retail with purpose - gs1 portugal · title: the january retail snapshot author: mack, seema p....

RETAIL WITHPURPOSE@ GS1

Retail Overview Video

Copyright © 2018 Accenture. All Rights Reserved. 3

Consumer expectations are changing

WAKE UP AND SMELL THE COFFEE


THE MOST VALUABLE COMMODITY TO THE CONSUMER IS TIME

PEOPLE WANT A GUIDE Consumers want more expertise

PEOPLE VALUE THEIR TIME Digital Detox

MOMENTS MATTERSpending money on experiences


LIQUID EXPECTATIONS ACROSS INDUSTRIES

CONVENIENCE CURATION CUSTOMIZATION TRANSPARENTCOMMUNITY


BRANDS ARE NOW INTEGRATED INTO HOW THE CONSUMER LIVES

STOREPOP-UPTHE

HOMESHOWROOM

MOBILE

WEARABLETEXT CAMERA

WEB

SOCIAL

TALK

IOTAUTOMATED

RETAIL

ADDISPLAY

PUBLICTRANSPORT

AR/VR

INTELLIGENTAGENT

SMARTCAR

Copyright © 2018 Accenture. All Rights Reserved. 7Copyright © 2018 Accenture. All Rights Reserved. 7

YESTERDAY…Buying economic quantities from manufacturers and selling them efficiently to consumers

SUCCESSFUL RETAILERS MUST CHANGE TO MATCH CHANGING CONSUMER BEHAVIORS

TODAY…Someone buying something they desire from someone they trust in the moment


WHAT IS PURPOSE?


A bold affirmation of a company’s reason for being in business.

It conveys what the organization stands for in historical, ethical, emotional and practical terms.

And if done well, builds trust over time.


MEASURING PURPOSE

THE LOVE INDEX

Study of Retail Moments

GALLUP STUDY ON PURPOSE

Large Scale Study of Brand Purpose

CONSUMER VALIDATION

Expression of RetailPurpose


160,000 PEOPLEACROSS

57 BRANDS

THE LOVE INDEX


HF R E SFUN

Holds people’s attention in an

entertaining way

RELEVANT ENGAGING SOCIAL HELPFULCreates relevant

consumer touchpoints

Identifies with individual needs

and wants

Connects people with each other

Intuitive, clear and easy to understand


AF R E S HFUN

Holds people’s attention in an

entertaining way

RELEVANTCreates relevant

consumer touchpoints

ENGAGINGIdentifies with

individual needs and wants

SOCIALConnects

people with each other

HELPFULIntuitive, clear

and easy to understand

AUTHENTICDistinct personality

stays true to self


WE TALKED TO CONSUMERS ABOUT BRANDS WITH PURPOSE


WE FOUND THAT…


FOR COMPANIES, CONSUMERS AND EMPLOYEES

PURPOSE MATTERS FOR COMPANIES, CONSUMERS AND EMPLOYEES


1. PURPOSE DRIVESREVENUE & TRUST


MORE LOVE =MORE REVENUEPurpose creates 31% more value

FUN

RELEVANT

ENGAGING

SOCIAL

HELPFUL

AUTHENTIC

High on Love Index

Low on Love Index

$537

$705

Figures represent average annual spend across all retail brands.


AUTHENTIC& HELPFULARE THE MAINDRIVERSOF TRUST

Fun has an inverse relationship with Trust

FUN

AUTHENTIC

RELEVANT

ENGAGING

SOCIAL

HELPFUL

High on Love Index

Low on Love Index


When purpose and product are aligned, consumers give almost twice as much

"wallet-share" as when these factors didn't align.GALLUP


CONSUMER VOICES: STITCH FIX

“Because their purpose is really interesting to me, I would be willing to pay more for this service since the selections are customized.”

Brishette M Chino Hills, California


2. FOCUS ON THEMOMENTS

To deliver consistent, authentic purpose


MANAGE &USE PROFILE

Moments where I provide info

related to my personal

preferences

SELECT/BUY

Moments where I intentionally

planned to purchase

RETURN

Moments where I returned products

to the store or via mail

GET/OBTAIN

Moments where I picked up products

where they were delivered to me

DISCOVER

Moments where I discovered a new

product

CURATEDSUBSCRIPTION

Moments where I received products

that the retailer selected specifically

for me

AUTOREPLENISH

Moments where I received products on auto-replenish

THE LOVE INDEX MEASURES MOMENTS


DISCOVER SELECT/BUY

GET/OBTAIN RETURN MANAGEPROFILE

CURATEDSUBSCRIPTION

AUTOREPLENISH

Apparel Fashion Home ImprovementConsumer Electronics

Health and Beauty Grocery

Lowest

Highest

CURATED SUBSCRIPTION IS THE NEW MOST-LOVED MOMENT


Health & Beauty

Birchbox

Apparel Fashion

Trunk Club

Grocery

Blue Apron

Home Improvement

Houzz

Consumer Electronics

Amazon

THE SAME DRIVERS ARE IMPORTANT ACROSS CATEGORIES

Being

HELPFULMatters Most

Being

AUTHENTICMatters Most

Being

HELPFULMatters Most

Being

AUTHENTIC &HELPFUL Matters Most

Being

AUTHENTICMatters Most

HELPFUL

AUTHENTIC

HELPFUL

AUTHENTIC

HELPFUL

AUTHENTIC

HELPFUL

AUTHENTIC

HELPFUL

AUTHENTIC


CONSUMER VOICES: TRADER JOE’S

“Trader Joe's is there to support the community. They make buying organic or local foods a little bit easier and less expensive.

And I always have a good experience every time I go. The employees are always super helpful and always know exactly where every single thing is.”

Amy AChicago, Illinois


3. PURPOSE HASTO BE ALIGNEDAcross the company, employees, and consumers


ALIGN CONSUMERS AND EMPLOYEES

Only about one-third of the U.S. workforce strongly agrees that the mission or purpose of

their company makes them feel their job is important.

33%Employees who are more aligned

with their company's identity perform higher on key business

performance.

A ++

GALLUP


CONSUMER VOICES: NORDSTROM

“I feel that at Nordstrom the shopper is the star and everyone else there is the supporting cast.

I feel as if I am getting something that is relatively fashionable, something that is high-quality and if I engage with one of their sales associates something that looks stylistically good on me. I feel that Nordstrom is a very trustworthy brand that stands behind its name and products.”

Brenden MChicago, Illinois


CREATING MOMENTSTHAT MATTER


COMPETING WITH PURPOSE IN THE INTEGRATED MARKETPLACE WILL REQUIRE FUNDAMENTAL CHANGE

Redefine Purpose

Reinventing Offering Reinvent Selling Reinvent the Operating Model


THANK YOU

Questions?

retail with purpose - gs1 portugal · title: the january retail snapshot author: mack, seema p....

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