total retail-customer trends that are changing business models
DESCRIPTION
TRANSCRIPT
Total Retail: Customer Trends that are Changing Business Models – Report by PwC
Presented by:Ms. Rachna Nath
Head of the Consumer Products Practice - PwC
Retailing in Emerging Markets
Total Retail: Customer Trends that are Changing Business Models
Thinking Total Retail
Technology has raised the bar and a
unified brand story across all channels
that promises a consistently superior
customer experience which ensured that
the marketing department is integrated
with the back office supply chain
facilitated by agile and innovative
technology–together which constitutes
the building blocks of the next retail
business model.
•There was a clear difference between how the retailer looked at customer experience and what the shopper wanted.
•To bridge this gap, it’s important for retailers to break the silos and create a unified experience.
Rachna Nath,Executive Director,PwC
Total Retail: Customer Trends that are Changing Business Models
Key Trends Found in the Study
Buying pattern: Leveraging the best of both worlds
My favourite retailer: The customer is still deciding
Why do customers buy online or in-store? It’s not price. It’s trust.
The ‘social’ usage of social media
Smartphones and tablets: The game-changers
Total Retail: Customer Trends that are Changing Business Models
Key Trends Found in the Study
The key trends will drive the business model for the ‘total retailer’ and blur the lines between online and in-store.
This phase of change will be led by the customer, and it might make business sense for the retailer to co-create their business model with
them.
Total Retail: Customer Trends that are Changing Business Models
Trust matters as much as
price.
That’s the genesis of
“Multi” channel retail.
Total Retail: Customer Trends that are Changing Business Models
Online shopping
frequency is high. Almost
one-third customers buy weekly.
Total Retail: Customer Trends that are Changing Business Models
Convenience Plays.
Total Retail: Customer Trends that are Changing Business Models
Experience (STILL) matters!
Total Retail: Customer Trends that are Changing Business Models
Social Media attracts
‘footfall’ –based on
deals AND product features.
Total Retail: Customer Trends that are Changing Business Models
Total Retail: Customer Trends that are Changing Business Models
Conclusions
On the customer service side, managing online customers requires additional rigor; as compared to managing
those who walk into the stores.
Retailers will need to manage the physical as well as the online store as a portfolio of stores.
The online customer today is more proactive in sharing his or her overall shopping experience on social networking sites
Customer analytics is a key area of focus for all retailers.
Retailers who are successful in differentiating themselves in the market are the ones who are agile to change, can build a flexible as well as scalable business model that seamlessly
integrates the front and back-end processes in order to meet customer expectations and build trust.
Total Retail: Customer Trends that are Changing Business Models – Report by PwC
Presented by:Ms. Rachna Nath
Head of the Consumer Products Practice - PwC
Retailing in Emerging Markets