DRTL 3090 EXAM 1
Characteristics of Web 2.0
(interact, read, write, publish) dynamic content collaborative information messages "pulled" by consumers individual enabled bottom up implementation users publish and subscribe Relationship based on interactions ex: FB friends Folksonomy - A user-generated system of classifying and organization online content Social web & the industry In derives value from what one makes of it Why will social web continue to grow? -the face of the new generation -the informed consumer -the need for personal connections -social is fast and cheap
Advanced
-moving in multi-channel -playing with social media -evaluating mobile
Omni-intergrated
-understanding omni-channel shopper -conquered multichannel business strategies -implemented multi-channel systems integration -engaged in email marketing -active in social media -refining strategies and innovating constantly
Types of Omni-Channel Consumers The omni/integrated
30 to 50 yrs. old Affluent and very "connected" Retailers can capture "shopping" patterns and proactively offer promotions
Winning the customer
A consistent enterprise wide strategy that understands, anticipates and influences customer behaviors utilize advanced customer intelligence, mobile and self-serve capabilities
Social Networking Tools
Blogs guides - specialized search engines for searching blog and new contents social tagging - tags invented by users to categorize the data they find online Peer production news amazon peer reviews combining social bookmarking, blogging, and syndication
Customer Expectations in a multi-channel world
Communication Email click-to-chat services social networking abilitiess
Product Development and Sourcing Managers
Cont. emphasis on private label BUT...movement of production further and further will not work anymore Near-sourcing is more profitable model
Social Networking Tools
Content aggregation and management, Mashup Google Maps A website or web application that combines content from more than one source personal and group organization allow collaborative tools, project management, calendar etc. to share, organize, search, and manage bookmarks of web resources. Takes bookmarks and removes the on-user only barrier USEFUL research tool used to identify trends
Customization
Differentitate customer experience with services that are built on an infrastructure underpinned by modern CRM and loyalty management platforms Sites are up to date and in good working order
Implementing Multi-channel Strategies
Enabling technologies brand building marketing and communication expansion cannibalization
The Social Networker
Group trends to be young, but isn't exclusively so Tying into affinities around events or group activities are being investigated
Marketing
Includes offers that are relevant to the specific consumer relevancy determined by website visits, social network affinities, age, interests and other purchases.
Consumers and web 3.0
Interactions with devices and applications will be personalized Higher needs in terms of services & search Better & relevant search content
Web 3.0: the semantic web
Interpret the context of search -efficient ubiquitous (available anytime through any device) data integration individualized (knowledge discovery)
Multi-channel retailing
It is a b2C model integrating stores, directing marketing and online.
Trends in Omni-Channel
Making use of social media Virtual Reality Integrating customer reviews Transparent w/ respect to inventory Technological advances in-store The evolution towards an integrated physical, digital, mobile and social shopping experience is just starting Merging social & local Use digital means personalize physical shopping Brands needs to concentrate on delivering better and more relevant information through mobile devices
What does omni-channel means for retailers?
Merchandising -customer-centric Important to tracks customers movement across channels Merchandising organization cannot be channel specific
Novices
Multi-channel is a priority Launching email marketing social media and mobile are couple of years away
Consumers and web 2.0
New behavior patterns -consumers trust people like themselves -customers service -online shopping -feedback -consumer advocacy
Online Stategies - Reaching the consumer
Online auctions Ebay Comparison shopping sites -Price Grabber -Kayak
Consumer Trends
Online social networks will become the perferred home for brand engagement ' Crowdsourcing will enable consumer to further challenge brands (invites) Mobile will shift into overdrive omni-social visual commerce ex: Youtube, fb, Twitter
Tactics and Concerns Online
Optimizing search engine efficiency Increasing conversion rate Reduce "shopping cart" abandonment Customer privacy Updating websites Improving customer service
The Young Mobile
People under 30 World is wrapped in texting Being able to identify & make offers when this shopper is in proximity to the store
Customer Expectations in a multi-channel world
Price and value commitment -integrated services -cross-channel shopping Secure systems and payment options Customization
Organizational Structure
Pure-play -amazon.com -expedia.com Dual-channel -target Multi-channel retailers -J.C. Penney Electronic spin-offs -QVC
Online stratgeies - Reaching the consumer
Push and pull the strategies -pull strategies work better Merchandise / travel & tourism preferences Shopping options "shopping malls"
Characteristics of web 3.0
Real-time, co-creative web -intelligent web -engaged / invested -curated content -visual web ---Visual commerce ex: posting pic on Instagram Pinterest.
