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Patrick Rodmell
President + CEO
Watt International
www.wattisretail.com
The Future of Retail: The World Beyond Recession
GlobalShop 2011
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www.wattisretail.com
Integrated Retail Agency
+40 years; +40 countries
Watt International | Overview
We help retailers and brands find ways to sell
MORE things, to
MORE people,
MORE often.
“Watt International is a unique group of talented people,
encouraged to think beyond their specialty…”
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www.wattisretail.com
The Integrated Retail Agency
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www.wattisretail.com
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Moderate Entertainment: Realtime Polling
1. Read the question
2. Select your answer by pushing the corresponding number
3. Change your mind if you want to – you‟ll have 10 seconds
4. We’ll see the results in real time…and results from 2007!
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Engaging through in-store technology
1. Energy expended through the course of our everyday lives will
be captured and used as a major power supply
2. Authenticity will be a key brand attribute in the new world of
skepticism
3. The potential to scan codes and obtain product information
will soon be mainstream
4. In a world of “accelerated adaptation of technology”,
companies that look for “competitive edge” vs. “bleeding
edge” will be the winners.
Predictions from 2007
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YOUR turn to make a prediction:
Ten years from now, the Biggest Change We Will See At Retail Will Be:
12%
41%
28%
19% 1. Smaller stores with more streamlined
product mix
2. More stores and brands that are aligned
with environmental and wellness values
3. New technology playing a greater role
in information and transactions
4. Reduced store traffic, as consumers buy
more online and get home delivery
2007
16%
20%
47%
17%
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www.wattisretail.com
Consumer/Shopper behaviour and the retail landscape are
going to change dramatically in the post-recession era.
Conclusion:
But don’t blame the recession.
The recession is simply accelerating changes that were already
underway due to other factors, for example;
-Too many stores and product options
-Shrinking middle class
-Demographics….
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Shopper + Consumer Insights go mainstream1
Trend
Trends that will shape the Future of Retail:
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The brands/products we buy
Who‟s calling the shots now?
Who „Owns” the Consumer?
The game changer…
But this only told us “what”;
NOT “who”
The places we buy them
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Then came rewards programs and the data started flowing…
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All we can do is learn everything we can about them
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How many Reward Programs do you belong to?
45%
36%
18%
1%
2007
13%
21%
31%
36%
1. None
2. 1 to 2
3. 2 to 4
4. 5+
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The brands/products we buy The places we buy them
Who‟s calling the shots now?
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Make no mistake – the Shopper is now in charge!
…and it‟s only going to get
worse…or better!
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social media and mobile connectivity have changed the Path to Purchase and dramatically increased the importance of understanding the
“Perception” of your brand
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Understanding shopper perceptions is key…
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…and understanding how they shop is essential
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Shopper + Consumer Insights go mainstream1
Trend
1. Women: Chief Purchasing Officers
Trends that will shape the Future of Retail:
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1.Women make;
- 93% of over-the-counter pharmaceutical purchases,
- 93% of food purchases,
- 92% of vacation buying decisions,
- 66% of personal computer purchases... [Too Busy To Shop: Marketing to Multi-Minded Women]
2.Women influence 95% of all purchases and control
80% of all household spending [Marti Barletta, Marketing to Women]
1
Trend
Women: Chief Purchasing Officers
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1. 59% of women feel misunderstood by
food marketers
2. 66% of women feel misunderstood by
health care marketers
3. 74% of women feel misunderstood by
automotive marketers
4. 84% of women feel misunderstood by
investment marketers[Source; Too Busy to Shop: Kelley Skoloda]
1
Trend
Marketers still aren’t getting it
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Women value authenticity, community,
connectedness and quality of life.
The more „virtual‟ our life gets, the more me
crave authentic experiences
Does your brand and retail experience exhibit
these qualities?
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The Dove ads celebrated “authenticity” and self-esteem…
and drove up soap sales 600%! (Unilever)
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Harley Davidson
Today, women riders
constitute roughly 12%
of Harley sales, up from
2% in 1995.
