Tag Archives: omnishopping

Key Insights from Omnishopper International 2016

By: Derya
Lawrence, Senior Analyst ‘ Services and Payments at Euromonitor International

Omnishopper
International took place in London in late November 2016, and addressed the
issues impacting the rapidly evolving retailing landscape from the perspectives
of consumers, manufacturers and retailers. This three day event brought
together some of the largest manufacturers in packaged food, electronics and
personal care, alongside grocery and non-grocery retailers and market research
providers, discussing primarily the ways in which commerce is evolving, and
providing practical examples of new methods of information collection that is
made possible through technological developments required to stay ahead of the curve.
Here are four key insights from Omnishopper
International 2016:

Strategising
for the omnishoppers
Commerce is no longer restricted to a
physical outlet. There are now a plethora of commerce facilitators, from
computers to smartphones to consumer appliances to connected cars, all enabling
new ways of shopping and paying. It is important to continuously track and
monitor shopping patterns across the online/offline split to understand how,
holistically, both channels are two sides of the same coin: Shoppers routinely
search online and buy in-store. If they see a better offer at a competitor, or
find a unique proposition at a different banner, they will take their money
there. Because of this dynamic interaction, one of the largest problems for
retailers today is the increase in consumers’ switching between channels and
banners. Thus, in order to acquire new clients, the omnichannel strategy has to
be built around fostering loyalty, through providing a new and better shopping
experience both in store and online.
Embracing
technology
In this mobile-first world, the
possibilities in terms of connecting with the consumer before, during and after
a purchase are endless, though few retailers and manufacturers do it in a
seamless manner. Merchants of all types express a desire to better connect
those dots in order to further other initiatives, such as providing more
meaningful consumer engagement. One highlight in this respect is the arrival of
Virtual Reality technology. VR can not only drive marketing strategies, but can
be used as a tool for consumer engagement for market research purposes.
Traditional research techniques, such as
consumer panels and surveys, have allowed for the collection of strong insight
on the impact of advertising or strategy on growth in specific product groups. Yet,
knowledge on where the market will be growing – and therefore where the
manufacturer should invest its time and money – can be better understood
through embracing new digital means and putting the consumers themselves in the
driving seat. On this note, one of the leading global chocolate manufacturers
shared their insights on how Online Surveys and Communities are helping them
enhance outcomes of marketing campaigns and impulse purchases by allowing
consumers to inform the manufacturers on what products work for them, when they
are more likely to consume certain goods or how likely they are to make a
purchase based on where the product is exhibited on the shelves.
Understanding
consumer behaviour
New digital
technologies allow for the advent of an increasing number of ways to create
more convenient shopping experiences for consumers. Connected appliances,
proliferation of mobile payment methods and a rapid move towards the internet of
things are all altering consumer’s in-store experiences and expectations. Omnishopper
International posed questions and answers on how this evolution impacts
shopping behaviour. If shoppers’ desire for the most time efficient and
convenient experience takes them both to online and offline channels for
different reasons, it is vital to track this behavioural rationale and gather
data for both online and offline to meet changing client expectations.
Once we have an
understanding of the purchasing habits of consumers between online and offline,
an important question is how retailers can intervene in consumer decision making
in order to align consumer behaviour with retailing strategies. For this step,
we are told that the field of Behavioural Economics – led by the likes of
Daniel Kahnemann ‘ that looks at non-rational forces and implicit biases that
condition human choices, is starting to make inroads on marketing and consumer
research. Through this key insight on how and why shoppers interact in the way
they do in a multi-channel environment, understanding the hidden drivers of
purchasing behaviours, retailers can locate the Pivotal Moments where they can make a significant and meaningful
impact on consumers’ purchasing choices.
Future of retail
Due to the
impact of technology, 21st century consumers are increasingly knowledgeable
about what they want and what is on offer. The blurring of sales channels has
contributed greatly to this as shoppers are able to navigate across the
online/offline divide to find the best product for them along the price/quality
spectrum. Now more than ever, from quality of products to pricing, smart
shoppers are more aware and are therefore increasingly purchasing with higher
expectations from retailers and manufacturers. With the availability of more information,
consumers are also increasingly less loyal. In this context, the saying, ‘the
successful retailer is the one that understands what the client wants next’ is
truer than ever.

Insights as a Vehicle for Influence: Every Consumer is a Well-Informed Researcher

By: Amanda Ciccatelli,
Content Marketing & Social Media Strategist, Informa
Insights have become a vehicle for influencing marketing and
ultimately, the world. That’s why next in our Insights as a Vehicle for
Influence series, we sat down with Paul Donagher, Managing Director, Market
Strategies. In our conversation, he shed some light on how omnichannel is
impacting retail, how shoppers are shaping the future of retail, where retail
is going in the next five years, and more.
How has omnichannel
impacted retail positively?
Donagher: From a
consumer perspective it has opened a whole range of researching and buying
opportunities, or ‘instants of intent’. The intent has to be on both sides of the
relationship, where both the consumer has the need and the marketer has the
opportunity to have their brand positioned perfectly with the proper
connections planning. Connections planning is really what omnishopping is all about ‘ furthermore, we
believe that the best outcomes for marketers start with a thorough
understanding of consumers both from a category and brand perspective. This can
only be achieved through properly conducted research that uses all of the
attitudinal, behavioral and neuro approaches at our disposal.
What can retailers do
better to embrace the omnichannel customer journey and experience?
Donagher: Our
research shows that the relationship from the retailer side has to meet 3 key
criteria ‘ Seamlessness, Centricity and Experience. We conducted our own qual
and quant research that really narrowed down the requirements for retailers to
these 3 broad buckets.
How are shoppers
shaping the future of retail?
Donagher: The
information is all on the Omnishopper’s
side. They are better informed than ever before’which in itself poses questions
and provides opportunities to retailers.
What are some shopper
insights lifecycle best practices you can share?
Donagher: We
spend a good deal of time trying to illuminate what we call ‘Day in the Life’.
Of course, depending upon the category, the Omnishopper journey and the
constituent path-to-purchase can be weeks or longer, however we use the notion
of a ‘Day in the Life’ to look for the key sequencing that matters to the
brand. The ‘instants of intent’ I mentioned previously have to be uncovered and
the reasons for those instants (needs, motivations etc.) have to be properly
uncovered.
Why is it important
to link digital and physical shopper marketing?
Donagher: That’s
what the Omnishopper demands ‘ the notion of seamlessness I mentioned. The
Omnishopper loves the research capabilities of digital and the in-store benefits
of in-store (shopping with friends, touching the product etc.). From the
research perspective, understanding digital is the big opportunity. We
continually look for those data sources that are ‘organically’ created for us
and were not necessarily created for market researchers. Whether it be big data
or something else, these data exist and we are uniquely placed to capture,
process and analyze them for marketing purposes
How does omnichannel
customer experience impact customer loyalty?
Donagher: We hear
a lot about the lack of loyalty among Omnishoppers. We think that is premature
but that loyalty may have to be redefined as will associated loyalty programs.
How is digital
reinventing retail?
Donagher: Every
consumer is a well-informed researcher ‘ they know what to look for and where
to look for it.
Where do you see
retail moving in the next 5 years?
Donagher: There
have to be more ways for every party in the transaction to be compensated. If I
research on one site but then buy in-store or vice-versa, each party has
performed a service. We hear a lot of discussion on how to make sure everyone
is compensated for their part in the purchase.

Want more on this topic?
Attend OmniShopper International this November in London, England. Learn more
here: http://bit.ly/2aSfoLS