24x7 retailing - is it working?
TRANSCRIPT
![Page 2: 24x7 Retailing - Is it Working?](https://reader030.vdocuments.net/reader030/viewer/2022032700/55d53c3ebb61eb39678b458e/html5/thumbnails/2.jpg)
2
Analytics for 24 X 7 Retail “The Opportunity”
• One Hour Offer Expires• The “100” Offer• Proximity & Behaviorally
Profiled Mobile Coupon
• The $55 TV• NASTYTWEET• (Was the product there to meet demand?)
• Did it Work?
![Page 3: 24x7 Retailing - Is it Working?](https://reader030.vdocuments.net/reader030/viewer/2022032700/55d53c3ebb61eb39678b458e/html5/thumbnails/3.jpg)
3
The Balance is Shifting - 200 Years of Retail
Merch Mktg
![Page 4: 24x7 Retailing - Is it Working?](https://reader030.vdocuments.net/reader030/viewer/2022032700/55d53c3ebb61eb39678b458e/html5/thumbnails/4.jpg)
4
The Old Way
• Merchants Rule• Retailers Sell what the Buyer Buys
– Marketing helps move the products that the customer didn’t understand……..
• Marketing Anniversaries old promotions– “Coordinates” Production
• No One is responsible for Stock Outs…….
![Page 5: 24x7 Retailing - Is it Working?](https://reader030.vdocuments.net/reader030/viewer/2022032700/55d53c3ebb61eb39678b458e/html5/thumbnails/5.jpg)
5
Dramatic Change
The World We’re Leaving Behind
• Chain Level Assortments• Chain Level Pricing• A Few “Versions” of
Flyers• Mass Email• The Product Was the Sell
The New Reality
• Consumer Driven Product• Remix by Customer
– Stores– Web Experience– Pricing
• Time/Proximity/Attribute Based Offers
• Selling Customers “a few” at a time
![Page 6: 24x7 Retailing - Is it Working?](https://reader030.vdocuments.net/reader030/viewer/2022032700/55d53c3ebb61eb39678b458e/html5/thumbnails/6.jpg)
6
Traditional Measures and Controls Fall Aside?
• From the CFO……
– Before:• Marketing can NEVER accurately project expenses• Open to Buy is NOT a GUIDELINE!
– Now:• You want more headcount for tweeting for the Merchants?• You want OTB just to support marketing initiatives?
M M
![Page 7: 24x7 Retailing - Is it Working?](https://reader030.vdocuments.net/reader030/viewer/2022032700/55d53c3ebb61eb39678b458e/html5/thumbnails/7.jpg)
7
Performance Metrics
• Sales• GMROI• Operational Productivity
• Sentiment?– Returns, Repeat Purchases……
– One Unhappy Customer might tell 10 People– A Happy customer may tell one friend. – Complaints Department
• What you didn’t know probably couldn’t hurt you…..
![Page 8: 24x7 Retailing - Is it Working?](https://reader030.vdocuments.net/reader030/viewer/2022032700/55d53c3ebb61eb39678b458e/html5/thumbnails/8.jpg)
8
Today “Sentiment” – Speed and Volume
• One-quarter of U.S. consumers are far more likely to spread the word about a bad experience or product than a good one, according to Colloquy's latest research into word-of-mouth sharing practices.
• “no name blogger” 61,000 readers/week• Tweets• Facebook• ……….
![Page 9: 24x7 Retailing - Is it Working?](https://reader030.vdocuments.net/reader030/viewer/2022032700/55d53c3ebb61eb39678b458e/html5/thumbnails/9.jpg)
9
24 X 7 Retail
• Increasingly we sell what we influence and promote• One to One Marketing• More Marketing Budgets and Experimentation• The M&M’s – Unprecedented Coordination Required• Is it Working?
![Page 10: 24x7 Retailing - Is it Working?](https://reader030.vdocuments.net/reader030/viewer/2022032700/55d53c3ebb61eb39678b458e/html5/thumbnails/10.jpg)
10
3 T’s Framework Measuring Success
Thinking
Talking
Transacting
![Page 11: 24x7 Retailing - Is it Working?](https://reader030.vdocuments.net/reader030/viewer/2022032700/55d53c3ebb61eb39678b458e/html5/thumbnails/11.jpg)
11
Stage 1 - Thinking
Thinking reflects a consumer who is at a stage of interest about your company, or a product (that your company may sell). The consumer is assembling knowledge, rationalizing need, and while at the very front end of a purchase decision potentially on the path to purchase.
