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Millennials, Mobile, and Marketplaces Are Changing the Future of Retail

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Millennials, Mobile, and Marketplaces Are Changing the Future of Retail Millennials, Mobile, And Marketplaces Are Changing The Future Of Retail Murat Yaşar, Country Managert November 7, 2017 © 2017 FORRESTER. REPRODUCTION PROHIBITED. We work with business and technology leaders to develop customer-obsessed strategies that drive growth. © 2017 FORRESTER. REPRODUCTION PROHIBITED. 2 © 2017 FORRESTER. REPRODUCTION PROHIBITED. 3 What is Consumer Technographics® Gain insight from >600,000 consumers across 40+ Quantitative annual surveys in nearly 20 global markets Explore how consumers’ technology adoption, Trendable behavior, and attitudes have evolved over time View consumer data through your specific lens, Customizable including region, brand, demographics, and more Leverage consumer behavior frameworks developed Actionable by Forrester thought leaders to contextualize digital consumers’ actions Work with dedicated Insights personnel to help derive Dedicated insight and gain maximum value from the data © 2017 FORRESTER. REPRODUCTION PROHIBITED. 4 Agenda › Millennials & Marketplaces › Why Millennials are important › Marketplaces are ruling the eCommerce market. › Impact on retail © 2017 FORRESTER. REPRODUCTION PROHIBITED. 5 Definitions › Millennials • Millennials, or Generation Y, are defined as the demographic cohort born between 1980 and 2000 (currently aged 18 to 34 years old). • There are more than 2 billion Millennials globally (nearly one-third of global population), with 86% of them living in emerging markets. • 32% in Turkey › Marketplace • Sales that are transacted through the following platforms: Tmall, Amazon, JD, eBay, Rakuten, Aliexpress, MercadoLibre, Flipkart, Allegro, Cdiscount, and Snapdeal, which includes direct to consumer sales and sales via third-party retailers © 2017 FORRESTER. REPRODUCTION PROHIBITED. 6 Why Millennials are important Understanding the online behavior of millennial population © 2017 FORRESTER. REPRODUCTION PROHIBITED. 7 46% of 2020 adults will be Millennials Millennial Population Is Growing At Over A 4% Annual Growth Rate Millennials 2015 2016 2017 2018 2019 2020 0 500 1000 1500 2000 2500 3000 3500 4000 17- 18-24 25-34 35-44 45-54 55-64 65+ Source: Forrester Data: World Online Population Forecast, 2017 To 2022 (Global) © 2017 FORRESTER. REPRODUCTION PROHIBITED. 8 More Millennials are online globally Nearly 75% Of Millennials Are Online And Using Smartphones Online and smartphone subscribers penetration (2016) 75% 73% 65% 65% 61% 57% 58% 50% 46% 46% 41% 36% 31% 10% Ages 17 and younger Ages 18-24 Ages 25-34 Ages 35-44 Ages 45-54 Ages 55-64 Ages 65 and older Online Population Penetration Smartphone Subscribers Penetration Source: Forrester Data: World Online Population Forecast, 2017 To 2022 (Global) and Forrester Data Mobile, Smartphone, And Tablet Forecast 2016 To 2021 (Global) © 2017 FORRESTER. REPRODUCTION PROHIBITED. 9 Millennials are more mobile savvy Purchased physical goods online (mobile) 70% 60% 50% 40% 30% 20% 10% 0% 16-24 25-34 35-44 45-54 55-64 65 and older Metro China Metro Brazil Metro India UK US Purchased physical good on mobile phone?” Source: Forrester Data Global Consumer Technographics® Online Benchmark Survey, 2016 © 2017 FORRESTER. REPRODUCTION PROHIBITED. 10 Amazon is the preferred destination for product research for Millennials Which of the following did you use to research this most recent purchase? 38% 27% 28% 20% 19% 16% 15% 11% 11% 12% 11% 8% 8% 7% 6% Amazon Search engines Social media or blogs Store associates Online videos Overall 18-24 25-34 Source: Forrester Data Consumer Technographics® North American Retail And Travel Customer Life Cycle Survey, Q1 2017 (US) © 2017 FORRESTER. REPRODUCTION PROHIBITED. 11 Older Millennials are spending more Total Amount Spent By Respondents Buying Products/Services Online $831 R$ 1,058 US $371 Brazil R$ 651 $652 R$ 979 ¥2,036 £270 China ¥1,575 UK £192 ¥1,812 £267 27% 28% 38% 16% 20% 19% 8% 11% 15% 7% 8% 11% 6% 12% 11% Overall 18-24 25-34 “How much in total (including shipping and handling) have you spent buying products/services online, regardless of how you paid?” Source: Forrester Data Consumer Technographics® Retail Survey, 2016 (US, APAC, EU, and LatAm) © 2017 FORRESTER. REPRODUCTION PROHIBITED. 12 More Millennials Millennials are Millennials are are online and more engaged spending more accessing internet online and research online and prefers via smartphones. on marketplaces smartphone. before purchase. © 2017 FORRESTER. REPRODUCTION PROHIBITED. 