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{ timecode: 1, handler: 'blob', id: 1, data: {text: 'SUCHARITA MULPURU: I have four more statistics to share with you; 65 million active social network users in the United States and 166 million active email users in the U.S. The click-through rate on '}},
{ timecode: 14, handler: 'blob', id: 2, data: {text: 'social network ads are 0.04% and the open rate for marketing emails is 22%. Now, in case you didn’t know, that video was not a Forrester video; we are just teeing up some good debate over the '}},
{ timecode: 27, handler: 'blob', id: 3, data: {text: 'next couple of days. Let’s table some these social network questions for about 15 minutes or so we will get back to them because there is a lot more to talk about ecommerce than just social '}},
{ timecode: 41, handler: 'blob', id: 4, data: {text: 'commerce. One hundred and fifty years ago there was a book that was published that rocked the foundation of science; it was written by a man who happened to be 50 years old. Some of you may recognize '}},
{ timecode: 55, handler: 'blob', id: 5, data: {text: 'that what I am speaking of is The Origin of Species, the Magnum Opus, of course, of Charles Darwin. Now I, for one, think it was particularly uncanny that exactly a century and a half ago, two '}},
{ timecode: 68, handler: 'blob', id: 6, data: {text: 'centuries, a century and a half ago that the book was published, two centuries after his birth, that we happen to encounter the worst economic calamity of our lifetimes. It is almost as if we were '}},
{ timecode: 80, handler: 'blob', id: 7, data: {text: 'predestined to pull the book off our shelves, dust it off and look for the lessons in our own lives. It is, after all, a book about how species survive others, particularly in times of stress and '}},
{ timecode: 94, handler: 'blob', id: 8, data: {text: 'upheaval. By way of example, a few hundred pages into the book, Darwin introduces his readers to some finches that he had encountered in the Galapagos Islands. Those finches happened to have different '}},
{ timecode: 108, handler: 'blob', id: 9, data: {text: 'beaks, and he’d noticed that they were congregated in different parts of the island. Now, the origin of species is a theory, and his hypothesis at the time was that those differences were likely '}},
{ timecode: 121, handler: 'blob', id: 10, data: {text: 'led somehow by, perhaps, differences in their diets. Subsequent generations of evolutionary biologists actually proved that out to be the case; that some beaks were more suited to eating things like '}},
{ timecode: 133, handler: 'blob', id: 11, data: {text: 'fruits and other beaks were more suited to eating things like bugs. In times of stress, like for instance a drought when there was less fruit, the bug eaters were the ones that were likely to survive. '}},
{ timecode: 147, handler: 'blob', id: 12, data: {text: 'Now, birds can’t pick their beaks, but businesses can set their strategies. In times of business stress, it always seems that some companies are able to rise above others. In some cases, they '}},
{ timecode: 162, handler: 'blob', id: 13, data: {text: 'may introduce a new product to adjust to changing needs from customers. In other cases, it could be companies that have adjusted their manufacturing processes to take into account lower input costs. '}},
{ timecode: 174, handler: 'blob', id: 14, data: {text: 'But, the conclusion to me is that businesses that best adapt to their environments are the ones that thrive. That’s particularly important in our world of retail, as well, because we’ve '}},
{ timecode: 189, handler: 'blob', id: 15, data: {text: 'also, of course, experienced some recent period of tremendous stress. 2008 and 2009 were collectively judged to be amongst the worst times that retailers had experienced in their lifetimes. But web '}},
{ timecode: 202, handler: 'blob', id: 16, data: {text: 'retailers were somehow resistant to this change, and by our estimates, web retail in the last several years has actually grown. And, in fact, when the retailers that responded to our surveys with '}},
{ timecode: 220, handler: 'blob', id: 17, data: {text: 'Shop.org reflected their growth rates, they told us that the average year-over-year growth rate for the last 18 months was a solid double-digit figure. This for me begs a really interesting question, '}},
{ timecode: 234, handler: 'blob', id: 18, data: {text: 'which is: Just how is it that web retailers have managed to outperform so many other sectors? Now, the easy answer is that we have lower prices or that we happen to have smaller bases to work with, '}},
{ timecode: 248, handler: 'blob', id: 19, data: {text: 'but I think that those are cheap shots not to mention that they are just outright wrong. Because when you look at the companies that have actually reported some of that strong growth, they tend to '}},
{ timecode: 260, handler: 'blob', id: 20, data: {text: 'actually be the multichannel retailers who are the least likely to compete on price or some of the larger web retailers that have bigger bases to begin with. So, what I actually want to spend the rest '}},
{ timecode: 273, handler: 'blob', id: 21, data: {text: 'of this presentation talking about is: what are some of the deliberate efforts that web retailers have taken over the last decade or so to really drive their growth? We will talk for a few minutes '}},
{ timecode: 286, handler: 'blob', id: 22, data: {text: 'about the way that ecommerce companies have adapted, and then we will spend the back part of the presentation talking about what that means for the future and how we can continue that pace of growth. '}},
