Industry Update - TimeTrade
Industry Update:
The Retail Customer Evolution
FOR MORE INFORMATION CALL US TOLL FREE: 877-884-9224 © 2014 TimeTrade Systems, Inc.
timetrade.com
Reality check: For those who think online and mobile shopping is leading to the fast demise of physical retail stores, think again; more than 75 percent of purchases are still made in stores.1 But brick-and-mortar retailers shouldn’t rest easy; their businesses are very much at risk. While consumers prefer to go to the store to make their purchases, the majority are no longer interested in “shopping.” This change in behavior is putting redesign in-store experiences to capture – and convert – ready-to-buy shoppers. Here’s what is happening in the industry today – and what you can expect in the future as retailers evolve to thrive under these new market and customer pressures.
“The overwhelming majority of today’s retail stores and store networks were not designed or built with the omnichannel shopping experience in mind.” - A.T. Kearney2 timetrade.com
State of the Retail Union: It’s Time to Embrace Showrooming Rather than worrying about showrooming, retailers at the top of their game are embracing it as a way to draw consumers into stores and convert them to paying customers by giving them unbeatable experiences that
• The game changer: Exceptional service. When helped by a knowledgeable associate, more than 93 percent are more likely to buy. And even better, nearly 85 percent are likely to buy more when helped by a knowledgeable associate.
As Best Buy CEO Hubert Joly said when referring to customers in stores, “They are ours to lose.”3
•
The biggest takeaway: Don’t underestimate the power of human connections and expert guidance. Here’s why. TimeTrade just surveyed more than 1,000 consumers to drill into their shopping – and buying – behaviors. The in-store experience is still at the heart of the buying journey: • What’s at stake? Of the 500 consumers who don’t know exactly what they want when they walk through store doors, more than 93 percent can’t
Nearly 85 percent knowledgeable associate, and nearly 90 percent would shop with that retailer again.
When consumers entering stores are quickly connected to the person who can best answer their questions and the results are too compelling to ignore. A full 80 percent of the retailers surveyed by TimeTrade late last year reported that sales increase by 25-50 percent per transaction when shoppers get the attention and insightful recommendations they need and deserve.
buying a thing.
50%
93%
85%
of shoppers don’t know exactly what they want when they enter a store.
90% would return to a store where they were helped by
Results from TimeTrade’s Survey of 1000+ consumers timetrade.com
The Transformation Under Way So who’s getting it right? Apple and Best Buy are two of the most-cited retailers that are winning over hard-toplease consumers with unbeatable personalized and convenient service.
In 2013, Best Buy and Samsung teamed up to create mini stores within Best Buy locations throughout the U.S.4 trained on the Samsung mobile product line and are armed with demo stations. The move is largely seen as a win-win for both brands. At the time the partnership was announced, Samsung was on the verge of launching the Samsung Galaxy 7, its latest product competing against the iPhone, and Best Buy was knee deep in its campaign to embrace showrooming consumers.
Apple: The Genius Bar Goes Mainstream “I want to be like Apple” is one of the most common phrases uttered (reverently) in retail executive circles. Apple’s by-appointment Genius Bars are giving customers a new way to shop – and their balance sheet proves that it’s working. Created with busier-than-ever consumers in mind, Apple is putting shoppers back in control of their own buying and service experiences by allowing them to schedule convenient appointments with the right experts. The result: guaranteed, one-onone attention. More than 25,000 other retail locations are replicating the Genius Bar approach by using online appointment scheduling to give customers the best experience possible.
“Retailers need to continue to provide customers the ability to shop where and when they want – and to make the store the place people want to shop.” 2
timetrade.com
A Bright Future For Brick-AND-Mortar Retailers This type of personalized, convenient service is only going to get better with time – as in-store technologies evolve, and adoption accelerates. In the not-so-distant future, imagine this: Retailers use a tool to know exactly when individual shoppers walk into stores. That information is immediately fed to a scheduling or customer management platform, so the consumers can see who is available to assist automatically added into a queue for the personal shopper or the exact product expert needed – with no hassles required. As retail locations transform into technology-enabled customer experience hubs – and as a byproduct, may shrink – that’s only a positive sign of what’s to come. And that’s exactly what consumers really want. Not yet sold? Check out what more than 1,000 shoppers said about their retail experiences – the best, the worst and what expectations still aren’t being met across the board.