![Page 12: 24x7 Retailing - Is it Working?](https://reader030.vdocuments.net/reader030/viewer/2022032700/55d53c3ebb61eb39678b458e/html5/thumbnails/12.jpg)
12
Stage 2 - Talking
Talking reflects interaction between consumers who have something to say about your company or product. While Talking has always occurred it has largely been invisible and impossible to measure..
![Page 13: 24x7 Retailing - Is it Working?](https://reader030.vdocuments.net/reader030/viewer/2022032700/55d53c3ebb61eb39678b458e/html5/thumbnails/13.jpg)
13
Transacting
Transacting the ultimate measure of success being a margin rich transaction and a happy purchaser willing to be a repeat buyer. (Attribution of causality for the purchase is difficult)
![Page 14: 24x7 Retailing - Is it Working?](https://reader030.vdocuments.net/reader030/viewer/2022032700/55d53c3ebb61eb39678b458e/html5/thumbnails/14.jpg)
14
MeasurementThinking = Brand• A brand is the essence or promise that a product,
service or company will deliver or be experienced by a buyer
• Brand Awareness Can Be Measured– Focus Groups, Impressions, – Page Views, Clicks, Search, Stickiness,
• Conversions, CPC
![Page 15: 24x7 Retailing - Is it Working?](https://reader030.vdocuments.net/reader030/viewer/2022032700/55d53c3ebb61eb39678b458e/html5/thumbnails/15.jpg)
15
WSJ Today
![Page 16: 24x7 Retailing - Is it Working?](https://reader030.vdocuments.net/reader030/viewer/2022032700/55d53c3ebb61eb39678b458e/html5/thumbnails/16.jpg)
16
MeaurementTalking - VFS• Social Widgets
– Volume– Frequency– Sentiment
• Tweets, Reviews, Likes, Blogs, Searches
![Page 17: 24x7 Retailing - Is it Working?](https://reader030.vdocuments.net/reader030/viewer/2022032700/55d53c3ebb61eb39678b458e/html5/thumbnails/17.jpg)
17
MeasurementTransacting – Recording the Sale – New Dimensions
• Who Why
![Page 18: 24x7 Retailing - Is it Working?](https://reader030.vdocuments.net/reader030/viewer/2022032700/55d53c3ebb61eb39678b458e/html5/thumbnails/18.jpg)
18
3 T’s Framework – Why did it Work?
Thinking• Page Views• Search• Clicks
Talking• Volume• Frequency• Sentiment
Transacting• Who?• Why?
![Page 19: 24x7 Retailing - Is it Working?](https://reader030.vdocuments.net/reader030/viewer/2022032700/55d53c3ebb61eb39678b458e/html5/thumbnails/19.jpg)
19
Techniques for turning all this new data into profit
• Customer Segmentation Analysis – Who’s Buying?– Assortment– Sizes– Unequal Offer
• Promotion & Campaign Analytics – Why are they Buying?– Plan vs. Actual– Reasons for Success/Failure
• Margins, Sell Through, Stock Outs……..
• “Brand Analytics” VFS – What do they think about us?
![Page 20: 24x7 Retailing - Is it Working?](https://reader030.vdocuments.net/reader030/viewer/2022032700/55d53c3ebb61eb39678b458e/html5/thumbnails/20.jpg)
20
New Methods for Information Delivery
• Packaged Solutions!• Aggregation• Exception Based Reporting• Alerts• Real Time Data
![Page 21: 24x7 Retailing - Is it Working?](https://reader030.vdocuments.net/reader030/viewer/2022032700/55d53c3ebb61eb39678b458e/html5/thumbnails/21.jpg)
21
Is it Working? Promotions/Campaigns
![Page 22: 24x7 Retailing - Is it Working?](https://reader030.vdocuments.net/reader030/viewer/2022032700/55d53c3ebb61eb39678b458e/html5/thumbnails/22.jpg)
22
Promotional Analytics
![Page 23: 24x7 Retailing - Is it Working?](https://reader030.vdocuments.net/reader030/viewer/2022032700/55d53c3ebb61eb39678b458e/html5/thumbnails/23.jpg)
23
Customer Analytics
![Page 24: 24x7 Retailing - Is it Working?](https://reader030.vdocuments.net/reader030/viewer/2022032700/55d53c3ebb61eb39678b458e/html5/thumbnails/24.jpg)
24
Questions?
• www.manthansystems.com