Reasons for Multi-channel approach?
Research more customers Provide customer convenience compete more effectively grow the business balance risk achieve profitability expand globally
What is a omni-channel?
Smooth transition between all the channels that is being operated by the retailer Knowing everything about channel -channels will work from the same databases of products, prices, promotions, etc. -channel transparency Consumers will interact with "brands" NOT "channel"
Omni-channel/multi-channel consumer behavior omni-channel consumer
The "omni-channel" shopper is an evolution of the multi-channel consumer. This shopper wants to use all channels -- store, catalog call center, web and moble -- simultaneously -spends 15 to 30 % more than a multi channel shopper -exhibits strong loyalty & will influence others to patronize the retailer
Web 4.0: Intelligent Web Characteristics of Web 4.0
The entire web will be a single operating system "Always-on" Virtual Reality User-generated mash-ups Dynamic personalization Greater mobile connectivity -"Omni-channel" and "omni-social" -Ubiquitous Growing use of visual search and visual commerce
Major shifts in consumer behavior
The value/price equation unrestrained choices the control factors perception of time the technology revolution "choice generation"
Why "multi-channel" approach?
changing consumer behavior
Five Steps to enable profitable multichannel retail
consolidate cross-channel supply chain management -planning and execution -consolidating assortment planning across channels -restore "fun" to shopping -deliver relevant personalization offers in real time -enable real-time business decision support capabilities -----Loyalty management espectially cross-channel loyalty
Consumers and web 1.0
consumers did not play an active role content owned by businesses It was about "technology" NOT "people" Links to external sites Static portals and displays advertising External pacing (full control to add content)
Single channel informational
consumers know about your brand or products
What is social media?
content created by its audience social media is about enabling conversation You cannot control conversations, but you can influence them Influence is the bedrock upon which all economically viable relationships are built Online tools and utilities that allow communication of info online participation and collaboration
Multi-channel transactional
how consumer pay & take delivery?
Omni-channel experiential in nature
how do the customer feel?
What does Omni-Channel means for retailers? Supply Chain / Logistics
omni-channel fulfillment needs to be profitable retailers cannot maintain seperate inventory for different Inventory has be a "shared asset"
Five Steps to enable profitable multichannel retail
online customer support use social networking tool -to empower consumer analytics -to empower targeted promotions -assortments planning and new product developments -customer feedback
social media ecosytem
publish internet forum /communities blogs social social networking wiki photo audio podcasting vlogs mobile aggregations gaming virual works live casting webinar web conferencing microblogging twitter publish online act like a publisher - relevancy to audience know your audience create content differentiate your content build your community seek influence not control know your competition experiment
Characteristics of web 1.0
ready-on web very little user interaction static websites applications were proprietary -netscape static content business based information messages "pushed" to consumers institutional control top down implementation users search and browse transactional based interactions taxonomy -hierarchical site architecture
social media defined
social media refers to activities, practices, and behaviors among communities of people who gather online to share information, knowledge, and opinions using conversational media. communication collaboration educations entertainment
Store Operations
stores are NOT going away! Employees need to be knowledgable stores become an extension of the supply chain
Digital Impact of Web 3.0 Semantic web & the industry
structured data so it can be used more effectively -integrated intelligent data -relevant content to the user business structure reorganization -promote connectivity & automation -customer relationship Increased consumers of privacy & trust Increased consumers in all parts of the business through social media -customization **360 view of the customer** move to real-time analytics and processing -behavioral advertising Collaborative consumption **cross selling through a better contextualization of product information semantically enhanced help desk, user forums and self service platforms. Social commerce -intensify the networking aspects of consumption -friendship and commerce become less & less distinguishable from one another
Winning the customer
well designed, incorporate advanced graphic techniques, interactives easily navagiable
