A SUPPLEMENT TO RIS NEWS AUGUST/SEPTEMBER 2015

SECOND ANNUAL CUSTOMER ENGAGEMENT TECH TRENDS STUD Y

TheThe FutureFuture ofof Personalized Personalized Marketing andand Long-TermLong-Term CustomerCustomer EngagementEngagement

PRESENTED BY RESEARCH PARTNER executive summary

GROUP PUBLISHER Albert Guffanti Making Retail Personal Again 973.607.1380 [email protected] EDITORIAL Editorial Director Joe Skorupa [email protected] Tracking the shift from a myopic view centered on transactions Senior Editor Timothy Denman [email protected]

to a business model that values influence, smart interactions Managing Editor Jamie Grill-Goodman [email protected] and personal relationships • By Gaurav PanT Principal Analyst Gaurav Pant

SALES Associate Publisher Catherine J. Marder etail today feels like the opti- sales, because that tells them how well 603.672.2796 [email protected] mistic re-boot of a once great their channels work in unison and it is Senior Account Director Ashlely Ramirez 904.853.6828 [email protected] movie series that lost its way. a good proxy for shopping behavior. Senior Account Director Jennifer Cohagan [email protected] It’s like Christopher Nolan res- Few progressive retailers, for instance Assistant to the Publisher Jen Johnson cuing “Batman” from the over- Gamestop, track these metrics and are [email protected]

blown travesty that it had become. using them to drive customer behavior ONLINE The bland sameness that spread over across channels and create strategies VP of Online Media Robert Keenan [email protected] most retail and converted it to a trans- and interventions that can increase Web Development Manager Scott Ernst actional business sans of personality conversion and increase basket size. [email protected] Director of Lead Generation Jason Ward is giving way to a more exciting future At an industry level the direct sales [email protected]

where customer experience is once influenced by online and mobile that MARKETING/EVENTS/CIRCULATION again front and center. can be tracked to the store stands at Director, Event Planning Pat Benkner It’s worth restating (as we have close to 20% of store sales, however [email protected] Director, Event Content John Hall done in the last few incarnations of qualitative feedback from our respec- [email protected] Circulation Manager Jeffrey Zabe this study) that omnichannel isn’t a tive boards suggests that this is on the [email protected] fad, but a fundamental transformation lower end of the spectrum. Influence of the retail business with customer works both ways, and we are seeing an PRODUCTION Senior Production Manager Pat Wisser experience at the center of this trans- increase in the store’s influence in driv- [email protected] formation. The evolution to omnichan- ing online and mobile commerce. This Subscriptions 978.671.0449 nel requires retailers to maximize for number is poised to go up further as Reprints: [email protected] 212.221.9595 the entire business rather than just stores become more digital. This new the parts. Hence measuring success reality requires retailers to build and ex- CORPORATE Chairman Gabriele A. Edgell based on comp chan- ecute on an omnicha- [email protected] nel growth is a myopic nel President & CEO Gerald. C. Ryerson [email protected] view of this new reality. Figure 1. strategy that extends Senior Vice President & Group Publisher David Weinand [email protected] Most consumer jour- beyond the digital to Vice President John Chiego neys begin online or on the physical. [email protected] the mobile phone and Retailers are years CORPORATE OFFICE end up at the store, and removed from ex- Edgell Communications 4 Middlebury Blvd, Randolph, NJ 07869 it’s often a combination 5.6% ecuting on a unified 973.607.1300 FAX: 973.607.1395 of channels that com- strategy because of Increase in sales bine to deliver a sale. two basic reasons. FOUNDER It’s critical that retail- retailers can capture There is no agree- Douglas C. Edgell 1951-1998 ers move to measure if they are able to ment or clarity on the interplay of differ- execute a unified what the boundary ent channels (channel personalization strat- of retail personaliza- attribution) and how egy across channels tion is (Do localized they drive traffic and assortments, custom-

