This survey, PwC’s seventh annual study in a series tracking changes in global consumers’ shopping preferences, is our biggest one yet: 15,000 online users representing 15 countries. Among the expectations that global consumers now have are: 24/7 retailer availability, real-time insight into the retailer’s stock, compelling in-store technology, and consistent prices and offerings across all the retailer’s assets.
Today’s consumers have raised the bar for retailers. Multichannel shopping is a given — the price of admission into the conversation. Within our data we’ve unearthed eight customer expectations that transcend geography and product category, and will require that retailers evaluate their business model from top to bottom.
- A compelling brand story that promises a distinctive experience
- Customised offers based on totally protected, personal preferences and information
- An enhanced and consistent experience across all devices
- Transparency, real-time, into a retailer’s inventory
- My favourite retailers are everywhere
- To maximise the value of mobile shopping, both store apps and mobile sites must improve
- Two-way social media engagement
- “Brands” act like retailers, and we’ll treat them that way
Take a closer look at the main takeaways and feel free to discuss and share them! Please, don’t hesitate to contact me for any doubt and follow the hashtag #TotalRetail!
You can find all the contents, video, and much more on www.PwC.com/TotalRetail
1. “Trust the brand” is the #1 reason people shop at their favorite retailers, so retailers should change how that brand is communicated, both internally and externally.
2. Retailers need to strike a balance between customization and security because online shoppers demand customized offers based on totally protected, personal preferences and information.
3. Consumers expect a consistent experience across all devices, so companies need to ensure that customer information “travels” securely with each device.
4. The back-office of retailers needs to move at the speed of the customer because shoppers want real time, transparency into a retailer’s inventory.
5. Favorite retailers are everywhere, so retailers should examine their store portfolio taking into account how consumers want to shop.
6. To maximize the value of mobile shopping, both store apps and mobile sites must improve. Businesses should focus on the mobile browser experience first, and then ramp up apps.
7. Online shoppers seek two-way social media engagement, so retailers need to listen to customer’s comments and turn that commentary into actionable data.
8. Shoppers don’t see the difference between manufacturers and retailers, so both sides need to work together to share consumer insights and collaborate to enlarge the pie and drive more success for both.
According to the 2013 BrandFinance Global 500, a list of the world’s top 500 most valuable brands, PwC ranks #4 by brand rating. Brand rating takes into account other financial metrics such as net margins, average revenue per customer, marketing and advertising spend, as well as qualitative measures such as brand affection and loyalty.
This is the comparison with the other Big 4, listed under “Commercial Services”:
Also, take a look at this benchmarking drill-down:
Brand Value / Enterprise Value* (as percentage)
Brand / enterprise value vs. brand rating
Download the full comparison document: PwC_Big4_Brand_Comparison
[Source: Best Global Brands | BrandFinance]
Employees looking for a little more cheer in their lives should consider moving to the U.S. West Coast, new research shows.
California is home to three of the 10 happiest cities to work in, including San Jose, which tops the list. San Francisco and San Diego were also among the 10 cheeriest cities for employees, the study by online career community CareerBliss revealed.
The rankings were based on several key factors that affect work happiness, including an employee’s relationship with his or her boss and co-workers, work environment, job resources, compensation, growth opportunities, company culture, company reputation, daily tasks and job control over work performed on a daily basis. The data account for how an employee values each factor, as well as how important that factor is to the employee’s overall happiness.
In San Jose, the people and the company reputation had a large impact on overall happiness. As the capital of Silicon Valley, CareerBliss researchers said the northern California city has a large concentration of technology jobs that are often high paying and provide innovative work environments.
Other cities outside of California ranking in the top 10 included:
- Washington, D.C.
- Las Vegas, Nev.
- Salt Lake City, Utah
- Houston, Texas
- Boston, Mass.
- Philadelphia, Pa.
- Charlotte, N.C.
Factors that ranked high across all of the happiest cities were the opportunities for growth and the relationship employees had with their co-workers.
In contrast, CareerBliss found that the rewards employees received and the support they got were lowest in cities that were the unhappiest. In addition, a common factor that affected unhappy cities was a lower ranking in overall work environment.
The 10 unhappiest cities were:
- Cincinnati, Ohio
- Orlando, Fla.