{ timecode: 295, handler: 'blob', id: 23, data: {text: 'First, let’s talk about some of the survival tactics. I love lists, and this one – just to prepare you – is a list of six. The first thing that web retailers have done to really win '}},
{ timecode: 308, handler: 'blob', id: 24, data: {text: 'is that they have reset their goals as needed. It wasn’t too long ago and not being in the first dot-com boom that there was really one metric that mattered for commercial internet companies. '}},
{ timecode: 319, handler: 'blob', id: 25, data: {text: 'The founder of Open Table, a company that recently went public, actually was reminiscing about that time period and had this to say about it. He said it was all about grabbing all the eyeballs you '}},
{ timecode: 332, handler: 'blob', id: 26, data: {text: 'could get and figuring out how you could monetize them later. That mentality seeped over to the online retail world as well because of the notion of quantity over quality with little regard for '}},
{ timecode: 345, handler: 'blob', id: 27, data: {text: 'profitability reigned supreme. I have one war story that I’ll share with you. I was part of a dot-com back in 1999, an ecommerce company, where we spent 4 million dollars to sponsor a single '}},
{ timecode: 359, handler: 'blob', id: 28, data: {text: 'issue – to be the sole sponsor of a single issue – of Martha Stewart Living Magazine. Now, I don’t have to tell you that 4 million dollars is a lot of money even by today’s '}},
{ timecode: 369, handler: 'blob', id: 29, data: {text: 'standards. In fact, it represents the entire paid search spend of a mid-sized web retailer. But, at the time, that was regarded as a perfectly legitimate way to gain market share and attract investor '}},
{ timecode: 383, handler: 'blob', id: 30, data: {text: 'capital. And, in fact, deficit spending was seen not just as a stop gap but as an explicit business strategy. Now, we all know how that chapter ended, and the companies that were left standing needed '}},
{ timecode: 396, handler: 'blob', id: 31, data: {text: 'to figure out how they were going to make loyal shoppers out of the customers that they had first attracted. That spawned what I will call the cult of ecommerce customer service in which companies '}},
{ timecode: 408, handler: 'blob', id: 32, data: {text: 'engaged in almost obsequies activities of kindness to try to get wallet share to the web. My favorite example is the story of a company that just gave away a $500 PlayStation because a customer called '}},
{ timecode: 421, handler: 'blob', id: 33, data: {text: 'and said they had never received it in the mail. That is a true story, by the way, because that company was Amazon and that customer happened to be a New York Times reporter named Joe Nocera, who was '}},
{ timecode: 434, handler: 'blob', id: 34, data: {text: 'so thrilled by the experience that he wrote an article about it. Again, that was perceived to be a perfectly legitimate way to grow your business. And, in fact, Amazon wasn’t alone because they '}},
{ timecode: 447, handler: 'blob', id: 35, data: {text: 'spawned the same inspiration in their competition. Every year at Forrester, we have what we call a customer experience index in which we rank 100 companies across a variety of different verticals. I '}},
{ timecode: 461, handler: 'blob', id: 36, data: {text: 'apologize that the text is a little small. We rank the companies from 1 to 100 – a lot of different companies across different fields of business – and the number 1 company is the company '}},
{ timecode: 473, handler: 'blob', id: 37, data: {text: 'that consumers say that they enjoy interacting with the most. Number 1 and number 3 on that list last year were Barnes & Noble and Borders; number 4 was Amazon. While retailers were rightfully proud '}},
{ timecode: 488, handler: 'blob', id: 38, data: {text: 'to be recognized in this way, the recession reminded us that strong business fundamentals shouldn’t be forgotten. This was not lost on web retailers because they realize that to arrive alive at '}},
{ timecode: 503, handler: 'blob', id: 39, data: {text: 'the end of this downturn was the best way to grow in the long run. And, in fact, when asked what was the key tactic that they were doing was in order to adjust to the changing retail landscape, the '}},
{ timecode: 515, handler: 'blob', id: 40, data: {text: 'number 1 response by web retailers was that it was all about focusing on preserving margin. In addition to actually growing their top line, web retailers have managed to get it right and also grow '}},
{ timecode: 528, handler: 'blob', id: 41, data: {text: 'their bottom line. The second thing that web retailers have really done well is that they have redefined the competition. Just to share with you how effective this can be when it’s done well, '}},
{ timecode: 543, handler: 'blob', id: 42, data: {text: 'I’m going to use an example from the off-line world. It is a story that starts with Starbucks, a brand, of course, that’s a household name and a brand that we all know has grown because it '}},
{ timecode: 557, handler: 'blob', id: 43, data: {text: 'is really about the concept of the affordable luxury – the $4-dollar premium coffee drink. Now, just as the business of Starbucks had grown, of course, so did the breadth of its appeal; so much '}},
{ timecode: 568, handler: 'blob', id: 44, data: {text: 'so that a colleague of mine once described it in this way, and I am sure it’s something that would make any barista bristle, but I thought it was something that was really appropriate and then I '}},
{ timecode: 579, handler: 'blob', id: 45, data: {text: 'would share it with you. His quote was, “Starbucks is the McDonald’s of the middle class.” Now that is an observation that wasn’t lost on the marketing mavens at McDonald\'s '}},