RIS CUSTOMER ENGAGEMENT STUDY 2015 AUGUST/SEPTEMBER 2015 3 executive summary

ized products, personalized pricing, special services make the cut?) and no Figure 2. Sales influenced by other channels one knows what the size of the prize is (By how much will personalization im- pact sales). True retail personalization does go 5% 3.5% 20% across all value chain areas and be- comes an amalgam of different strat- sales from sales from sales from egies like product customization, lo- “online channel” “mobile channel” “store” influenced calized assortments and personalized influenced by store influenced by store by online/mobile service. It becomes shorthand for cus- tomer experience just like omnichan- nel is shorthand for new retail. For the scope of this study we have focused an omnichannel personalization strat- Building a strong omnichannel per- on elements of marketing, promotions egy at 5.6% of sales. sonalization strategy requires retailers and content and how they can be ex- Even with the difficulty in sizing the to focus on a few key elements: ecuted across channels. opportunity, the investment in person- • Build a single view of the customer, On the size of the prize, beyond on- alization will grow at about 13% year the core of personalization. line conversion metrics (e-mail, recom- on year. We see this is a largely organic • Invest in creating a personalization mendations) there is little omnichannel growth driven by online recommenda- engine (advanced plat- data on how personalization has actu- tion engines and in-store offer solu- form) that can take structured and ally impacted business results. Our ap- tions. There are however two events from all points of proach to getting to the size of the prize that could significantly increase the engagement and use that to drive was to view it as an opportunity cost pace of investment, the first is if retail- interventions and experiences. issue, and there seems to be significant ers get to a single view of the customer • Don’t fall in love with your analytics benefits to having a unified personal- and the second is if large retailers come engine. Understand the diminishing ization strategy. Retailers put the me- forth with hard data on how omnichan- returns on personalization. Beyond dian impact of being able to execute on nel personalization has impacted sales. a point, the value of one to one ex- periences may not map favorably to the effort required and the associ- ated creepiness. Figure 3. • Be transparent with your customers Percent of overall omnichannel budget that will go toward in how you capture and use their in- personalization initiatives in 2015 and 2018 formation. • Build your execution plan and map how systems and processes will change as 16.9% a result of omnichannel execution. Personalization is moving from a CAGR world of transactions to a world of re- 11.7% 12.9% lationships. It’s meeting the customer where she is at, engaging with her in a manner and at a distance that she is comfortable with, and providing value beyond what she already ex- pects. It’s simply about making retail personal again. RIS

Gaurav Pant is SVP Research and Principal Analyst for 2015 2018 EKN Research and this study.

4 AUGUST/SEPTEMBER 2015 RIS CUSTOMER ENGAGEMENT STUDY 2015 Strategy and Vision

You can have “it” in any color you want!

Retailers are more responsive to shoppers than ever before, but many still struggle to provide a synchronous omnichannel experience • By Gaurav PanT

t’s been more than a century Figure 1. of the digital to the physical to be- since Henry Ford said of the come “phygital” and when it moves Model T that you could have it from the worlds of bits (virtual in any color as long as it was world) to the world of atoms (physi- black. A century removed, the 85% 23% cal world). balance of power has shifted to the consumers, they have an abun- Retailers believe Retailers Mirror, Mirror on the Wall dance of choice and expect the that they must actually have We’ve made no secret of our desire ability to personalize products and have a unified a unified to see more retailers benchmark experiences. Most retailers have personalization personalization themselves against the industry caught up with the ability to per- strategy strategy to better assess where they stand sonalize online experiences but still and to identify the capabilities they struggle when providing a synchro- need to improve on in order to in- nous omnichannel experience. of personalization and are doing it, the crease their competitiveness. So bad news is that the quality of person- this year we tried to assess the current From Online to Phygital alization is low and the execution isn’t state of benchmarking and uncover who Personalization in retail is largely syn- omnichannel. Current personalization retailers believe to be the leader when it onymous with ’s industry-lead- strategies start and end with the digital comes to customer experience. ing recommendations engine, which world, and don’t go across to the physi- About 90% of retailers benchmark revolutionized retail with it’s simple yet cal store that still accounts for more themselves against the competition on powerful “if you like this, you might like than 90% of sales. core areas like prices, financial metrics this” suggestion. Amazon’s success More than 4 in 5 of retailers believe and assortment, and more than 85% paved the path for retailers to adopt they must have a unified personal- benchmark themselves on customer online personalization and it’s not sur- ization strategy, yet only about 1 in 4 engagement. This is fantastic progress, prising that more than 3 in 4 retailers actually have one, fewer still can actu- but these data-points lose a bit of their personalize the customer experience ally execute a personalization strategy sheen when we realize benchmarking of on their online and mobile channels. seamlessly across channels. customer engagement and loyalty hap- So the good news is that most re- Personalization will become more pens infrequently and the data isn’t nec- tailers have recognized the importance powerful when it spans across the world essarily shared across the organization.

