst watching TV.
  • There is a preference for immersive advertising formats such as video and 3D imaging to effectively bring luxury items to life online.
  • This research highlights some key opportunities for luxury omnichannel retailers, particularly with respect to linking offline and online marketing efforts, adopting a digital marketing attribution strategy and offering a good online experience regardless of the device.


Download the full research study.
 

Google Luxury Shopper Research




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Digital Divas & Global Commerce Trends - iMedia Summit 2014

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Digital Divas & Global Commerce Trends - iMedia Summit 2014

I recently presented at the 2014 iMedia Online Retail Summit with Amblique Founder & Strategy Director Justus Wilde.

Justus provided a market update on global eCommerce trends including research from the University of Arizona which surveyed more than 7,000 consumers in the US, UK, France and Germany and uncovered an emerging and valuable consumer segment that retailers should know and serve – Digital Divas...

Justus also explored how retailers around the globe are digitising the instore experience and redefining shopping however customers choose to shop.

Today’s consumer assumes you know who they are, what they want, how they like to shop and that you will be able to service and support them whenever and however they like. This paradigm shift means that customers now expect experiences, meaningful interactions and real time advice from retailers.

I presented a case study of some of the challenges associated with launching eCommerce on an international scale as well as tactics to maintain a customer centric approach online with interactive content and features.

View the full presentation below.



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2014 ORIA Multichannel Winners!

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2014 ORIA Multichannel Winners!

Michael Hill was recently awarded Best Multichannel Retailer at the 2014 Online Retail Industry Awards, receiving the coveted award for its online offering created in conjunction with digital commerce agency Amblique.

Michael Hill was one of seven finalists in the category along with Harvey Norman, David Jones, Dan Murphy’s, Masters Home Improvement, Shoes of Prey and Woolworths Online.

The Multichannel award was given to the retailer demonstrating best practice in integrating traditional retail with online retail in an innovative, effective way to grow the overall retail business. Judging was based on efficiency, ingenuity, dedication to customer experience and return on investment. The award was voted by industry experts and the online retail community.

We were recognised for having a superior online experience that not only increased sales online but also translated to more sales in-store. Points of difference included shoppable videos, interactive catalogues, the ability build your own charm bracelet and a dedication to customer education. 

Shoes Of Prey stole the show, picking up four of the twelve award categories, including online retailer of the year.

Congratulations to all of the finalists - I'm looking forward to the retail community raising the bar even higher next year.

The Michael Hill Digital & Amblique Teams

The Michael Hill Digital & Amblique Teams

2014 ORIA Multichannel Award Winners!

2014 ORIA Multichannel Award Winners!


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