{ timecode: 591, handler: 'blob', id: 46, data: {text: 'because they came to the same revelation independently and saw a business opportunity. From their position at the bottom of the food chain, literally, they began to battle up. And, in a downturn, that '}},
{ timecode: 611, handler: 'blob', id: 47, data: {text: 'message resonated incredibly well with customers. It is so easy to actually promote value or compete on price because that is the low-hanging fruit. But here was a company that explicitly decided not '}},
{ timecode: 628, handler: 'blob', id: 48, data: {text: 'to duke it out on the dollar menu, which they knew for so long, but actually to take customers who were trading down and meet them halfway by competing up. The average premium coffee drink at '}},
{ timecode: 643, handler: 'blob', id: 49, data: {text: 'McDonald’s is actually 60% more expensive than the baseline coffee drink that they sold there. The upshot is that McDonald’s is now the Starbucks of the middle class. The web retail world '}},
{ timecode: 658, handler: 'blob', id: 50, data: {text: 'we have also seen some of the phenomenon that play as well, because many of those retailers that said they were experiencing that double-digit growth actually have anecdotally reported that much of '}},
{ timecode: 669, handler: 'blob', id: 51, data: {text: 'that growth is coming because of consumers responding to the better and best brands within their assortment while their shoppers are trading down from the merely good brands of their higher-end '}},
{ timecode: 679, handler: 'blob', id: 52, data: {text: 'competitors. But, it is not just the notion of competing up that’s helpful, but it’s also the notion of competing across. By competing across, what I mean is introducing new products or '}},
{ timecode: 693, handler: 'blob', id: 53, data: {text: 'addressing new customers in ways that otherwise would be very difficult or expensive to do in other channels. It can be a soft-lines retailer deciding to sell hard goods on their site or it could be a '}},
{ timecode: 706, handler: 'blob', id: 54, data: {text: 'pure play – deciding to offer things like large case backs of consumables that would typically only be available at a warehouse club. So, when we look for some of the explanations that are '}},
{ timecode: 717, handler: 'blob', id: 55, data: {text: 'driving some of that web growth, certainly part of that explanation lies in these efforts. Now, there is one other example of a web retailer really redefining the competition that I want to share. '}},
{ timecode: 729, handler: 'blob', id: 56, data: {text: 'That’s the story of Netflix. Now Netflix has all but declared that their business model of renting DVDs is dead. They are faced on all sides with all sorts of competition from stores, with '}},
{ timecode: 743, handler: 'blob', id: 57, data: {text: 'Blockbuster, kiosks with Redbox, and the rest of the media world with video on demand, and they know that likely to grow in the long term they’re probably going to have to exit from retail '}},
{ timecode: 754, handler: 'blob', id: 58, data: {text: 'altogether, maybe become a media company, possibly even a devices company, and they have a team in place that’s dedicated to figuring out that strategy. Meanwhile, Blockbuster declared just last '}},
{ timecode: 768, handler: 'blob', id: 59, data: {text: 'week that their way of dealing with this competition is that they are going to open kiosks, in fact, 10,000 of them, which is twice the number of stores that they have. While bricks and mortar is '}},
{ timecode: 781, handler: 'blob', id: 60, data: {text: 'fighting the competition in the rear-view mirror, the web upstart is looking years ahead. The third thing that web retailers have done right is that they have respected IT. If there is any example '}},
{ timecode: 794, handler: 'blob', id: 61, data: {text: 'that really illustrates the role of IT on the retail hierarchy, I think it is this one. And, it was a cover story in Fortune Magazine about a year ago that was detailing the key success factors of the '}},
{ timecode: 808, handler: 'blob', id: 62, data: {text: 'great American retailer Target. And, in that article, there was an image of all of the individuals and their roles that were instrumental in that success. As you can see, it was a variety of people '}},
{ timecode: 825, handler: 'blob', id: 63, data: {text: 'ranging from the CFO to the head of HR to some marketing executives, creative director. You will notice – that IT was literally and figuratively not in the picture. So, when we look and see the '}},
{ timecode: 842, handler: 'blob', id: 64, data: {text: 'growth rate of ecommerce, it’s no small coincidence that the amount of money that web retailers spend as a percent of revenue on IT is also a significant part of that. Now, arguably, the '}},
{ timecode: 858, handler: 'blob', id: 65, data: {text: 'devil’s advocate would say that part of the reason that store retailers don’t spend as much as that is that it’s a different base; you’re dealing with a situation in which '}},
{ timecode: 868, handler: 'blob', id: 66, data: {text: 'labor costs or other business costs or capital costs are much higher. But, the truth is that the majority of IT spent from store retailers is actually on basic blocking and tackling. If we were to '}},
{ timecode: 881, handler: 'blob', id: 67, data: {text: 'look at things like PCI compliance or just maintaining the POS system, and if we were to look at the basic blocking and tackling expenses in our world, it would probably be somewhat similar – in '}},
{ timecode: 892, handler: 'blob', id: 68, data: {text: 'that 2% range. The delta really lies in the innovation within ecommerce. And, one of the unique characteristics of the web is that we have a vast ecosystem of venders who actually not only make it '}},