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1
Trend
1. Women: Chief Purchasing Officers
2. Perdido en la traducción
Shopper + Consumer Insights go mainstream
Trends that will shape the Future of Retail:
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Perdido en la traducción
1. By 2015, Hispanic consumers will play a major role in contributing to
the upsurge of retail spending
2. Hispanics are adopting the internet twice as fast as the general
market - 14 percent growth vs. 7 percent (Ethnic Technologies, 10/06/09)
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Papa John‟s
http://espanol.papajohns.com
A greater proportion of Hispanic customers place orders using cellphones.
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1. Women: Chief Purchasing Officers
2. Perdido en la traducción
3. Generation M.
1
Trend
Shopper + Consumer Insights go mainstream
Trends that will shape the Future of Retail:
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• Born after 1990: The coming consumer generation
• Don‟t know life without the internet
• Short attention spans
• Don‟t trust advertising – look to their social network
• Mobile technology is a commodity
• Sensitive to our environment
Generation M
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Pick the Statement That Most Accurately Reflects Your Opinion:
Generation M (16-21 years old) will:
34%
43%
9%
14% 1. Be more brand loyal than consumers are today
2. Demonstrate about the same loyalty as consumers do today
3. Be more likely to switch brands
4. Have few, if any, real brand relationships.
2007
20%
6%
40%
34%
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1. It’s smart to save
Economic Instability changes the value equation2
Trend
Trends that will shape the Future of Retail:
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IKEA: from cheap to savvy
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Target
Saving can be fun!.
Source: AC Neilsen: Company press releases; latest monthly or quarterly report
Same Store Sales - 2010
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1. It‟s smart to save
2. Buy American
Economic Instability changes the value equation2
Trend
Trends that will shape the Future of Retail:
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1. It‟s smart to save
2. Made in America
3. The rationalization of retail
Economic Instability changes the value equation2
Trend
Trends that will shape the Future of Retail:
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The Rationalization of Retail – Changing Retail Formats
• Retailers are open to new options, such as becoming
landlords to other retailers
• Retailers are opening smaller format stores
• Reigning in previously stand alone stores and nesting them
in existing stores
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Smaller Store Formats
Smaller Store Formats
• Walmart will open its first Express
store this year
• Best Buy Mobile, Office Depot
and Staples are all coming out
with small format models
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• Away from stand-alone: The Gap
is gradually reverting to nesting its
Baby Gap and Gap kids offerings
within its Gap store
Gap
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1. It‟s smart to save
2. Made in America
3. The rationalization of retail
4. The continued assent of private brands.
Economic Instability changes the value equation2
Trend
Trends that will shape the Future of Retail:
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Private Label Unit Share
2005 2006 2007 2008 2009
Economic Growth Recession
2010
Pre Recession Norm
Post Crisis Norm
Source; Nielsen
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Conscious Consumption becoming a decision driver
1. Environmental Distress
3
Trend
Trends that will shape the Future of Retail:
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Marks & Spencer
„Sustainable Learning‟ store
• Harvested rainwater will
supply all the toilets
• Heated by expelled heat from
its refrigeration units
• Electric car charging points
will be available in the car
park
• Goal – to be the world’s most
sustainable major retailer by
2015
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P&G Compacted Detergents
Could help save
up to 22 million
pounds of total
packaging in
North America
each year
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Wine Self-Service Kiosk… in France!
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Charging Stations at Retail
What happens to gas stations?
Electric Cars
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1. Environmental Distress
2. Social Concern.
3
Trend
Conscious Consumption becoming a decision driver
Trends that will shape the Future of Retail:
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Social
1. Human Rights
2. Fair Trade
3. Philanthropy
4. Diversity
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The website has received over 3
million “Likes” on Facebook
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Which of the following technologies do you think will deliver the
most value to your business within the next five years
14%
15%
5%
66% 1. Connecting with customers through
cellphones/smartphones
2. In-store media
3. Internet e-commerce
4. In-store interactive media
2007
18%
10%
37%
36%
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Trend
4
Adaptation of Technology: putting control in the
hands of the shopper
Trends that will shape the Future of Retail:
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Mobile Rules
1. Mobile usage up: In December 2010, nearly
47% of mobile subscribers in the US accessed
mobile media
2. More than 64% of consumers want to
receive information and notifications about
shopper loyalty offers via email
3. Redemption rates for mobile coupons are
10x that of paper coupons
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Game-changers:
1. Location-based Marketing
2. Mobile Self-checkout POS
- no price tags; personalized pricing
- reduced in-store labor
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1
65
3
4
2
QR Codes and Barcodes
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Levi‟s
The Facebook “Like” button:
when will it start showing up in stores?