CLICK HERE TO DOWNLOAD OUR MOST RECENT RETAIL SURVEY RESULTS
timetrade.com
About TimeTrade The world’s most well respected brands in retail, banking and industries worldwide use TimeTrade to deliver on their brand promise of a truly personalized customer experience. TimeTrade’s Responsive Customer Engagement Platform allows consumers to connect with a brand, anywhere, anytime – and then gives companies deeper insight than ever before about what consumers want next. The result: higher sales and lifetime, repeat customers. TimeTrade integrates easily with enterprise sales, marketing, service, CRM and business process management systems to accelerate bottom-line business results and drive inbound sales, while enhancing customer experience and loyalty. More than 100 million connections have been made between consumers and businesses using TimeTrade’s scalable Responsive Engagement Platform, directly translating into more than $2 billion in commerce every year.
Sources Wall Street Journal. “Online Shopping is Big. It’s Also Tiny.” February 26, 2014: http://blogs.wsj.com/corporateintelligence/2014/02/26/online-shopping-is-big-its-also-tiny/ 1
AT Kearney. “Recasting the Retail Store in Today’s Omnichannel World.” October 2013: http://www.atkearney.com/consumerproducts-retail/ideas-insights/featured-article/-/asset_publisher/KQNW4F0xInID/content/recasting-the-retail-store-intoday%E2%80%99s-omnichannel-world/10192 2
Associated Press. “Best Buy CEO Outlines Tunraround Plans.” November 13, 2012: http://bigstory.ap.org/article/best-buy-ceo-outlinesturnaround-plans 3
iMore. “Best Buy giving Samsung the Apple Treatment With In-Store Mini-Stores.” March 29, 2013: http://www.imore.com/best-buygiving-samsung-apple-treatment-store-mini-stores 4
FOR MORE INFORMATION CALL US TOLL FREE: 877-884-9224 © 2014 TimeTrade Systems, Inc.
timetrade.com
The Retail Customer Evolution
FOR MORE INFORMATION CALL US TOLL FREE: 877-884-9224 © 2014 TimeTrade Systems, Inc.
timetrade.com
Reality check: For those who think online and mobile shopping is leading to the fast demise of physical retail stores, think again; more than 75 percent of purchases are still made in stores.1 But brick-and-mortar retailers shouldn’t rest easy; their businesses are very much at risk. While consumers prefer to go to the store to make their purchases, the majority are no longer interested in “shopping.” This change in behavior is putting redesign in-store experiences to capture – and convert – ready-to-buy shoppers. Here’s what is happening in the industry today – and what you can expect in the future as retailers evolve to thrive under these new market and customer pressures.
“The overwhelming majority of today’s retail stores and store networks were not designed or built with the omnichannel shopping experience in mind.” - A.T. Kearney2 timetrade.com
State of the Retail Union: It’s Time to Embrace Showrooming Rather than worrying about showrooming, retailers at the top of their game are embracing it as a way to draw consumers into stores and convert them to paying customers by giving them unbeatable experiences that
• The game changer: Exceptional service. When helped by a knowledgeable associate, more than 93 percent are more likely to buy. And even better, nearly 85 percent are likely to buy more when helped by a knowledgeable associate.
As Best Buy CEO Hubert Joly said when referring to customers in stores, “They are ours to lose.”3
•
The biggest takeaway: Don’t underestimate the power of human connections and expert guidance. Here’s why. TimeTrade just surveyed more than 1,000 consumers to drill into their shopping – and buying – behaviors. The in-store experience is still at the heart of the buying journey: • What’s at stake? Of the 500 consumers who don’t know exactly what they want when they walk through store doors, more than 93 percent can’t
Nearly 85 percent knowledgeable associate, and nearly 90 percent would shop with that retailer again.
When consumers entering stores are quickly connected to the person who can best answer their questions and the results are too compelling to ignore. A full 80 percent of the retailers surveyed by TimeTrade late last year reported that sales increase by 25-50 percent per transaction when shoppers get the attention and insightful recommendations they need and deserve.
buying a thing.
