the c-suite's perspectiveon using data to boost in-store conversion
DESCRIPTION
Retailers have been collecting data within their brick-and-mortar stores for years, but have struggled to turn it into actionable insight. To succeed, retailers need to implement the tools that will help them understand their customers’ in-store experience and integrate that knowledge into their business. In this session, Bob Willett, Former CEO, Best Buy International and Chairman of the Board, Metapack, will share insights into the their strides in changing the in-store experience to engage customers. First merchants must improve the supply chain. Next, they must improve in-store conversion by arming associates with real-time information and understanding high-velocity spots in the store.TRANSCRIPT
The C-Suite's Perspective
On Using Data To Boost
In-Store Conversion
Presented by Session sponsored by
#CCSeries12
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Today’s Panelist
Bob Willett-Chairman, MetaPack
-Former CEO, Best Buy
International (retired 2010)
Debbie Hauss
-Editor-in-Chief, Retail TouchPoints
MODERATOR
7
Bob WillettChairman, MetaPackMember of Board, LightHaus Former CEO Best Buy International(retired 2010)
• Put the Spotlight on Customer Experience and Employee Experience •
What are the strategic issues facing CEOs?
The WHATs
What is the next source of top-line growth?
What am I famous for in each brand?
What do my brands stand for today and tomorrow?
Which innovations are important for me to respond to?
The HOWs
• How do I run a cost-effective operation and avoid complexity?
• How do I develop a results-driven organisation?
• How can technology and supply chain help me?
• How do I develop a confident organisation, retaining and equipping people for change?
8
…Continuing to drive real growth has become more challenging and complex for today’s retailers
More ComplexMore Competitive More Sophisticated
Higher service levels demanded
Multiple channels and formats
New categories, especially Non-Food and Services
Increased globalisation
Store Comps flat or in decline
Intense price competition
Increased promotions
Expanded own label or exclusive offerings
More robust loyalty program s
Products have become the channel
Enhanced customer insight / segmentation
Uptake of analytics and technology
Alliances with suppliers or other retailers
Localised assortment
9
There is a dramatic and imminent shift inchannel spend over the next 5 years
~1/3Of CE goods categories to be
sold online by 2012
~2/3Of CE goods categories to be
web influenced by 2012
STORE PURCHASED
WEBPURCHASED
WEBINFLUENCED
10
However, promising news of the Multi-Channel Front means that this will be on the retail battleground for the next 5 years
While store comps flatten or decline, multi-channel comps continue to grow at a double-digit rate
Shop 2x more
Spend 90% more
85% more profitable
Multi-channel customers can be created by delivering experiences that specifically address their unmet needs
7 year
Multi-channel
CAGR: 17%*
11
Customer Centricity has shown us that the Multi-channel customer IS the most profitable customer
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