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Mobile Apps
Loopt and Neer‟s location-
triggered reminder apps
Loopt: limited-time perishable-
inventory deals close to their real-
time location.
Neer: link tasks to retailers and
sends a reminder message when
the user is close by.
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Virtual Coupons
Virtual butterflies appear on consumers phones as they approach one of the participating shopping
centers. Shoppers must “catch” the butterflies in order to activate the coupons.
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What people love about the virtual world;
1. Limitless Horizons
2. Personalization
3. Connectedness
4. Engagement
5. Entertaining
How can you deliver this through physical retail?
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Since it‟s inception, the digital world has tried to emulate
the positive features of the real world.
It’s time to turn the tables.
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PRXPersonal Retail eXperience
social
rewards
access
entertaining
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2007
10%
52%
36%
1%
If you asked your customers, they would tell you that it’s exciting
to shop your store
10%
35%
33%
22% 1. Absolutely
2. Somewhat
3. Not really
4. Not at all
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Engaging through in-store technology
In a recent survey in the UK, 40% of respondents said they
recommended retailers to friends as a direct result of a positive
technology-enhanced experience at the store
Personal Retail Experience (PRX)
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Adidas
The new touch-screen interactive adiVerse
Footwear Wall displays as many as 8,000
shoes for shoppers to view. The wall renders
products in 3-D, and allows a shopper to spin
and zoom in on the shoes, and call up
specs.
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JCPenney
Self-Service Kiosk
• View product availability
• E-mail images and information
• 360-degree views and zoom features
• Scan the bar code of an in-store item to learn more about the
product‟s features
• Provide product recommendations for complementary items
• Online “dressing room – with directions
• Print out a receipt and purchase an online item at an in-store
register, with the rest of their in-store purchases.
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Walgreens
Virtual makeover booth at Walgreens features a built-in camera for customers to
take their picture and experiment with
various looks while in store.
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Intel Interactive Screen
The informational overlay onto the physical space
behind is similar to augmented reality.
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www.wattisretail.com
Step 1:
It‟s NOT about a retail experience;
it‟s about experience retail.
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What kind of retail is this?
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www.wattisretail.com
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Arche Shoe Store, Las Vegas
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Hollister (Toronto)
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Pop-Up Stores
IKEA – Created displays in dense urban locations to
reach their target market (New York City, Downtown
Toronto, Subway Terminals).
IKEA
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Self-Service Vending Machines
1
54
32
76
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www.wattisretail.com
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What makes this an “amazing retail experience”?
Products, People and energy!
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www.wattisretail.com
Convergence:
As virtual experiences and the physical
world collide, the need for integration of
all brand touchpoints becomes even
more critical
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“…a price reserved exclusively for you”
“These exclusive savings… are not available to everyone”
“We appreciate your business”
“Valued Rogers Customer”
Rogers
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Rogers
“Exclusive” deal is $30 more than the standard offer on their website
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Trader Joe‟s
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www.wattisretail.com
The Future of Retail is being shaped by;
1 Shopper + Consumer Insights going mainstream- Rewarding Shoppers will be price of entry- Women and Ethnic sensitivity – Authenticity and character- The M-Powered Generation
4 Adaptation of Technology putting control in the hands of the shopper- Smaller stores; pop-up stores
- Personal Retail Experiences (customization, flexibility)- Flexible retail – including Vending/Kiosks- Experience Retail – connected and engaged- Integration of all brand touchpoints – online and off
3 Conscious Consumption becoming a decision driver- Cause Marketing - Packaging innovation- Game change at gas/convenience
2 Economic Instability changes the value equation- Redefined value equation – it‟s fun and smart to save- “Buy American”
- More private brands