The DIY Store of the Future - Home Hardware Conference

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    23-Aug-2014
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Presentation on the 'DIY Store of the Future' made at the Home Hardware Conference - 10th April 2014.

Transcript of The DIY Store of the Future - Home Hardware Conference

  • IRGinsight retail group
  • Delivering competitive advantage through information, intelligence, ideas & insight for the Home Improvement Industry. IRGinsight retail group
  • ininsightdiy insight training IRGinsight retail group
  • ininsightdiy insight training IRGinsight retail group
  • IRGinsight retail group
  • Brand Power Retailer Power Consumer Power The brands decided which retailers could stock their products. The retailers decided what products to range in their stores. The consumer decides where they want to purchase products. ininsightdiy insight training IRGinsight retail group
  • ininsightdiy insight training IRGinsight retail group
  • There are now so many ways in which consumers can engage with a retail business. ininsightdiy insight training IRGinsight retail group
  • In the next 5 Years 74% believe that developing a more engaging in-store experience is going to be business critical. 56% of all transactions will be completed via mobile point of sale, self checkout at a terminal, or on a shoppers mobile device. 42% of sales will come from on-line, mobile and social commerce sites. 42% expect to send coupons based on a customers location in the store. 41% expect to provide personalised product details, based on previous behaviour to a shoppers smart phone. 35% expect to recognise their customers in the store with geofencing or presence technology. insightdiy insight training IRGinsight retail group
  • ininsightdiy insight training IRGinsight retail group
  • IRGinsight retail group
  • The retail journey Virtual product displays The importance of consumer reviews ClicknCollect 3D printing technology Payment Solutions Google Glass Ge0-fencing technology Vouchers & Cashback websites insightdiy insight training IRGinsight retail group
  • Shopping 1914 Shopping 2014
  • insightdiy insight training IRGinsight retail group Brochures replaced with iPads. Section to browse videos & reviews. Free in-store Wi-Fi. 60 second fast track click & collect. Posters replaced with dynamic screens.
  • IRGinsight retail group
  • BACKGROUND In South Korea, Tesco Homeplus has a fewer number of stores compared to No.1 retailer E-mart. Koreans tend to shop in stores near their homes just because its more convenient and reachable. MISSION Could they become No.1 without increasing the number of stores? IDEA Let the store come to the people! They created virtual stores hoping to blend into peoples everyday lives. Their rst try was subway stations. Although virtual, the displays were exactly the same as actual stores from the display to merchandise. Only one thing was dierent, people use smart phones to shop.
  • Virtual displays identical to real store displays.
  • You can still buy from a bricks and mortar store, even if closed.
  • IRGinsight retail group
  • Consumers now trust on- line reviews from complete strangers, more than they trust retailer store staff. ininsightdiy insight training IRGinsight retail group
  • Nordstrom is the most followed brand on the social media website Pinterest, and highlights in store the items that have been pinned the most. ininsightdiy insight training IRGinsight retail group
  • South American boutique retailer C&A Brasil is using a new hanger technology that digitally displays how many "likes" a garment has on Facebook. Specic items are listed on the retailer's FB page where users are encouraged to "like" their favorite items, which will then be reected on the small digital monitor attached to the corresponding hanger in the shop. ininsightdiy insight training IRGinsight retail group
  • Theres no reason why each product couldnt have some form of review information taken directly from the retailers websites. This could include customer reviews, a ranking by sales out or even a direct link to a You Tube video for each product. ininsightdiy insight training IRGinsight retail group
  • IRGinsight retail group
  • The number of UK shoppers using click and collect is set to double by 2017, according to research from Planet Retail. 35% of online shoppers in the UK used click and collect in the past six months but this gure is expected to more than double to 76% in 3 years. Click and collect has been rolled out by retailers including Next, John Lewis, Cotswold Outdoor and Asda and have been largely welcomed by British consumers who value the convenience and security of knowing a product will be in store. Retailers could be doing more to cater to this shifting shopping behaviour. Only two-thirds of the top 50 retailers oer the service, while only 14 per cent oer more than one collection option (i.e. instore collection, locker etc.). ininsightdiy insight training IRGinsight retail group
  • IRGinsight retail group
  • This 3D printing made its Bond debut in Skyfall, but its rapidly gaining widespread adoption across a host of industries. The lms producers used 3D printing to make three full size DB5 models, each with 18 parts, so they could be lmed - and then blown up - without damaging the original. Immaculately nished, each model is indistinguishable on screen from a real DB5 ininsightdiy insight training IRGinsight retail group
  • ininsightdiy insight training IRGinsight retail group
  • No reason in future, why retailers couldnt oer an in-store service which included the 3D printing of products, parts or spares. ininsightdiy insight training IRGinsight retail group
  • IRGinsight retail group
  • Already available as a download, Google Wallet is a mobile payment system that allows its users to store information on their debit/credit cards, loyalty schemes and promotions. Also enables payment via NFC (near eld communication) by simply tapping the phone on a PayPass Reader. ininsightdiy insight training IRGinsight retail group
  • Pay Anywhere technology means that store sta can come to you anywhere in the store to take payment and no more queuing at tills at the weekend. ininsightdiy insight training IRGinsight retail group
  • IRGinsight retail group
  • Google Glass is a head mounted mobile computer, with similar functionality to a smart phone. Currently being trialled by thousands of Explorers in the US. ininsightdiy insight training IRGinsight retail group
  • Your own personal interactive showroom tour, carried out by store consultants wearing Google Glass. ininsightdiy insight training IRGinsight retail group
  • IRGinsight retail group
  • Geo-fencing is a location-based service that sends messages to smartphone users who enter a dened geographic area. Retailers can send promotions to customers' smartphon