{ timecode: 905, handler: 'blob', id: 69, data: {text: 'easy to plug solutions into our businesses, but they have also subsidized a significant portion of the development that has led to the technologies that have reduced friction in the online buying '}},
{ timecode: 919, handler: 'blob', id: 70, data: {text: 'process. When I think of some of those technologies, they are things like enabling people to pay online without credit cards or zoom or alternative view and color-swatching technology that enable '}},
{ timecode: 931, handler: 'blob', id: 71, data: {text: 'people to feel comfortable with purchasing online without actually having to physically inspect things. It could also be a technology like rich internet applications, which help make the process of '}},
{ timecode: 941, handler: 'blob', id: 72, data: {text: 'shopping online more convenient because we know that the key reason people shop online is because it is easy. So, when we look for some of the explanations that are driving the growth of web retail, '}},
{ timecode: 951, handler: 'blob', id: 73, data: {text: 'we cannot understate the value of making these investments. Fourth is that web retailers reinforce their partners. It is no secret that store retailers have managed to successfully alienate just about '}},
{ timecode: 968, handler: 'blob', id: 74, data: {text: 'every manufacturer that supplies the products that they sell. The biggest source of that tension is private label goods. The generic knock-offs that are often priced lower but have higher margins for '}},
{ timecode: 981, handler: 'blob', id: 75, data: {text: 'retailers. Typically we think of that as associated with grocery stores and consumer packaged goods companies, but the reality is that this survey took into account a variety of different companies '}},
{ timecode: 994, handler: 'blob', id: 76, data: {text: 'ranging from consumer electronics manufacturers to toy companies, sporting good companies and the story was pretty much consistent that the source of that tension was really the private label piece. '}},
{ timecode: 1004, handler: 'blob', id: 77, data: {text: 'But the reality is that consumers are brand loyal, and they love their favorite manufacturers. They will hunt them down and pay extra for those products. Manufacturers that have recognized this '}},
{ timecode: 1019, handler: 'blob', id: 78, data: {text: 'realize that the web is a bonanza for them. It’s an opportunity to connect with their best shoppers to offer the entire product catalog that they have and to sometimes even customize some of '}},
{ timecode: 1034, handler: 'blob', id: 79, data: {text: 'those best products for their best shoppers. When we look at some of the largest web retailers, it is no small wonder that many of them are, in fact, manufacturers. By my estimates, about a third of '}},
{ timecode: 1051, handler: 'blob', id: 80, data: {text: 'all of ecommerce spend is actually generated directly on manufacturer websites or is closely influenced by them. Smart web retailers realize that in order to ride that wave of manufacturer momentum, '}},
{ timecode: 1067, handler: 'blob', id: 81, data: {text: 'it’s important to do things like offering an extended assortment or to be able to provide things like value-added content for manufacturers on your own site, like say, for instance, how-to '}},
{ timecode: 1078, handler: 'blob', id: 82, data: {text: 'videos. The fifth thing that web retailers have managed to do right is that they reacted really well to people power, you know, as we did see in the video earlier, the biggest change in our lives over '}},
{ timecode: 1090, handler: 'blob', id: 83, data: {text: 'the last several years has been the advent of the social networks. And, retailers have been very good about jumping on that change; over half of retailers that responded to our State of Retailing '}},
{ timecode: 1101, handler: 'blob', id: 84, data: {text: 'Online Survey said that they have things like retailer blogs or online communities, micro blogs which are twitter and social network pages. Now, the reason they have implemented these tactics, '}},
{ timecode: 1113, handler: 'blob', id: 85, data: {text: 'however, is less defined; 66%, in fact, say that the return on social marketing initiatives is unclear, and – as my personal favorite – 50% are pursuing social marketing strategies because '}},
{ timecode: 1128, handler: 'blob', id: 86, data: {text: 'there is tremendous buzz about them. But, that said, 34% do say that social marketing initiatives have helped them grow their business to date. But here is where it is important to parse words because '}},
{ timecode: 1140, handler: 'blob', id: 87, data: {text: 'companies that have found value in social marketing initiative have found value in them in the way that companies find value in market research. That is to say that it’s not about driving sales '}},
{ timecode: 1153, handler: 'blob', id: 88, data: {text: 'necessarily tomorrow, but it is about the opportunity to listen and to learn and engage with your customers in a way that you can then engage over a longer period of time not unlike what Best Buy or '}},
{ timecode: 1167, handler: 'blob', id: 89, data: {text: 'Comcast are doing with their customer service twitter handles. But that’s not to say that nobody is making any money on social computing; there are, in fact, some that do. One example is a '}},
{ timecode: 1178, handler: 'blob', id: 90, data: {text: 'company called Eventbrite. It is a little store that based in San Francisco. They give people the opportunity to market and sell tickets to their local events. They describe it themselves as Evite '}},