50%
93%
85%
of shoppers don’t know exactly what they want when they enter a store.
90% would return to a store where they were helped by
Results from TimeTrade’s Survey of 1000+ consumers timetrade.com
The Transformation Under Way So who’s getting it right? Apple and Best Buy are two of the most-cited retailers that are winning over hard-toplease consumers with unbeatable personalized and convenient service.
In 2013, Best Buy and Samsung teamed up to create mini stores within Best Buy locations throughout the U.S.4 trained on the Samsung mobile product line and are armed with demo stations. The move is largely seen as a win-win for both brands. At the time the partnership was announced, Samsung was on the verge of launching the Samsung Galaxy 7, its latest product competing against the iPhone, and Best Buy was knee deep in its campaign to embrace showrooming consumers.
Apple: The Genius Bar Goes Mainstream “I want to be like Apple” is one of the most common phrases uttered (reverently) in retail executive circles. Apple’s by-appointment Genius Bars are giving customers a new way to shop – and their balance sheet proves that it’s working. Created with busier-than-ever consumers in mind, Apple is putting shoppers back in control of their own buying and service experiences by allowing them to schedule convenient appointments with the right experts. The result: guaranteed, one-onone attention. More than 25,000 other retail locations are replicating the Genius Bar approach by using online appointment scheduling to give customers the best experience possible.
“Retailers need to continue to provide customers the ability to shop where and when they want – and to make the store the place people want to shop.” 2
timetrade.com
A Bright Future For Brick-AND-Mortar Retailers This type of personalized, convenient service is only going to get better with time – as in-store technologies evolve, and adoption accelerates. In the not-so-distant future, imagine this: Retailers use a tool to know exactly when individual shoppers walk into stores. That information is immediately fed to a scheduling or customer management platform, so the consumers can see who is available to assist automatically added into a queue for the personal shopper or the exact product expert needed – with no hassles required. As retail locations transform into technology-enabled customer experience hubs – and as a byproduct, may shrink – that’s only a positive sign of what’s to come. And that’s exactly what consumers really want. Not yet sold? Check out what more than 1,000 shoppers said about their retail experiences – the best, the worst and what expectations still aren’t being met across the board.
CLICK HERE TO DOWNLOAD OUR MOST RECENT RETAIL SURVEY RESULTS
timetrade.com
About TimeTrade The world’s most well respected brands in retail, banking and industries worldwide use TimeTrade to deliver on their brand promise of a truly personalized customer experience. TimeTrade’s Responsive Customer Engagement Platform allows consumers to connect with a brand, anywhere, anytime – and then gives companies deeper insight than ever before about what consumers want next. The result: higher sales and lifetime, repeat customers. TimeTrade integrates easily with enterprise sales, marketing, service, CRM and business process management systems to accelerate bottom-line business results and drive inbound sales, while enhancing customer experience and loyalty. More than 100 million connections have been made between consumers and businesses using TimeTrade’s scalable Responsive Engagement Platform, directly translating into more than $2 billion in commerce every year.
Sources Wall Street Journal. “Online Shopping is Big. It’s Also Tiny.” February 26, 2014: http://blogs.wsj.com/corporateintelligence/2014/02/26/online-shopping-is-big-its-also-tiny/ 1
AT Kearney. “Recasting the Retail Store in Today’s Omnichannel World.” October 2013: http://www.atkearney.com/consumerproducts-retail/ideas-insights/featured-article/-/asset_publisher/KQNW4F0xInID/content/recasting-the-retail-store-intoday%E2%80%99s-omnichannel-world/10192 2
Associated Press. “Best Buy CEO Outlines Tunraround Plans.” November 13, 2012: http://bigstory.ap.org/article/best-buy-ceo-outlinesturnaround-plans 3
iMore. “Best Buy giving Samsung the Apple Treatment With In-Store Mini-Stores.” March 29, 2013: http://www.imore.com/best-buygiving-samsung-apple-treatment-store-mini-stores 4
FOR MORE INFORMATION CALL US TOLL FREE: 877-884-9224 © 2014 TimeTrade Systems, Inc.
timetrade.com