Figure 2. Rate your ability to personalize marketing offers, content and communication across

all channels in the following areas better par behind

Compared to overall retail industry 23% 36% 41%

Compared to Walmart 10% 31% 59%

Compared to Amazon 3% 15% 81%

6 AUGUST/SEPTEMBER 2015 RIS CUSTOMER ENGAGEMENT STUDY 2015

020406080 100

23 36 41 10 31 59 3 15 81

Compared to overall retail industry 23% 36% 41% Compared to Walmart 10% 31% 59% Compared to Amazon 3% 15% 81% Strategy and Vision

When it came to naming the retailer they be- Figure 3. lieved to be the gold standard in customer en- Retailers benchmarked against to measure business gagement a few of the usual suspects like Nor- performance and customer engagement strategy dstrom and Apple came up, but the leader by some margin was Amazon. Parameters Yes no To dig a bit deeper we tried to get a compara- tive assessment of how retailers view them- Financial metrics 92% 8% selves against the industry and two of it’s domi- nant forces, Walmart and Amazon. Most of the retailers, ~60% felt that they were Customer engagement/loyalty 85% 15% doing as good if not a better job than the indus- try when it came to their ability to personalize content and offers across channels. This number Prices 95% 5% dropped to ~50% when compared to WalMart and less than 1 in 4 when it came to comparing themselves to Amazon. Retailers clearly view Amazon as the bench- Product assortment 90% 10% mark for personalization and customer engage- ment and they should continue to benchmark themselves against it, but Amazon does not yet Mobile app execution 80% 18% have retail stores, or at least ones that you can actually buy things in. The next Amazon will not be Amazon or a Jet.com but a retailer that Customer Engagement blends the best of online and digital to person- alize the customer experience. Retailers need 0% 10% to expand their benchmarking universe and ac- of retailers primarily of retailers primarily tively track and benchmark themselves against benchmark themselves benchmark themselves new players like Bonobos and Warby Parker. against Walmart against Amazon What Are the Main Roadblocks? The biggest challenge by a wide margin is the current retailer software toolset. This is under- standable because there is no one solution that Figure 4. Top challenges in developing and executing a can help you personalize content and offers personalization strategy across all commerce and engagement chan- nels. Retailers have to make do with what they Limited by current software/solutions 47.5% have, and spend more money integrating the various pieces of the puzzle they own. Lack of single executive ownership 35% The two other challenges that round out the Consumer issues 35% list of top three obstacles are the lack of single executive owner to drive personalization and Inability to integrate data from multiple data sources 32.5% consumer privacy issues. The first goes hand Inability to develop a business case or justify ROI 27.5% in hand with where customer engagement lies in the organization’s list of strategic priorities. Absence of clearly articulated personalization strategy 27.5% Few retailers have invested in creating cus- Limited ability to get appropriate data for tomer experience officers and fewer still have 27.5% personalization engine given any teeth to these positions. Without a fundamental change in the organization fiber, it Poor quality of appropriate data for personalization will be extremely difficult for retailers to build a 22.5% engine comprehensive customer engagement/person- alization strategy.

8 AUGUST/SEPTEMBER 2015 RIS CUSTOMER ENGAGEMENT STUDY 2015 Strategy and Vision

The second is interesting: customer • Delivering in-store directed offers the impact that personalization can privacy consistently comes up as a top Clearly, driving in-store engagement make. An engine that spans across concern for when it comes to personal- is viewed as the highest impact area all channels and can optimize con- ization or marketing but it ranks near the and enabling sales associates to better tent and frequency of communica- bottom when we review retailer invest- engage with customers is a top priority. tion based on customer profile and ments. The sad reality is that securing Now add to the above that 60% of retail- context is a must. customer data is a cost and without a ers believe that the #1 critical element • make Content Multi-Use Across mandate or immediate fear of customer in making personalization effective is Form Factors data-hacking, spending on data privacy the ability to execute across channels All digital content — extended prod- processes and technology will continue and the picture for what makes for a uct information, rich media content, to be underinvested. Consumers are unified (omnichanel) personalization training tips for store associates — ready to share their data if they are clear strategy becomes clear. needs to be stored and categorized on what they get for it and clear on how in a manner that it can be used on their data will be used. Retailers have Have One Customer Profile any form factor. to adopt transparent and direct ways in This is the central core of any personal- • Have a Code Of Honor which they address customer data col- ization strategy and needs to be made Have clear policies and guidelines lection and use. available across channels and also on on the capture, storage and use the store associate devices: of customer data. Ensure that you Elements of the Strategy • understand the Context communicate out these policies to The top three capabilities that retailers The customer and retailer context your customers in an easy and sim- believe will have the greatest impact (location, time, implicit cues, explicit ple manner. on personalizing the customer experi- behavior) needs to be understood A well-defined personalization strat- ence are: before any intervention is made to egy is nothing more than an evolution • Providing the customer profile on the the customer’s shopping journey. of our current one-dimensional loyalty store associate’s mobile phone • Get Or Build Your Personaliza- programs. It’s moving from driving • Enabling assisted sales tasks on the tion Engine transactions to building deeper rela- mobile phone Doing the right analytics is critical to tionships. RIS

Figure 5. Emerging capabilities that will have the greatest impact on personalizing the customer experience

Maximum Impact Average Impact Minimal Impact Customer profile info on mobile devices 67% 23% 10% Assisted sales tasks on mobile devices 62% 23% 15% In-store directed advertisements 53% 34% 13% Real-time location-based marketing 49% 33% 18% In-store interactive visual displays 49% 33% 18% Same day pickup/delivery 46% 26% 28% Cellular geolocation 36% 38% 26% In-store WiFi location 33% 36% 31% In-store BLE beacons 23% 31% 46% Uber-style home delivery 15% 23% 62% Drone delivery 11% 14% 75% Augmented reality 5% 18% 77%

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creating customer bonds Figure 1. When do you esti- mate you will have a unified Executing an engagement plan that goes beyond transactions customer personalization strategy across channels? and focuses on loyalty and lifetime value • By Joe Skorupa 22.5% Currently have ust as every retailer’s journey to (22.5%) who say they already have it in 22.5% Will have in next omnichannel readiness is dif- place, another fifth (22.5%) that plan to 12 months ferent based on each retailer’s have it within the next 12 months, and unique set of internal and external a third (32.5%) who say they will have 32.5% Will have in next factors, it is also clear that every it within two years. 12-24 months retailer’s journey to personalization and Unifying a personalization strategy customer engagement will not occur across channels is a big step toward 17.5% Will have beyond in the same way nor will the execution broad deployment. It also indicates that 24 months plan roll out in the same manner. these retailers are thinking and acting in No plans In this section of the study we ex- an omnichannel way, just like their cus- 5% amine the nuts and bolts of executing tomers. They are preparing the capabili- a personalization strategy, the details ties and data sources they possess (or required to bring about a major trans- have acquired) to be used by new mar- formation in the retail business model keting tools that can individualize pro- through digital technologies and store motions, messages and alerts. Figure 2. operations that touch shoppers in indi- While a certain level of personaliza- Ability to personalize vidual and engaging ways. tion is not new for retailers who already marketing offers, content have product recommendation engines and communications across Omnichannel Personalization on their websites that track clicks and channels at individual It is worth noting that not all retailers be- send relevant content to shoppers mov- customer level lieve they need a personalization strate- ing around the web, what is new and gy nor a plan to execute one. We can see still emerging is the development of a this in several findings in the study in- multi-channel personalization strategy. 7.5% cluding a question where we ask about The good news is that a large num- the timeline to unify customer personal- ber of retailers believe they currently ization across channels. When we asked have some ability to identify and mar- about the status of personalization this ket to individual customers. However, way we found that 5% said they have no note that we didn’t ask about the size 32.5% 42.5% plans to implement it. (In other sections of the customer segment nor what per- of the study the figure ranges from 5% centage of customers this group com- to nearly 10% depending how the ques- prises in the total market size. Still, our tion is asked.) A figure in the low single data indicates that 42.5% of retailers digits seems about right since not all say they currently have some ability to 15.0% retailers believe they will get a return personalize marketing offers, content on their investment, and for some retail and communication across channels at 42.5% Currently have segments this is probably true. the individual customer level. More importantly, we find that three Since this is the holy grail of customer 15.0% Will have in next 12 months quarters of retailers say they are de- engagement in action it clearly doesn’t veloping a personalization strategy mean that nearly half of retailers can ex- 32.5% Will have in next 12-24 months and their plan will be ready within ecute individualize marketing campaigns two years. This group includes a fifth at a national or large regional scale. 7.5% Will have beyond 24 months

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fore associated with emerging technol- Figure 3 . ogies, but dealing with consumer priva- Top critical elements needed to build a comprehensive unified cy issues and avoiding the perception of personalization strategy being creepy is both new and extremely Making it work difficult to solve. across all channels 57.5% Emerging Technologies Identifying The future of personalized market- execution gaps 37.5% ing and its role in maintaining long- and bridging them term customer engagement is a major Prioritizing throughline in this study and, because across channels 35% it is so new, most of the retail activity and media we are tracking involves foundational elements (i.e., consolidating databases Identifying relevant and creating new ones), integrating het- software/solutions 30% erogeneous systems and upgrading/re- to enable execution placing core technologies. These are the primary concerns of mainstream retailers, but there is an- What it means is that those who With the giant weight of privacy other group of retailers, the fast-moving have loyalty programs, for example, or hanging over the heads of retailers, leaders, who are experimenting with a a program with a third-party partner, can how can personalized marketing tech- wide variety of new personalization and execute a full-fledged personalization niques, which depend on collecting a customer engagement capabilities. For campaign that is able to be targeted to in- large body of information about cus- example, real-time, location-based mar- dividual shoppers based on one or more tomers and then using it to individually keting, which is a broad category that identifiable attributes (age, gender, past target messages, work without appear- includes WiFi and mobile app tracking purchases, income, geographic location, ing creepy? as well as low-energy beacons, is cur- etc.). Within the next 24 months another This careful balancing act must be rently deployed by a fifth of retailers 47.5% say they will have this ability. factored into every decision required to (21%). Most of these deployments prob- create a personalization campaign. For ably fall into the area of WiFi tracking, Personalized Marketing at Scale example, do you start the message with since customer-facing WiFi has become As noted, it is not necessary (nor even the shopper’s first name as if you know widespread in retail in the past few smart) to include the entire customer them? Do you let on that you know their years. When a customer logs into the base in a marketing plan that reaches last purchase or when their birthday is WiFi coverage area it is a simple task to shoppers at the individual level. That or what demographic profile they fit? make a location-based offer. said, it is also true that the bigger the seg- Do you let on that by leveraging social Another advanced capability that ment group in the personalized market- media data you know where their last shows up for a fifth of retailers today is ing plan the bigger the opportunity. Re- vacation was and where they went? Or same-day pickup/delivery (21%). Do a tailers that make the effort to create both that you know the last movie they saw fifth of retailers really have such accurate a single view of customers and a com- or favorite musical act perform? You can item-level visibility into their inventory mon digital content repository system do all of these things, but should you? that they can promise to pick it, prepare (and then link them together) will reach Can you do them in a way that doesn’t it and make it available for pickup on a the maximum number of shoppers with erode your customer’s sense of privacy tight schedule with minimal advance no- a personalized marketing campaign and and compromise their feeling of trust? tice? The potential for mistakes and dis- deliver the greatest performance results. Finding the answers to these ques- appointing shoppers boggles the mind. Getting to this stage will not be easy tions may be the greatest challenge What this finding indicates is the for many retailers and there will be many facing the future of personalized mar- Amazon effect in action. Amazon and obstacles to overcome. Privacy issues, keting and its role in nurturing long- a few other retail leaders are using fast for example, are big deals to shoppers term customer engagement. fulfillment (and it doesn’t get any faster and honoring these concerns is a re- Experienced retailers have probably than same day) as a wedge to create a quirement for maintaining trust. worked though difficult challenges be- bond with demanding customers who

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have been identified as high-volume, well-trained, well-informed associates. On a one-to-one basis? Maybe not. high-value, omnichannel shoppers. The final step, and the most difficult That is too granular and too potential- And this level of incredible service challenge to solve, is personalized mar- ly creepy. But if they can create per- is what customer engagement is all keting, the ability to reach customers sonalized campaigns that can scale up about — creating memorable bonds on an individual basis. to a national or large regional level, with customers. It begins with good Clearly, a legitimate question most re- then it makes sound business sense. products and good prices, which are tailers are asking today is: Can personal- By identifying key factors that carry retail fundamentals, but these are not ized marketing truly be done and if so, emotional weight and communicating nearly enough to thrive when shop- is it desirable? Does Nordstrom or Best with shoppers about them through pers have so many options at their fin- Buy really want to create marketing cam- relevant content, retailers can create gertips. Good service is also required paigns that reach large segments of their memorable bonds that build loyalty through user-friendly technology and shoppers today on a one-to-one basis? and lifetime value. RIS

Figure 4. Status of single view of customer and common digital content repository

Single view of customer Common digital content repository Legend for figures 4 & 5 10% 18% 15% 18% Currently deployed

Will deploy in 17% 10% next 12 months

Will deploy in 23% 23% next 12-24 months Will deploy 32% 34% beyond 24 months

No current plans

Figure 5. Status of the following emerging capabilities and technologies

Customer mobile app 42% 24% 11% 5% 18% In-store interactive visual displays 33% 8% 28% 5% 26% Online personalization engine 28% 21% 28% 13% 10% Common digital content repository 26% 15% 31% 15% 13% Real-time location-based marketing/offers 21% 13% 21% 8% 37% Same day pickup/delivery 21% 23% 26% 15% 15% Mobile personalization engine 18% 18% 39% 10% 15% Clienteling apps for store associates 13% 10% 26% 10% 41% Uber-style home delivery 13% 5% 3 5% 74% Apple/Android Watch apps 10% 8% 13% 8% 61% In-store BLE beacons 8% 26% 18% 5% 43% Augmented reality 45 10% 13% 69% Drone delivery 3% 97% 020406080 100 120

RIS CUSTOMER ENGAGEMENT STUDY 2015 AUGUST/SEPTEMBER 2015 15

42 24 11 5 18 33 8 28 5 26 28 21 28 13 10 26 15 31 15 13 21 13 21 8 37 21 23 26 15 15 18 18 39 10 15 13 10 26 10 4 13 5 3 5 74 10 8 13 8 61 8 26 18 5 43 4 5 10 13 69 0 0 0 3 97 Customer mobile app 42% 24% 11% 5% 18% In-store interactive visual displays 33% 8% 28% 5% 26% Online personalization engine 28% 21% 28% 13% 10% Common digital content repository 26% 15% 31% 15% 13% Real-time location-based marketing/o ers 21% 13% 21% 8% 37% Same day pickup/delivery 21% 23% 26% 15% 15% Mobile personalization engine 18% 18% 39% 10% 15% Clienteling apps for store associates 13% 10% 26% 10% 41% Uber-style home delivery 13% 5% 3% 5% 74% Apple/Android Watch Apps 10% 8% 13% 8% 61% In-store BLE beacons 8% 26% 18% 5% 43% Augmented reality 4% 5% 10% 13% 69% Drone delivery 0 0 0 3% 97% THANK YOU TO OUR SPONSORS

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PRESENTED BY RESEARCH PARNTER