MARKET - Reinventing The Customer Experience

Michael Forhez of Oracle and Michelle Evans of Euromonitor  Identified Nine Key Drivers along the Customer Journey

  Staying relevant is no easy task given the multitude of underlying forces now continuously shaping a new world of commerce. The speed of thought, coupled with its ever more connected consumer means relevancy is a very desirable element of the Customer Satisfaction Strategy. To address this need, Oracle and Euromonitor International partnered to examine key drivers along the customer journey.

HERE IS THE PRESENTATION

EDITORIAL - Amazon Go Challenges Others to Adapt, Adopt and Change

One Hundred Years of Retailing - Can We Deliver a More Satisfying  Customer Experience 

General Store 1917 -  Harris and Ewing

"Hello Mrs. Smith, what can we help you with today," asks the proprietor of this modern, well stocked, general store of 1917. 

We can see most items organized neatly behind the counter, we can imagine a picker pole for reaching the high shelves and see the crates of things customers could select on the floor. 

In fact, some of us can still remember general stores in the small rural communities where we grew up. What I remember most is staff who were happy to see me, knew my name, focused on my need and were always ready to provide friendly advice - not just pushing myriad items through scanners while the clock ticks off the minutes left in their shift. 

Over the past hundred years, we have watched as retailers developed efficient operations and high volume discounting, while subject matter expertise dwindled and valuable personal interactions with customers left the scene.

The launch of the first Amazon Go store in Seattle, may deliver a new client experience that returns high value exchanges to the retail environment and delivers regular loyal patrons. Customers can purchase all the things they want effortlessly, in a process called 'Just Walk Out Shopping'. While technology takes care of the customer need automatically, Amazon's in store associates can focus on providing the experience customers desire.

Observers suggest that Amazon's win in retail has been associated with four things:

• Discoverability (find what you want, when you want it);
• Good prices (inventory turns); 
• Fast delivery (automated order processing, robotics and infrastructure); and the big one,
• Customer satisfaction (customer feedback with quick response).

The frequently asked questions on the Amazon Go web page provided  answers to questions we've heard:

Do you have any people working in the store?

Yes. Our great team of associates works in both the kitchen and the store to prep ingredients, make our ready-to-eat food, stock shelves, and help customers. (Need a product recommendation? Ask an associate!)

Amazon Go Staff Prepping Ready to Eat

How does Amazon Go work?
Our checkout-free shopping experience is made possible by the same types of technologies used in self-driving cars: computer vision, sensor fusion, and deep learning. Our Just Walk Out Technology automatically detects when products are taken from or returned to the shelves and keeps track of them in a virtual cart. When you’re done shopping, you can just leave the store. Shortly after, we’ll send you a receipt and charge your Amazon account.

What can I buy at Amazon Go?
We offer delicious ready-to-eat breakfast, lunch, dinner, and snack options made by our chefs and favorite local kitchens and bakeries. Our selection of grocery essentials ranges from staples like bread and milk to artisan cheeses and locally made chocolates. For a quick home-cooked dinner, pick up one of our chef-designed Amazon Meal Kits, with all the ingredients you need to make a meal for two in about 30 minutes.

How do I shop at Amazon Go?
All you need is an Amazon account, the free Amazon Go app, and a recent-generation iPhone or Android phone. You can find the Amazon Go app on the Apple App Store, Google Play, and Amazon Appstore. When you arrive, use the app to enter the store, then feel free to put your phone away—you don’t need it to shop. Then just browse and shop like you would at any other store. Once you’re done shopping, you’re on your way! No lines, no checkout.

How big is the store?
Our roughly 1,800 square feet of retail space is conveniently compact so busy customers can get in and out fast.

Why did you build Amazon Go?
We asked ourselves: what if we could create a shopping experience with no lines and no checkout? Could we push the boundaries of computer vision and machine learning to create a store where customers could simply take what they want and go? Our answer to those questions is Amazon Go and Just Walk Out Shopping.

The Amazon Go Experience 

It seems like the Amazon Go launch in Seattle this week has thrown down the gauntlet to other retailers. If they accept the challenge to Adapt, Adopt and Change, what response can be expected?

An article by Michelle Evans, a Retail and Technology analyst at Euromonitor, provides an overview of her discoveries at a recent gathering of retailers. She discovered neat tactics, strategies and technologies are coming to encourage a more satisfying customer experience in other retail settings. 

