Profound Implications for The Individual Economy & [Infographic]

The individual-centered economy is already here. The newest digital technologies – among them social media, mobility, analytics and cloud – keep changing how people, businesses and governments interact. The transformation that is already underway will soon intensify, resulting in a paradigm shift from customer-centricity toward an everyone-to-everyone (E2E) economy. The implication for value creation and allocation will be profound.

New  research shows that many organizations are still not ready to navigate the E2E environment. The Digital Reinvention Exec report can be read HERE

Here are some highlights from the report and infographic to share:

55 percent of 4,183 C-suite executives report that consumers have the most influence on business strategy <ClickToTweet>

58 percent of 1,100 executives surveyed in the Digital Reinvention Study expect new technologies to reduce barriers to entry <ClickToTweet>

There is a paradigm shift from customer-centricity toward an everyone-to-everyone (E2E) economy. Are you prepared? <ClickToTweet>

Digitization is rapidly changing the nature of how individuals and organizations interact <ClickToTweet>

“Social” has become revenue-generating, evolving from a dot-com trend to a sharing platform and business model <ClickToTweet>

 

 

 

 

Everyone-to-Everyone Economy

Everyone-to-Everyone Economy

The Digital Reinvention Exec Report can be found on SlideShare and can also be seen below

 

Social Retail – The Evolution

Currently one of many concerns for the retailer is getting the best product and the best price to its customer. Could the evolution of Social Retail develop a new relational model to offer clients valuable services together (recipes, nutritional info, personalized recommendations for dietary and much more) to bring a healthier and more comfortable life.

Learn more: HERE

 

Retail Spend by Tourists Visiting the UK [Infographic]

With the Olympics just around the corner, there is no better time for the UK retail market. The spend from non-EU tourists has grown 34% against last years figures. Much of the growth is being fuelled by visitors from China, Southeast Asia including Singapore, Hong Kong, Malaysia and Thailand.

The below infographic shows the growth percentage and the average spend per transaction of various nationalities.

 

How Retailers Are Adapting to the Mobile Shopping Craze

Like it or not, the time for retailers to adopt a mobile strategy is over. Shoppers are using smart phones and mobile devices for all manner of shopping activities, including price comparison, product information, local inventory lookup, reviews, and more. Retailers are striving to improve their mobile shopping experience to meet the demands of today’s connected consumer.

 

Created by Milo

This Valentine, Cupid went mobile!

What do Valentine’s Day and the December Holidays have in common? If you look past gifts, romance and loved ones the answer may surprise you: mobile shopping

Having spent a great deal of time over the last two months dissecting the influence of the empowered consumer. Throughout that time, the conversation has focused primarily on the emergence of the mobile shopper.

Now just more than six weeks into the new year, we are thrilled to report that mobile shopping remains a staple of the retail landscape whether through an iPhone, iPad or an Android device. Specifically in an analysis of online shopping the week leading up to Valentine’s Day, the IBM online Benchmark study found that 14.5 percent of all online sessions on a retailer’s site were initiated from a mobile device. As for sales, 10.1 percent of all online sales for the week before the Valentine’s Day holiday came through a mobile device.

Sound familiar? Well it should. These figures for both traffic and sales are almost identical to what we saw over the recent Christmas holiday where traffic and sales were 14.6 percent and 11 percent respectively. What this tells us is that the mobile shopping habits witnessed over the November and December holidays are not fleeting. They’re actually quite the opposite. A permanent change is in affect with the empowered consumer turning to mobile devices not just for blockbuster shopping days but for all holidays and shopping occasions in between.

For Valentine’s Day, the influence of m-Commerce was perhaps most prevalent in several key verticals where mobile sales from mobile devices were up dramatically from last year:

  • Jewelry and Intimate Apparel: A record number of consumers made impulse buys via their mobile devices with mobile sales of jewelry and intimate apparel growing to 28.8 percent and 17.7 percent respectively.
  • Health and Beauty: Shoppers continued to demonstrate a desire to pamper their loved ones with mobile sales of health and beauty items (lotions, fragrances and more) growing to 15.1 percent, an increase from less than 4 percent in 2011.

Valentine’s shoppers also showed a similar pattern when it came to device preferences:

  • Apple’s iPhone and iPad ranked one and two for mobile device retail traffic (5.5 percent and 4.9 percent respectively). Android was third at 4.4 percent. Collectively iPhone and iPad accounted for 10.4 percent of mobile device retail traffic so far this month.

It’s exciting to see the promise of mobile remains strong and I cannot wait to see how it continues to influence both shoppers and retailers as we move forward.  As for now it’s safe to say that Valentine’s Day shopping has evolved from the standard box of chocolates.