{ timecode: 1191, handler: 'blob', id: 91, data: {text: 'meets Ticketmaster. As soon as somebody buys a ticket on Eventbrite, they have the opportunity to post a link to that event on their twitter page or on their Facebook profile page. And, in fact, many '}},
{ timecode: 1205, handler: 'blob', id: 92, data: {text: 'customers actually do, and so many do that social networks are now the second biggest source of traffic and revenue to the site behind search. Now, how is it that they have managed to make that '}},
{ timecode: 1219, handler: 'blob', id: 93, data: {text: 'happen? I think that the success here has everything to do with the nature of this specific product. Think about it! These are local, highly personal events. Events like fundraisers or conferences '}},
{ timecode: 1233, handler: 'blob', id: 94, data: {text: 'that people would have told their friends, their families, their colleagues about even before the social networks existed. So, remember that when you think about the implications for your own '}},
{ timecode: 1245, handler: 'blob', id: 95, data: {text: 'business. The last thing that web retailers have managed to do well is that they recognize the mobility revolution. If there was one product that was recession proof, it was the iPhone. Companies that '}},
{ timecode: 1261, handler: 'blob', id: 96, data: {text: 'certainly recognized that were definitely a step ahead of others. But, the reality is that the number of consumers that are actually accessing the web through their mobile devices is growing but still '}},
{ timecode: 1274, handler: 'blob', id: 97, data: {text: 'relatively small; by our most recent data from Forrester, that figure is about 15%. But the astounding fact is that of those people that are accessing the mobile web, they’re actually buying. '}},
{ timecode: 1288, handler: 'blob', id: 98, data: {text: 'And its not just the categories that are already highly penetrated online like digital content or event tickets, but there are people that are actually buying things like apparel, and consumer '}},
{ timecode: 1300, handler: 'blob', id: 99, data: {text: 'electronics, and health and beauty products through their mobile device – even in spite of the fact that most websites aren’t even optimized for this channel. So, if there is a germ of an '}},
{ timecode: 1312, handler: 'blob', id: 100, data: {text: 'opportunity there, there’s an even bigger one in the multichannel experience in which consumers who have actually used the mobile web for retail purposes have done so to do things like locate '}},
{ timecode: 1325, handler: 'blob', id: 101, data: {text: 'nearby stores or to actually compare products once they’re in stores or to compare prices of products once they’re in stores. Now, some retailers have certainly changed and modified their '}},
{ timecode: 1338, handler: 'blob', id: 102, data: {text: 'websites in order to accommodate for some of this shift, and that’s exposed the opportunity for many of the rest of us. If we haven’t already bought into the notion of how much the mobile '}},
{ timecode: 1350, handler: 'blob', id: 103, data: {text: 'web has the potential to change retail, let me share this data with you. There are now more seniors over the age of 65 who regularly use email than consumers under the age of 30. Now those people are '}},
{ timecode: 1366, handler: 'blob', id: 104, data: {text: 'texting like crazy, but the email is less a regular part of their daily initiative. Given the fact that email is also the web retailer’s best friend and is the interactive marketing strategy '}},
{ timecode: 1381, handler: 'blob', id: 105, data: {text: 'that is most effective for us, it’s quite imperative that we do need to figure out what we are going to do to communicate with our customers in the not-too-distant future. So, what do we do with '}},
{ timecode: 1394, handler: 'blob', id: 106, data: {text: 'all of the changes that we have been able to get to here? And what does all this mean for our future success. I just want to quickly recap all of the elements that have really driven web retailers to '}},
{ timecode: 1405, handler: 'blob', id: 107, data: {text: 'where we are today. First, we set our goals. We redefined our competition. We’ve respected IT We’ve reinforced our partners. We reacted to people power. We recognized the mobility '}},
{ timecode: 1420, handler: 'blob', id: 108, data: {text: 'revolution. Now I am going to bucket all of these into three larger segments because I think that really synthesizes what it is that web retailers have managed to get right over the last 10 years. '}},
{ timecode: 1432, handler: 'blob', id: 109, data: {text: 'They fundamentally exploited the inherent advantages of the web. They outplayed their offline peers, and they embraced the game changers. And each of these, I think, has a really strong prescription '}},
{ timecode: 1447, handler: 'blob', id: 110, data: {text: 'for what we can do for the future to continue that pace of growth. The first thing is really to continue to chip away at the small wins. When I think about those small wins, one of the first places to '}},
{ timecode: 1460, handler: 'blob', id: 111, data: {text: 'start is checkout, which is the area of greatest focus for web retailers in the coming 12 months. There is not really any standard convention around the specific things that companies need to fix with '}},
{ timecode: 1473, handler: 'blob', id: 112, data: {text: 'respect to checkout. But there are a few things that I did want to pull from some of the retailers that I thought were doing some particularly innovative strategies. One is a company called Heels.com, '}},
{ timecode: 1488, handler: 'blob', id: 113, data: {text: 'and it’s a little retailer that actually just started a couple of years ago, and they sell, as you would expect, high-heeled shoes. They are doing a great job holding their own against some many '}},
