the future of retail michael weissman svic presentation
DESCRIPTION
The Future of Shopping: How New Technologies Disrupt Retail & What Opportunities It Creates for Entrepreneurs Join us for this exclusive discussion of new technology trends that threaten to disrupt online shopping as we know it. In this interactive, engaging and very provocative talk, Michael Weissman, CEO of Synqy Corporation will explain the current digital path to purchase, who’s trying to control this process and what to do about it. DISCOVER what business opportunities this brings - in new technologies, new business models, new marketing approaches FIND Out about a quiet rise of unexpected competition - Google, which may end up controling the entire digital path to purchase LEARN practical steps and tools to help you take advantage of unprecedented changes in online shopping and grow your business SPEAKER: Michael Weissman Chairman and CEO of Synqy Corporation co-author of The Paradox of Excellence With 25 years of high technology marketing experience with large companies and start-ups—and 15 of those years in senior executive positions— Michael Weissman is currently Chairman and CEO of Synqy Corporation ( www.SYNQY.com )—a leading Internet marketing technology that adds deep interactivity and engagement to digital images. As a brand marketing consultant, Weissman has advised some of the most successful companies in technology including Apple, Amazon, Adobe, HP, Intel and Symantec. He is also co-author of The Paradox of Excellence, which has been published in 7 languages.TRANSCRIPT
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The Future of RetailHow to put it back together when it all falls apart
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Outline
• Macro view
• Implications
• Causes
• Recommendations
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30,000” view
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WHAT IS RETAIL?
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Ecommerce Value Chain
Customer perspective
Sellerperspective
Selection
Finding the right product quickly
Customer acquisition & merchandising CMS
Buy
Fast, simple & affordable transaction
1-click ordering
Process order
Easy to pay the way want to pay
Cart
Get it shipped
Convenient delivery & cost
Warehouse & logistics
Get support
Easy to try, return, or work through issues
Omni-channel support
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Ecommerce Value Chain
Selection
SINGLE RETAILER
Benefits of scale- Purchase power- Selection- Logistics efficiencies
Buy Process order Get it shipped
Get support
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Yet… Retail is breaking
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Becoming disaggregated
Discovery
Buy
Selection
Transact
DeliverySupport
Share
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PLACE
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Changes in DistributionDrive Innovation
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Instacart
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Where can it head?
• Robotic sorting• Robotic delivery• Autonomous cars
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Moving to Omni-Channel
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INSIGHT | WHAT HAPPENS WHEN RETAIL
IS NO LONGER A PLACE?
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DISCOVERY & SEARCH
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© 2013 SYNQY
CONTENT CONSUMPTION WAS CENTRALIZED
80% of adults could be reached with 3 TV ads in 1965.
Today, it would take 117 commercials in prime time.
- Former CMO, P&G
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Path to purchase used to be linear
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Most time was in store
Actively shopping After the exchange
Preparing to shop
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Retailers are too-transaction centric
• Didn’t focus on path to purchase (P2P)
• Missed most of the shopping process
• Less opportunities to create ROI and monetization
Only focused
here
Missed opportunityMissed
opportunity
15 different sites over 5-6 weeks Lots of content
Actively shopping
After the exchangePreparing to shop
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Discovery time in-store is declining
34% drop
Shoppers are going elsewhere to learn about what to purchase.
This raises acquisition costs, too.
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Money is made along the path to purchase not, just at transaction
Discover Purchase Use
Marketing $$ Margin $$ Repeat/Upsell $$
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Ad revenue has dropped 50% in 6 yrs
50% drop
Advertisers know retailer circulars don’t work like they used to.
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The Purchase Path is now convoluted
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The number of touch points is growing exponentially.