Amazon Go Location in Seattle

BUSINESS - Pet Care Market Predicted to Reach $117 Billion in 2021

Euromonitor International’s most recent forecast for the pet care market predicts it will hit $117 billion in 2021.

In the report, Healthy Pets, Happy Owners: Health & Wellness Product Development in Pet Care, it is projected that value sales will increase at a compound annual growth rate of 2.4 percent at constant prices.

According to the report: “health and wellness has become perhaps the main driver of innovation in pet care.”

Dog and cat food brands abound with products promising to aid weight management, slow cognitive decline in aging pets, or are grain- or gluten-free, natural and organic.

In pet products, natural ingredients and well-being have come to the fore, while electronic gadgets are enabling owners to monitor the activity levels of pets and even play with them remotely.

Euromonitor’s study aligns well with Packaged Facts’ report on the increasing popularity of natural and organic foods for pets, and the Nielson study on the humanization of pet foods.

The report analyzes a variety of factors influencing the pet care market such as:

• Owners increasing unwillingness to compromise on the quality of food they feed their pets
• The evolution of protein
• The growth of internet retail
• The lengthening life expectancy for dogs and cats and the increased prevalence of overweight and obese pets
• The growth in pet tech
• The accelerating pace of humanization.

Purchase and download the entire paper from Euromonitor.

BUSINESS - Top Insights from 2015 Global Consumer Trends Survey

Euromonitor International reaches out to internet-connected consumers from across the globe with their Global Consumer Trends Survey, then translates the results into comprehensive analysis and actionable opportunities.

While their full report includes key survey findings across all major consumer lifestyle areas, here are six key insights from the survey.

Millennials and Generation Z are leading the shift from computers to mobile. With the rapid proliferation of mobile devices such as smartphones and tablets, today’s internet-connected consumers have access to whatever they want, wherever they go. Smartphones, in particular, have changed the way consumers interact with the world.

The key to swaying customer opinion is to first convince friends and family. Survey respondents selected friends and family recommendations as their top marketing influence, while independent consumer reviews came in second.

Informed eaters will pay more for healthy packaged food. The consumers with a long ingredient watch-list express a much greater willingness to pay extra for the packaged food features they deem important.

Trust in “Green” labels is growing, but skepticism remains high. Consumers remain largely ambivalent towards ethical and environmental language and claims.

Many consumers struggle to link some health priorities with everyday habits. Sticking with good habits can be easier said than done.

The ability to make time for what matters most is critical for today’s ever-busy consumer. Instead of focusing on saving time, marketers should emphasize the importance of making time, highlighting how a product or service frees up time for the things that matter most.

Learn more about the 2015 Global Consumer Trends Survey here.

Euromonitor International is a leading independent provider of strategic market research. They create data and analysis on thousands of products and services around the world.

Facts and Evidence: Euromonitor (Retail) Current State, Challenges, Future Opportunities

Euromonitor Senior Research Analyst, Svetlana Uduslivaia, will provide facts, evidence and trends from the retail trade for Summit 2014.

Overall, pet care retail marketplace remains dynamic and shows positive growth globally. However, while many emerging markets are seeing significant expansion in consumer spending, developed countries are demonstrating a slowdown in pace of growth. 

Economic woes, market saturation, sluggish pet ownership growth due to ageing population and urbanization, and shifts in pet type preferences create an increasingly challenging environment for the industry across North America and Western Europe. 

The Euromonitor presentation will review key trends and developments in pet care retail globally and North America (US and Canada) in particular. The presentation will address product development trends across foods and pet care categories, including products with natural positioning, grain free, and those featuring novelty proteins. 

Additionally, the presentation will discuss the current retail environment, including the dynamic between specialized pet shops/pet superstores and mass market channels. How is the premiumisation trend playing out in North America across pet food products and across retail channels in 2013 and 2014? Is fast-expanding Dollarama in Canada a serious contender for share of wallet among extreme bargain shoppers? What is the place of raw and fresh/frozen pet food in the current marketplace? 

These are some of the topics that will be spotlighted as “food for thought” for  Summit delegates to consider as they navigate through the increasingly complex world of changing consumer demands and preferences. 

Last but not least, Euromonitor presentation will discuss pet care retail forecast for the coming five years, looking at fast growing vs weak regions globally, threats to future growth as well as opportunities. Future dynamics in pet ownership in US and Canada will be addressed as one of the key metrics behind the expected retail performance across pet care products.

Register for Summit 2014


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