{ timecode: 1497, handler: 'blob', id: 114, data: {text: 'more formidable competitors. One of the things that they had noticed on their website was that a small but significant percent of the orders that customers had placed – consumers would call '}},
{ timecode: 1511, handler: 'blob', id: 115, data: {text: 'customer service and say that the package had never arrived. Now we know that this is a pretty standard problem in ecommerce because this is the same issue that Amazon had had with Joe Nocera several '}},
{ timecode: 1521, handler: 'blob', id: 116, data: {text: 'slides earlier. And what they had done historically was just send out a replacement package and try to resolve the issue. But they figured there was probably a better way to address that challenge, '}},
{ timecode: 1532, handler: 'blob', id: 117, data: {text: 'and what they did was make this small modification to checkout, which is to enable people to actually opt in to get a signature at check out. The subtle message was if you don’t opt in, '}},
{ timecode: 1545, handler: 'blob', id: 118, data: {text: 'don’t call us to tell us that you didn’t get your package; we are not necessarily going to send you that replacement. The upside was that it had a tremendous impact on reducing the number '}},
{ timecode: 1558, handler: 'blob', id: 119, data: {text: 'of those kinds of customer service calls. Another example is a little company called Wildflower Diapers, which sells organic baby products. They give consumers the opportunity to actually pick which '}},
{ timecode: 1572, handler: 'blob', id: 120, data: {text: 'carrier will ship them their product at checkout. They lay it out in a tabbed format, and they have all of the prices for each of the carriers distinctly segregated. Now we know that about a third of '}},
{ timecode: 1584, handler: 'blob', id: 121, data: {text: 'consumers say that they would like to have the opportunity to select their carrier at checkout, so this is a great opportunity that even if you still have a relationship or a pre-existing relationship '}},
{ timecode: 1596, handler: 'blob', id: 122, data: {text: 'with a shipper that this still empowers consumers to be able to select the format that they want. Here is an example from a bigger company – it’s from the Gap. One of the biggest sources '}},
{ timecode: 1608, handler: 'blob', id: 123, data: {text: 'of abandonment in general for large companies that have repeat shoppers is often that consumers will forget their passwords. So, what the Gap does is on that shopping cart page they actually populate '}},
{ timecode: 1622, handler: 'blob', id: 124, data: {text: 'it with the password hint to try to stem some of the leakage that is there. One of the great mysteries of ecommerce to me remains why it is that live chat isn’t more integrated into ecommerce '}},
{ timecode: 1635, handler: 'blob', id: 125, data: {text: 'websites, because year after year companies report anecdotally and empirically that live chat is one of the most effective ways of communicating with customers. The good news is that 80% of the '}},
{ timecode: 1649, handler: 'blob', id: 126, data: {text: 'retailers that responded to our survey said that they are, in fact, thinking of incorporating chat into their present road maps for the coming year. The bad news is that to do chat well, you really '}},
{ timecode: 1663, handler: 'blob', id: 127, data: {text: 'have to incorporate proactive chat, which is the “can-I-help-you” button when consumers are stumped. That’s the piece that is less likely to be on that project road map. So, what I '}},
{ timecode: 1674, handler: 'blob', id: 128, data: {text: 'would advise is that if it is already on your road map, make sure that you don’t omit the better half; and if it is not on your road map to certainly consider putting it there. No conversation '}},
{ timecode: 1688, handler: 'blob', id: 129, data: {text: 'about the quick wins is complete unless you talk about search as well, which we know to be the workhorse of the interactive marketing world. That said, we also know that search is becoming less '}},
{ timecode: 1702, handler: 'blob', id: 130, data: {text: 'effective. These are actually direct quotes from our surveys. We know that the keywords, in fact, are not only getting more expensive, but some of the conversion rates are also going down in large '}},
{ timecode: 1714, handler: 'blob', id: 131, data: {text: 'part because consumers are getting a little bit more finicky about where they ultimately purchase, so that, of course, affects the effectiveness of search. This is where it is particularly important '}},
{ timecode: 1724, handler: 'blob', id: 132, data: {text: 'to consider some of the other opportunities that are out there, some of the newer formats for bid optimization or even some of the more innovative revenue models that companies like Adlucent or '}},
{ timecode: 1736, handler: 'blob', id: 133, data: {text: 'Kenshoo are out there supporting. Now, we also know that web retailers have certainly done a great job of really outplaying the offline environment, but the reality is that to be a successful '}},
{ timecode: 1749, handler: 'blob', id: 134, data: {text: 'multichannel retailer, you really need to make sure that you are supporting the mother ship and to realize that we are all in this together. To that end, it’s very important to figure out ways '}},
{ timecode: 1760, handler: 'blob', id: 135, data: {text: 'to support some of the other channels. One of the interesting areas that I think has some interesting promise is in the idea of how frequently consumers are replacing things. Like, for instance, their '}},