IBM Benchmark Christmas season report

reveals the following trends:

December 2011 Compared to December 2010 (year/year)

  • Consumer Spending Increases: Online sales were up 5.4 percent over 2010.
  • Mobile Traffic: 15 percent of all online sessions on a retailer’s site were initiated from a mobile device, up from 5.6 percent over this same period in 2010—an increase of 169 percent.
  • Mobile Sales: Sales from mobile devices grew, reaching 12.9 percent versus 4.5 percent in December 2010—an increase of 186.5 percent.
  • The Apple Shopper: Apple’s iPhone and iPad ranked one and two for mobile device retail traffic (6.4 percent and 4.7 percent respectively). Android was third at 3.6 percent. Collectively iPhone and iPad accounted for 11.1 percent for the month.
  • The iPad Factor: Shoppers using the iPad also continued to drive more retail purchases than any other device with conversion rates reaching 6.1 percent compared to 3.8 percent for all mobile devices.

“This Christmas shopping season has been characterised by consumers looking for deals and increasingly using their mobiles to shop online,” said Andrew Jackson-Proes, Enterprise Marketing Management (EMM) leader for UK & Ireland, IBM. “The report demonstrates that retailers can really benefit from Smarter Commerce initiatives by meeting their customers’ expectations for offers and service via any device.”

 

 

Source

These early Christmas season findings are based on data from IBM Coremetrics Benchmark, the only analytics-based, peer-level benchmarking solution that measures online marketing results, including real-time sales data. All of the data is aggregated and anonymous.

Coremetrics Benchmark uses IBM’s cloud-based digital analytics platform to rapidly collect and analyse intelligence on how consumers are responding to the products and services being offered to them, enabling clients to make accurate decisions on marketing expenditures. As a result, marketing teams can gain deeper insight about their consumers and present personalised recommendations, promotions and other sales incentives across the wide variety of channels—including social networks and mobile devices—where consumers interact with their brands.

More information on Smarter Commerce can be found at:

http://www.ibm.com/smarterplanet/uk/en/smarter_commerce/overview/index.html

UK Christmas Season Recap Report PDF

UK Retailers must prepare for mobile and social media Christmas rush

Sales driven by social media, and mobile retail are both set to play a bigger role in this year’s Christmas shopping season according to the IBM Coremetrics 2011 UK Christmas Season Readiness Report.

Using data gathered from more than 150 contributing UK retailers, IBM predicts that mobile traffic as a percentage of all retail site visits will hit double figures by Christmas 2011, having grown from just over 4 per cent to 7.2 per cent between November 2010 and May 2011. In the same time period, the contribution of mobile as a per cent of all online site sales nearly doubled, from 3.2 per cent to 6.1 per cent, which suggests further growth for mobile as a sales channel is likely in the run-up to Christmas.

The benchmark also found that mobile users exhibit a trend for fewer page views (5.8 compared with an average of 8.4, across all means of going online), spend less time on websites (4 minutes and 13 seconds, versus 6 minutes and 24 seconds across all means of going online) and display higher bounce rates to other sites (39.6 per cent compared with 32.8 per cent).

“Despite the attractiveness of engaging with customers on the move, mobile brings with it unique considerations and challenges,” said Marcel Holsheimer, global marketing executive for Enterprise Marketing Management (EMM) for IBM. “Using a mobile device to browse, compare prices, check availability and store locations or make a purchase is convenient for the consumer, which can translate into significant conversion opportunities – but only if the etailer delivers a compelling mobile experience. Etailers therefore need to monitor and optimise the mobile browsing experience to counteract mobile users’ tendency for short and erratic periods online.”

Social media contribution to retailer site traffic also grew consistently during the 7 months covered by the report.

From a social media perspective, users behave in a more efficient manner in terms of sales conversion. They are twice as likely to convert, at an average rate of 11 per cent versus 6 per cent overall. This conversion rate, when viewed in conjunction with other behaviour, also suggests social users are more receptive to offers. Their high bounce rate of nearly 62 per cent, coupled with a low average time spent  on the websites of just over 3 minutes, suggests they are responding to social media-only offers – such as Facebook coupons or exclusive offers advertised on Twitter.

“With the recession still very much front of mind, many savvy e-shopper are buying surgically,” said Holsheimer, “They know what they want and can hone in on it with far less browsing than in previous years. Smart etailers still have time to step up and expand their mobile and social networking platforms in time for this year’s festive season, as way to deepen engagement with their prized customers, strengthen their long-term loyalty – and, convert sales via the customer’s personal channel of choice.”

The IBM Coremetrics 2011 UK Christmas Readiness Report is available to download in full here http://measure.coremetrics.com/corem/getform/reguk/holiday2011-wp

About IBM Coremetrics Benchmark

The findings in this press release is based on data collected by Coremetrics Benchmark between November 2010 and May 2011. Coremetrics Benchamrk captures online marketing results and commerce data from more than 150 contributing UK retailers.