13 High engagement leads to more orders, more categories purchased, and more spend Online tenure leads to more spending per customer © 2017 FORRESTER. REPRODUCTION PROHIBITED. 14 Marketplaces are ruling the eCommerce market © 2017 FORRESTER. REPRODUCTION PROHIBITED. 15 In the US, Amazon is the preferred destination for product finding for Millennials How did you originally find out about the brand of this most recent purchase? 25% 19% 17% Amazon Overall 18-24 25-34 Source: Forrester Data Consumer Technographics® North American Retail And Travel Customer Life Cycle Survey, Q1 2017 (US) © 2017 FORRESTER. REPRODUCTION PROHIBITED. 16 In China, marketplaces are the preferred destination for product finding for Millennials Which of the following did you use to research your most recent product before it was bought? 61% 54% 56% 50% 38% 40% Tmall, JD.com, or Yihaodian Taobao and eBay Overall 18-24 25-34 Source: Forrester Data Consumer Technographics® Asia Pacific Survey, H2 2016 (China) © 2017 FORRESTER. REPRODUCTION PROHIBITED. 17 Half of B2C eCommerce sales comes from marketplaces Source: Forrester Research Online Marketplace Tracker 2015 to 2017 (GLOBAL), across 16 countries in Europe, APAC, LATAM, and North America across 11 marketplaces, publication date July 2017 © 2017 FORRESTER. REPRODUCTION PROHIBITED. 18 Amazon and Tmall (owned by Alibaba) are the largest B2C marketplaces Source: eCommerce share from Forrester Research Online Marketplace Tracker 2015 To 2017 (GLOBAL) publication date July 2017, Market valuation © 2017 FORRESTER. REPRODUCTION PROHIBITED. 19 Free shipping drives Amazon sales Source: Forrester Data Consumer Technographics European Retail And Travel Survey, H1 2016 © 2017 FORRESTER. REPRODUCTION PROHIBITED. 20 Marketplaces need to balance . Free shipping versus shipping costs Growth of third- Online influence party retailers versus offline versus customer influence experience Marketplace In-stock items services versus versus inventory retailer costs costs © 2017 FORRESTER. REPRODUCTION PROHIBITED. 21 Impact on retail © 2017 FORRESTER. REPRODUCTION PROHIBITED. 22 Across age, all European shoppers are more likely to use Amazon than search engines for product research Thinking of the sources you used to research this most recent purchase, which was the most influential in helping with your decision? Source: Forrester Data Consumer Technographics® European Retail And Travel Survey, H1 2017 © 2017 FORRESTER. REPRODUCTION PROHIBITED. 23 In Europe, reverse-showrooming is more popular than showrooming Reverse-showrooming: “I have researched products/services online, then purchased those products/services offline in the past three months.” Showrooming: “I have researched products/services offline, then purchased those products/services online in the past three months.” Base: online adults 16+ and N = 17,500; Source: Forrester Data Consumer Technographics® European Retail And Travel Survey, H1 2016 © 2017 FORRESTER. REPRODUCTION PROHIBITED. 24 Example: Showrooming is more popular amongst Millennials “I have researched products/services OFFLINE, then purchased those products/services ONLINE in the past three months” Base: online adults (16+) who have researched products/services offline and purchased online in the past three months; Source: Forrester Data Consumer Technographics European Retail, Travel, And Auto Survey 1, 2016 © 2017 FORRESTER. REPRODUCTION PROHIBITED. 25 European multichannel shopper behaviour becomes dominant especially for electronics, clothes, and toys Toys Clothing Source: Forrester Data Web-Influenced Retail Sales Forecast, 2016 To 2021 (EU-7) and Forrester Data: Showrooming Forecast, 2016 To 2021 (EU-7) © 2017 FORRESTER. REPRODUCTION PROHIBITED. 26 Example: Dixons Carphone Warehouse consolidating store portfolio into fewer larger stores © 2017 FORRESTER. REPRODUCTION PROHIBITED. 27 Example: retailer Next, modelling store profitability to optimise future physical retail space © 2017 FORRESTER. REPRODUCTION PROHIBITED. 28 5,000 planned Store Closer Announcements in Last 12-18 Months closures of Payless ShoeSource 808 Sports Authority 450 clothing and Rue21 400 Gap 250 accessory stores Tailored Brands 250 The Limited 250 in the US HHGregg 220 Children's Place 200 Bebe 180 Wet Seal 171 Crocs 158 Aeropostale 154 Finish Line 150 American Eagle 150 GameStop 150 JCPenney 138 Chico's 120 BCBG 120 American Apparel 110 Kmart 109 Other Categories Wolverine Worldwide 100 RadioShack – 1,000 Michael Kors 100 Staples 70 Office Depot – 700 Macy’s 68 Barnes and Noble – 223 Guess 60 Pier 1- 100 Abercrombie & Fitch 60 Sears 41 CVS - 100 Express 28 © 2017 FORRESTER. REPRODUCTION PROHIBITED. 29 Thank you FORRESTER.COM © 2017 FORRESTER. REPRODUCTION PROHIBITED..
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