{ timecode: 1776, handler: 'blob', id: 136, data: {text: 'consumer electronics, which we know they’re replacing with increased frequency because there are products with greater features that are released more frequently than they were in the past. To '}},
{ timecode: 1790, handler: 'blob', id: 137, data: {text: 'that end, that’s where companies like Best Buy and Costco are actually endorsing that and enabling consumers to trade in products – their old consumer electronics – and in exchange, '}},
{ timecode: 1805, handler: 'blob', id: 138, data: {text: 'they get store credit for future purchases. Now, that may seem like a somewhat unconventional idea and, at some levels, may even be unscaleable, but there are partners – like companies such as '}},
{ timecode: 1818, handler: 'blob', id: 139, data: {text: 'Gazelle – out there that are purporting to support and help consumers and retailers manage the logistics of that. If there is any doubt as to the benefit here, let me remind you that a variant '}},
{ timecode: 1846, handler: 'blob', id: 140, data: {text: 'of this same promotion led to the single biggest stimulus to the auto industry since the assembly line. We also know that online couponing is extremely successful and it’s beneficial because not '}},
{ timecode: 1859, handler: 'blob', id: 141, data: {text: 'only is it traceable, but it helps to reduce cost because you are eliminating so much of your direct mail expenses. Some of the more innovative next-generation approaches to couponing are where there '}},
{ timecode: 1871, handler: 'blob', id: 142, data: {text: 'are some potentially true opportunities. There is a company called Zavers that enables consumers to activate coupons on line and then tie them into things like their loyalty program or their credit '}},
{ timecode: 1884, handler: 'blob', id: 143, data: {text: 'card so that when consumers get to checkout, they don’t have to actually physically clip a coupon and take in something – a piece of paper – in order to redeem that offer at '}},
{ timecode: 1894, handler: 'blob', id: 144, data: {text: 'checkout. The opportunity, though, that I think is most promising for the multichannel world is actually in the 2-D barcodes. This is an example of one. The way that it works is that if you happen to '}},
{ timecode: 1907, handler: 'blob', id: 145, data: {text: 'have a camera phone that is also web enabled, you can take an image of it and it will take you directly to a URL. Here’s an illustration of the way that it would work. This is a 2-D barcode '}},
{ timecode: 1920, handler: 'blob', id: 146, data: {text: 'featured in a Ford Taurus brochure. We can see the implications in the marketing world, and it’s not too far fetched to envision what could happen in the retail world as well. Imagine putting '}},
{ timecode: 1932, handler: 'blob', id: 147, data: {text: 'something like a barcode on a hang tag or a shelf sticker and the consumer could then be taken directly to a product detail page or even to a page of customer reviews or potentially even an offer. Now '}},
{ timecode: 1946, handler: 'blob', id: 148, data: {text: 'I think that the implications and the opportunities within retail are particularly exciting, but it’s actually the utility beyond retail where I think that this has some true opportunity. In the '}},
{ timecode: 1959, handler: 'blob', id: 149, data: {text: 'City of Amsterdam, they provide these barcodes on their bus stops and when consumers go to the URL, it actually is a site that tells them when the next bus is coming. So, it is a really, really '}},
{ timecode: 1971, handler: 'blob', id: 150, data: {text: 'practical application. And the idea is that for any situation in which it may have been previously expensive or cumbersome to communicate information in a real-time fashion, this really reduces some '}},
{ timecode: 1986, handler: 'blob', id: 151, data: {text: 'of those costs. And this technology actually has been quite popular in Japan for the last several years. So that really also lends some idea to the promise that it could potentially have in the U.S. '}},
{ timecode: 1997, handler: 'blob', id: 152, data: {text: 'The last thing that web retailers have done is embrace those game changers. To address that where I think that we need to go is to like social but to love mobile. When I say liking social, it is '}},
{ timecode: 2012, handler: 'blob', id: 153, data: {text: 'really about understanding the implications for your brand and to recognize how much you have in the way of resources to give toward it. This is a little bit of a complex slide, but I will try to '}},
{ timecode: 2023, handler: 'blob', id: 154, data: {text: 'explain it as briefly as I can. This is the framework that we have at Forrester called the TechRadar, and the idea is to help companies prioritize their investments in different technologies. The '}},
{ timecode: 2035, handler: 'blob', id: 155, data: {text: 'technologies that we laid out here are as many of the social commerce tactics as we could think of. And the data that we used was actually the data that many of the retailers had shared with us from '}},
{ timecode: 2045, handler: 'blob', id: 156, data: {text: 'the state of retailing on line to map out where things fell. So, on the x-axis, we have mapped everything out on a continuum of where it fell on the spectrum from creation to decline. And on the '}},
{ timecode: 2057, handler: 'blob', id: 157, data: {text: 'y-axis is the value that retailers told us that technique actually served their business, and we bucketed them into three big buckets of high value, medium value and low value. Now, you will notice '}},
