evolution of the path to purchase
DESCRIPTION
Jason "Retailgeek" Goldberg presents "Evolution of the Path to Purchase", at the CrossView CrossChannel executive summit in Chapel Hill North Carolina, on 4/23/2012TRANSCRIPT
Confidential © 2012 CrossView, Inc. All rights reserved.
Evolution of the Path to Purchase
Jason Goldberg
Vice President of Business Strategy & Customer Experience
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Ready? Set…
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Go!
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Video Slide
http://www.youtube.com/watch?v=oSQJP40PcGI
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Which sells more jam?
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3% Conversion Rate 30% Conversion Rate
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Amazon 9%
Walmart 27%
Sears 2%
Steak 62%
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Not Quite the Average: An Empirical Study of Web Use
– Harald Weinreich, Hartmut Obendorf, Eelco Herder, & Matthias Mayer
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Not Quite the Average: An Empirical Study of Web Use
– Harald Weinreich, Hartmut Obendorf, Eelco Herder, & Matthias Mayer
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Yes 85%
No 15%
Know Price
Yes 70%
No 30%
Free Shipping
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Path to Purchase
It used to be so easy…
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Traditional Funnel
Familiarity Consideration Purchase Loyalty Awareness
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Awareness
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Familiarity
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Consideration
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Purchase
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Loyalty
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Customer Journey
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Web Store
Retail POS
Retail Interactive Mobile Self-Service
Mobile Web Store Direct Marketing
Mobile POS Call Center
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“Multi-channel consumers spend
more per transaction than a
customer who only shops in store.”
82%
– Ian Geddes, Lead Retail Partner, Deloitte LLP
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– Brian Dunn, Former CEO, Best Buy
“We know that of our U.S. store
sales are influenced by our customers’
experience on bestbuy.com and .
of the products we sell online are picked
up in-store.”
60%
40%
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“ of our customers research
online at least occasionally before
purchasing in-store.”
90%
– Karen Hoguet, CFO, Macy’s
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“ of those buying a TV in-store
at Fnac (French CE Retailer) had
previously used the internet for
research.
52%
– Google “Offline Shoppers who Research Online Spend More” study
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“ of consumers researched
online prior to purchase during the
holiday season.”
76%
– Google 2012 Post Holiday Recap
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– Traqline Survey
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“ of internet transactions
involve research in-store.”
21%
– Ian Geddes, Lead Retail Partner, Deloitte LLP
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$1 $5
$1 $10
$1 $60
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Web Influence Sales
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Zero Moment of Truth
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Zero Moment of Truth
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Zero Moment of Truth
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Zero Moment of Truth
A busy mom in a minivan
• looking up decongestants on her mobile phone as she waits to pick up her son at school.
An office manager at her desk
• comparing laser printer prices and ink cartridge costs before heading to an office supply
store.
A student in a cafe
• scanning user ratings and reviews while looking for a cheap hotel in Barcelona.
A winter sports fan in a ski store
• pulling out a mobile phone to look at video reviews of the latest snowboards.
A young woman in her condo
• searching the web for juicy details about a new guy before a blind date.
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Price
Brand
Size
Old Consideration Tree
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Price
Brand
Size
Old Consideration Tree
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Price
Social Proof
Size
New Consideration Tree
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Awareness
– Rand Fishkin SEOMoz
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Familiarity
– Rand Fishkin SEOMoz
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Consideration
– Rand Fishkin SEOMoz
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Consideration
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Consideration
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Purchase
– Rand Fishkin SEOMoz
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Purchase
– Rand Fishkin SEOMoz
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Loyalty
– Rand Fishkin SEOMoz
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Customer Journey
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Customer Journey
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Customer Journey
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Customer Journey
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The Future
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What should I do differently today if…
I believe that 20% of our
sales will soon come from
digital retailing – and that
80% of our sales will be
heavily influenced by it?
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What should I do differently today if…
I believe more than 70% of
all shopping activity and
half of all internet activity
will be from a mobile
device?
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What should I do differently today if…
I believe the customers will
not make a purchase
without social proof?
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What should I do differently today if…
I believe that customers
will have perfect price
transparency?
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Video Slide
http://www.youtube.com/watch?v=a6cNdhOKwi0
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for your time & interest.
VP of Business Strategy & Customer Experience
Jason Goldberg
Confidential © 2012 CrossView, Inc. All rights reserved.
Special Thanks to Our 2012 Sponsors: