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Value and Optimisation in Multichannel Retailing Quantitative Research Report August 2010

Value and Optimisation in Multichannel Retailing Quantitative Research Report August 2010. Some Background. ACRS strategic realignment away from ‘public’ education to focus on: Customised ‘in-house’ education Customised (proprietary) research

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Value and Optimisation in Multichannel Retailing Quantitative Research Report August 2010

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  1. Value and Optimisation in Multichannel Retailing Quantitative Research Report August 2010

  2. Some Background... • ACRS strategic realignment away from ‘public’ education to focus on: • Customised ‘in-house’ education • Customised (proprietary) research • Thought leadership research (funded by industry) • Single partner research • Collaborative industry research • The Retail Thought Leadership (RTL) project • 2009 ‘Retail 2020’: The Future of Retail (Australia, NZ, Asia-Pacific) • CEO Forum with 10 industry leaders from Australia & NZ • Multichannel retailing • Consumer value perceptions, and • Optimisation of the retail channel mix

  3. RTL 2010 Research Objectives • The questions addressed are: • How do consumers value different channels, in terms of their pre-purchase, purchase and after-sales behaviour? • How does the configuration of different multichannel offers impact on consumer perceptions of shopping value and satisfaction levels? • How can consumers be segmented to reflect their multichannel retail preferences and behaviour? • How do generational differences impact value perceptions and satisfaction?

  4. Does the online channel pay? A comparison of online versus offline information search on physical store spend International Journal of Retail & Distribution Management

  5. Research Overview

  6. Our Research Partners

  7. Research Approach Workshop with CEOs & industry Research approach Pre-testing & fieldwork Reporting & presenting • Agreement on objectives & outputs • Agreement on design & sample • Method approach • Design of questionnaire • One-on-one testing • Pre-test online (n=100) • Online survey of 1,000 consumers • Validation test with NZ sample • Analysis of the data • Presentation series • Development of report • Customised ‘in-house’ series

  8. Retail Categories Consumer electronics Holiday travel Clothing & footwear

  9. Consumer Behaviour Stages Pre-purchase research Purchase After-sales

  10. What Consumers Want

  11. Multichannel Expectations

  12. Relative Channel Importance: Pre-Purchase Consumers are online

  13. Relative Channel Importance: Purchase

  14. Relative Channel Importance: After-Sales

  15. Reactions to Different Multichannel Offers

  16. The MC Offer Store only Traditional Multichannel Emerging Multichannel

  17. Convenience Enjoyment Risk Sat Loyalty

  18. Consumer Segmentation

  19. Segmentation variables Channel importance Store Traditional Emerging Across: Pre-purchase research Purchase, and after-sales Psychographic variables Innovativeness Loyalty Shopping enjoyment Price consciousness Time pressure Mot. to conform Demographics Gender Generation: X, Y, Boomer, Silent... Behaviour Spend ‘Connectedness’ Technology

  20. Macro-Segments • Four macro-segments • A few interesting comparisons to note... • 1 number of retailer communications (emails) an individual is signed up to

  21. 49% of are pro cross- channel shoppers

  22. Macro-segment 1: Store Loyals • Rate Store as most important channel across search, purchase & after-sales • Represent 34% market share • Relatively low in terms of ‘innovativeness’ • High proportion of Baby Boomers across macro-segment • 3 micro-segments…

  23. Macro-segment 2: Channel Adopters • Place relatively equal (high) importance on all channels (and higher than most on emerging) • Represent 28% market share • Relatively high in terms of ‘shopping enjoyment’ • High proportion of Gen Y & Gen X across macro-segment • 3 micro-segments…

  24. Macro-segment 3: Traditional MC Shoppers • Place highest importance on store and traditional channels (catalogue, Internet) • Little importance on ‘emerging’ channels • Represent 21% market share • High proportion of Gen Y & Gen X across macro-segment • 2 micro-segments…

  25. Macro-segment 4: Functional Shoppers • Low importance scores across channels • Represent 17% market share • Low in terms of ‘innovativeness’ and ‘enjoyment’ • Spread across generations and skew toward females • 2 micro-segments…

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