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© 2013 SYNQY
CONTENT IS EXPLODINGBreaking through is harder than ever
“We generated more content in the last 2 days than we did from beginning of time until 2003”
– Eric Schmidt, Google
2003TodayBeginning of time
2 Days today > 6,000 years
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© 2013 SYNQY
CUSTOMERS MORE DISTRACTED THAN EVER
Source: Google
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© 2013 SYNQY
CONSUMERS DON’T READ, THEY SCANRead only 8% of the article (32 words)
40% view
½ story
http://www.slate.com/articles/technology/technology/2013/06/how_people_read_online_why_you_won_t_finish_this_article.html
Only 40% see more than ½ the article
And they only read 20% of what they see.
Source: Jacob Nielsen
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© 2013 SYNQY
USERS DON’T CLICK ON WHAT THEY DON’T SEE(only 10-20% of links get seen)
50% never read past here.Above the
fold The good stuff – the interactive content and links are here.
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© 2013 SYNQY
AND THEY RARELY GET TO THEIR CTA DESTINATION
Most customers are lost quickly when asked to click away from what they are doing
1 2 3 4 5 6 7 80%
20%
40%
60%
80%
100%
120%
Number of clicks
33%
11%
3.7%1.2% 0.41% 0.14% 0.05%
% of customers still with you
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Marketing $ are moving from retailers to online properties like Google
Discover Purchase Use
Marketing $$ Margin $$ Repeat/Upsell $$
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Product Listing Ads – big trend
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Internet Scavenger Hunt
BUY
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MARKETING TRANSPORTATION$100B
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Marketing dollars are substantial…
$83
Google Ad dollars per
order*
$10 margin per order
Source: Google average ad cost @ 3% convert rate, Margin assumption of 50%
8x bigger
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Retailers are getting commoditized
Price becomes differentiator
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Who is this retailer?
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Who is this retailer?
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INSIGHT | WHO CONTROLS SHOPPER?
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DIGITAL SHELF
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How will we disrupt merchandising?
Discovery
Buy
Selection
Transact
DeliverySupport
Share
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HOW WILL YOU CUT CUSTOMER ACQUISITION COSTS?
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Add value through proximity
$$
Path to purchase
POS
The closer to the time and place of purchase, the more valuable the marketing investment
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Persuasion is weakest at the shelf
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Brand Storytelling and product marketing are separated
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Limited retail usability innovations
2002 2014
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Object of Desire
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Object of Desire
The desire comes from the marketing and brand work
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Ecommerce Today
No persuasive brand content
How Brands Market
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Object of Desire
Great content is stripped when it goes to resellers
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Object
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INSIGHT | RETAILERS ARE
COMMODITIZING BRANDS
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Commoditized shopping experience
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Commoditized shopping experience
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There’s very little other differentiationSection Attribute TRU Amazon Walmart Target
Details &Description
Product details ✔ ✔ ✔ ✔
Product description <50 word ✔ ✔ ✔ ✔
Quick bullet facts about product ✖ ✔ ✔ ✖
Rich-media content
Roll over image/zoom ✔ ✔ ✔ ✔
30 Second video commercial ✔ ✖ ✖ ✖
Customer and shipping information
Customer Question & Answer ✔ ✔ ✔ ✖
Customer reviews ✔ ✔ ✔ ✔
Featured/related items ✔ ✔ ✔ ✔
Fast shipping options ✔ ✔ ✔ ✔
Local store search ✔ N/A ✔ ✔
Price comparison/financing options ✖ ✔ ✔ ✖
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INSIGHT | RETAILERS ARE
COMMODITIZING THEMSELVES
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Enthusiasm gets lost, not amplified
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What Happens Without Impulse Buying?
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Merchandising
Matters.
