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Transcript:
Online retail has matured
Online retail is the pawn that has become the queen.
According to Forrester Research,
online has grown to 9% of retail sales and is projected to generate $327 billion in sales in 2016
According to Shop.org,
270MM people shopped in 2012 holiday season
129MM shopped on Cyber Monday
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In the digital world, our brand can be much bigger than our footprint.? Wherever [our customer] is, we?ll be there.
? Thomas Belk, Chairman and CEO, Belk, Inc.
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Mobile holds even more potential
Social and mobile aren?t emerging technologies. The revolution is already over ? the customer is in control.
According to Whale Shark Media,
there?s been a 51.9% growth in time spent on mobile
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Forrester Research predicts
the $5.5 billion spent in retail (media, CE, apparel) mobile commerce in 2012 to grow to $24.5 in 2017
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Capability in new areas, particularly mobile, is mission critical.? It can?t be an afterthought. We must invest in it to get ahead of the technology and the growth curve.
? Howard Schultz, Chairman and CEO, Starbucks Corporation
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Mobile is no longer just a channel.? It?s not a one-way pipeline of content to consumers ? it is an intrinsic part of consumer behavior.????? ? Susan Jurevics, SVP, Global Retail CRM and Brand Marketing, Sony Corporation of America
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Showrooming
must be embraced
The question is not how do you defend against [showrooming], but how do you leverage it in your business model.
According to Forrester Research,
37% of smart phone owners plan to showroom more in the future
47% of men aged 18-34 plan to show room more
so, you need to have a price matching strategy
and we will see more UPP (unilateral pricing policies)
Showroomers don?t end at the sale ? they?re active consumers.? 58% visit online communities 1+/day and half write reviews (positive ones.) They?re not your enemy.?? ? Jill Puleri, VP, Global Industry Leader ? Retail, Global Business Services, IBM
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Organizational silos are hindering progress
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Channel blur:? Consumers are going to force you to match prices online.? Online and in-store merchandising groups are going to have to talk, compare notes, require coordination.
? Cotter Cunningham, CEO, WhaleShark Media
CEOs are pushing for company-wide digital strategy, but digital departments still often operate independently.
? Vicki Cantrell, Shop.org Executive Director and NRF Senior Vice President of Communities
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Business beats government
Charity alone won?t save the world; we need business and capitalism.
This [retail] industry is the greatest engine of growth in the U.S. today.? We offer hope, opportunity, and career progression.
? Bill Simon, CEO, Walmart
The world needs a lot of care and compassion and business is singularly positioned to deliver on that.
? Walter Robb, Co-Chief Executive Officer, Whole Foods
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Business is the most creative force in the world.
If we?re waiting on government, we?re waiting on a process that can?t act with the same speed as business.
? Bill Simon, CEO, Walmart
Retailers shouldn?t just produce for the middle and upper classes; ?the third world is waiting for retail.?
? Kofi Annan, Former Secretary-General of the United Nations
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Employees and culture should be priority #1
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Think of labor not as a unit cost, but as truly the heart and soul of business.
? Walter Robb, Co-Chief Executive Officer, Whole Foods
If content is king, culture is checkmate ? you need the right people within the company on the bus.
? Eric Qualman, author of Socialnomics
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The most important brand building tool of all is the ability to inspire our people ? not only about what we?re doing but why, and getting them to exceed expectations in way that?s authentic and real.
? Howard Schultz, Chairman and CEO, Starbucks Corporation
Excellence is tremendous amount of fun; mediocrity is not.? People really want to work with great people and achieve great things.
? Kip Tindell, Chairman & CEO, The Container Store
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The ecosystem of stakeholders is powerful
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Shared Conversation concept:? The conversation is owned by consumers, peers, retailers, and countless influencers, bloggers, stylists, media critics and more.
? Susan Jurevics, SVP, Global Retail CRM and Brand Marketing, Sony Corporation of America
?The market? is more than the consumer ? it includes employees, customers, distributors, etc.? All vote and shape our brand everyday.? This requires new ways of working together against shared value.
? Allison Lewis, Senior Vice President, Marketing, North America Division, The Coca-Cola Company
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When you operate with this stakeholder view, the universe conspires to assist you.
? Kip Tindell, Chairman & CEO, The Container Store
The opportunity is to become more of who are you and realize your full potential.? Many businesses aren?t exploring the full potential of their connections with stakeholders.
? Walter Robb, Co-Chief Executive Officer, Whole Foods
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Innovate or die
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Relentless innovation will continue:
flash sales ? daily deals ? subscriptions ?
curated commerce / distributed commerce / crowdsourcing commerce
? Sucharita Mulpuru, Vice President and Principal Analyst, Forrester Research
Any business that embraces business as status quo?is literally facing a collision course with time.
? Howard Schultz, Chairman and CEO, Starbucks Corporation
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Capitalism
re-imagined:
Reimagine what is possible with business.? There is nothing more powerful than the imagination and creativity of individual team members.
? Walter Robb, Co-Chief Executive Officer, Whole Foods
It has never been more important to push for innovation at every level ? we must do everything to push for self renewal, reinvention, a new level of surprise and delight with our customers.
? Howard Schultz, Chairman and CEO, Starbucks Corporation
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Brick and mortar is not dead
Retail at its basic level is individual connection.
Your customer engagements will be your ?30-second spots.?
?Tom Feltenstein, CEO/Founder of Tom Feltenstein?s Power Marketing Academy
Physical retail still has a lot of promising stories that will continue to grow and drive industry in the future.
? Sucharita Mulpuru, Vice President and Principal Analyst, Forrester Research
Source: http://deniseleeyohn.com/bites/2013/01/28/nine-tenets-for-retail-in-2013/
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