{ timecode: 2070, handler: 'blob', id: 158, data: {text: 'that the majority of these tactics actually fell in the creation and survival part of the matrix. And it will likely take probably about three years and sometimes even longer for any of these tactics '}},
{ timecode: 2083, handler: 'blob', id: 159, data: {text: 'to really evolve to the next phase of their maturity. So unless you happen to have the spare resources that you can dedicate to these initiatives, it probably makes sense to continue to see how things '}},
{ timecode: 2096, handler: 'blob', id: 160, data: {text: 'evolve and probably be a fast follower. Now, there is just as much unknown in the mobile world, but I do want to say that when I say ‘love mobile,’ I certainly don’t want to be '}},
{ timecode: 2109, handler: 'blob', id: 161, data: {text: 'misconstrued because that can sometimes be misread as saying, “invest a lot,” and that’s definitely not the intent that I hope to leave you with. There is so much hype about the '}},
{ timecode: 2119, handler: 'blob', id: 162, data: {text: 'iPhone, but it’s important to also recognize that the carriers that consumers actually use and the devices that they use to access the mobile web are actually quite diversified. The number of '}},
{ timecode: 2133, handler: 'blob', id: 163, data: {text: 'consumers that are actually accessing the mobile web on their device, the most popular device is actually BlackBerry. And there are more consumers actually accessing the mobile web through LG and '}},
{ timecode: 2144, handler: 'blob', id: 164, data: {text: 'Motorola devices than through Apple devices. It is really important to keep that in mind when you are thinking about which types of phones necessarily to code for. Now the device war in general is one '}},
{ timecode: 2158, handler: 'blob', id: 165, data: {text: 'that is very much in its early form, and you can pretty much rest assured that products like the Netbook and the E-Reader and probably even portable video game devices will stake out their claim in '}},
{ timecode: 2170, handler: 'blob', id: 166, data: {text: 'the mobility revolution. So, where does that leave us as an ecommerce company? Or as any ecommerce company. One of the things that we do know for certain is that more consumers will certainly access '}},
{ timecode: 2184, handler: 'blob', id: 167, data: {text: 'our sites through mobile devices in the future than ever before, and we certainly need to make sure that we have accommodated that change and that we take that into account. What can web retailers do '}},
{ timecode: 2196, handler: 'blob', id: 168, data: {text: 'in the near term? I think there are two things: one is if there has ever been a case to integrate alternative payments into your site it is now. And the reason is that two of the biggest obstacles to '}},
{ timecode: 2209, handler: 'blob', id: 169, data: {text: 'm-commerce are the form factor and the fact that consumers don’t necessarily feel secure when transacting through a mobile device; there are issues of privacy and concerns with communicating '}},
{ timecode: 2221, handler: 'blob', id: 170, data: {text: 'credit card information. And tactics and technologies like PayPal Express or eBillme or Amazon Payments are all tactics which reduce the number of keystrokes and enable people to complete transactions '}},
{ timecode: 2234, handler: 'blob', id: 171, data: {text: 'without having to surrender their credit card information through mobile devices. That is one factor; the other is just to make your sites more legible on mobile devices. Now that may seem like '}},
{ timecode: 2247, handler: 'blob', id: 172, data: {text: 'it’s complex because there are so many carriers and so many browsers to consider, but there are companies like Usablenet whose job it is to really help companies manage that migration. I would '}},
{ timecode: 2259, handler: 'blob', id: 173, data: {text: 'encourage you to consider those. Over the last several years, we always were so hard on ourselves as an industry, and so much of our time is spent talking about all of the things we have done wrong '}},
{ timecode: 2274, handler: 'blob', id: 174, data: {text: 'and how much our growth is being held back because we haven’t made those fixes yet. I have been a pretty big offender of that, too, because in a lot of my speeches, I spend so much time berating '}},
{ timecode: 2286, handler: 'blob', id: 175, data: {text: 'websites for all of the things they could do better. But this year, what I really wanted to do was take a slightly different approach, which is to talk about some of the things that web retailers have '}},
{ timecode: 2298, handler: 'blob', id: 176, data: {text: 'done right to get us to where we are today. We saw the earlier numbers of how fast the channel continues to grow, and all of the opportunity that it still holds for the future, and I wanted to make '}},
{ timecode: 2312, handler: 'blob', id: 177, data: {text: 'sure that we took stock of that to recognize that there are a lot of great lessons that we can learn and apply to the future. Now, certainly the worst could be behind us, but that doesn’t mean '}},
{ timecode: 2324, handler: 'blob', id: 178, data: {text: 'that our challenges are any less pronounced. One of my favorite quotes is that those who don’t learn from history are destined to repeat it. Now that really only holds true if your history is '}},
{ timecode: 2335, handler: 'blob', id: 179, data: {text: 'bad. If your history is good, you bear another risk that if you don’t learn from history, you never get the chance to repeat it. So, with that, I will conclude, and I think we have a couple of '}},
{ timecode: 2350, handler: 'blob', id: 180, data: {text: 'moments for questions. There are four microphones—five microphones if anyone has any questions.'}},
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