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Didn’t deliver right content
• Most shoppers still go to vendor websites for information
• Over 50% of shoppers who abandon shopping carts go to visit vendor websites
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Sources: LivePerson, IBM/CoreMetrics
100% of shopping
carts
32%Buy
The cost of stripping away the content
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Sources: LivePerson, IBM/CoreMetrics
100% of shopping
carts
68%Abandon
32%Buy
The cost of stripping away the content
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Sources: LivePerson, IBM/CoreMetrics
100% of shopping
carts
32%Buy
41%Other reasons
27% Seek rich
vendor content
The cost of stripping away the content
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Transactional info, not lifecycle info
• Focused only on one small sliver of time and narrow content
• Didn’t think end-to-end or whole consumer lifecycle
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Win the discovery phase with more relevant content
Discover Purchase Use
Give them a reason to shop you in this phase
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Content Enhances Discovery
VENDOR PRODUCT REGISTRATION
VENDOR-BASEDPRODUCT SUPPORT &
CONTENT INFORMATION
PROMOTIONAL INFOBUYER’S GUIDES &
EXPERT ADVICE
LIVE VENDOR CHAT
AUTHENTIC UNBOX VIDEOS AND USER PHOTOS
INTERACTIVE MARKETING MATERIALS
CAUSE MARKETING MATERIALS
RICH-MEDIA SHARING
HOW-TO TUTORIALS
AWARDS
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INSIGHT | RELEVANCE WINS DISCOVERY
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COMPARISON SHOPPING
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HOW WILL YOU FIGHT SHOWROOMING?
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THE PATH ISN’T CLEAR
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Google Value Chain
Selection Buy Process order Get it shipped
Get support
PLAAdwordsExpress
Wallet WalletExpress
Express ?
44% of transactions today in ecommerce
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Where are you?
Advice: Be careful with your partnerships
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INSIGHT | SCALE MATTERS AGAIN.
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© 2013 SYNQY
ENCOURAGED YET?
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THE VENDOR PERSPECTIVE
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WHAT HAPPENS WHEN 3-4 BIG RETAILERS CONTROL EVERYTHING?
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Vendors need a toxin. Retailers too.
Need a way out.
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Vendors need to protect their channel.
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As Google search goes local,National brands lose control
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Vendors must transform discovery
Discovery
Buy
Selection
Transact
DeliverySupport
Share
• Lowers the Google tax• Increase flatter retail• Shortens path to purchase• Can move location of retail
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INSIGHT | IT’S THE NETWORK. STUPID.
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HIDDEN PROBLEM.
Product marketing content doesn’t flow to resellers.
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PRODUCTS FLOW
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PRODUCTS FLOW
Content Doesn’t Flow
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Work gets replicated
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Problem
• Gathering the rich media content
• Organizing and managing it
• Keeping it current
• Displaying the content across sites, platforms and apps
Too hard and expensive for companies to do themselves
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INSIGHT | IT’S THE NETWORK. STUPID.
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NOW WHAT?
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EMBRACE THE COMPLEXITY
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Turn Pointers to Engagement into Places of Engagement
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Built engagement everywhere
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LEVERAGE THE POWER OF THE NETWORK
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Introducing SYNQY
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Introducing SYNQY
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Introducing SYNQY
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Introducing SYNQY
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Introducing SYNQY
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Introducing SYNQY
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Introducing SYNQY
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Rich, interactive brand content
Improves your results and product pages
Curates together
Live Feed
How it works
1 line of codeProduct pages
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SEE IT IN ACTION
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Sources: LivePerson, IBM/CoreMetrics
100% of shopping
carts
32%Buy Upside of fixing
91% growth
41%Other reasons
27% Seek rich
vendor content
SYNQY can deliver real financial results
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Everybody Wins
Shoppers Get better experience
Resellers Increase revenue per visitor
BrandsImprove persuasion at the pivotal moment of truth
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UPDATE ONCE – CORRECT EVERYWHERE
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See more clearly
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Hassles eliminated
• Simplify shopping• No more wasted time• Discovery is comprehensive
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DYNAMIC & RESPONSIVE
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Costs Eliminated
Gets rid of manual efforts to keep content current and relevant
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INSIGHT | PARTNER OR PERISH
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WHAT IS RETAIL?
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Summary
• Retail is disaggregating
• Product discovery sits as pivotal way to survive
• Key is to partner with vendors
• Think network, not static
• Ride the change to survive
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Q&A | LET’S DISCUSS