- Indianapolis, Ind.
- Denver, Colo.
- Pittsburgh, Pa.
- Tampa, Fla.
- Columbus, Ohio
- Sacramento, Calif.
- Miami, Fla.
- Arlington, Texas
“Having a clear picture of what drives happiness at work not only impacts companies, but entire communities and can help create happier environments all around,” said CareerBliss co-founder Heidi Golledge.
Happiest Cities for Work in 2014
|1||San Jose, CA||3.931|
|3||San Francisco, CA||3.925|
|4||Las Vegas, NV||3.891|
|5||Salt Lake City, UT||3.840|
|9||San Diego, CA||3.783|
The CareerBliss data evaluates the key factors which affect work happiness, including: one’s relationship with their boss and co-workers, their work environment, job resources, compensation, growth opportunities, company culture, company reputation, their daily tasks, and job control over the work that they do on a daily basis. The data accounts for how an employee values each factor as well as how important that factor is to the employee’s overall happiness. Each review is given an average score indicating where the company places between one and five.
Technology is revolutionizing the retail landscape. By 2016 it is estimated that global retails are expected to reach a staggering $1,321.4 trillion, a 67 percent increase from 2011. With the freedom to compare prices, greater efficiency and the growing prevalence of same day delivery offers – the allure of eCommerce is drawing more consumers each day.
The proliferation of mobile technology has also been an enormous driver in the retail world in recent years. Nearly 80 percent of all smartphone owners today use their phones at least once monthly to shop, while more than 1/5th of all consumers habitually utilize mobile devices to enhance their shopping experience. Our smartphones let us compare prices, read reviews, obtain digital customer service, and learn more about the products we see in stores. Consumers today can even purchase items from competitors online while standing in the showrooms of brick-and-mortar retail outlets. So the future of shopping looks bright for consumers everywhere. To learn more about the ways technology is influencing your shopping experience, take a look at this illuminating infographic produced by online retailer Gift-Library on The Future of How We Shop.
Is your eCommerce ready for this? Do you feel that your company is in need for a shift towards xCommerce? If you need a refresh on this maybe you should take a look at the PwC xCommerce Methodology… Page in Italian for the moment, but you can always contact me for any question!
[Source: Social Media Today]
Social media drives record revenue per visit for retailers
Adobe has released its Q4 2013 Social Media Intelligence Report analysing paid, earned and owned social media trends. The report shows Facebook, Twitter, Pinterest and Tumblr drove an exceptional amount of qualified traffic to retail sites in Q4, with revenue per visit (RPV) increasing across social channels. In 2013 Tumblr generated a 340% increase in RPV year on year, and Pinterest overtook Facebook in terms of RPV in the UK, and it’s anticipated do the same in the US in 2014.
Social engagement with brand posts on Facebook rose 180% and brand post impressions are up 150% year on year. Unsurprisingly, posts with images produced a 650% higher engagement rate than regular text posts, while posts with links, text or video returned less engagement.
Additional findings include:
- Paid Social Trends: Facebook ads are becoming increasingly attractive to brand marketers due to growing consumer engagement. Facebook’s ad click through rate (CTR) is up 365 percent YoY and Facebook cost per thousand impressions (CPMs) increased 437 percent YoY. Facebook CPCs were even YoY, with the exception of a 29 percent spike during the holiday season. Facebook ad click volume is up 125 percent YoY.
- Owned Social Trends: RPV hit an all-time high across all social media channels, especially during the holiday season, with quarter-over-quarter (QoQ) gains for Twitter (84 percent), Pinterest (69 percent), Tumblr (38 percent) and Facebook (31 percent). While Facebook is still referring the most traffic, Pinterest overtook Facebook for referring revenue in Q4 in the UK and is expected to surpass Facebook’s RPV in the U.S. this year.
- Earned Social Trends: Social engagement with brand posts on Facebook rose 180 percent YoY and brand post impressions are up 150 percent YoY. Brand posts with images produced a 650% higher engagement rate than regular text posts (up 10%), while posts with links, text or video yielded less engagement YoY.
Facebook revenues leap 63% in Q4, driven by solid mobile ad business
Nearing its ten year anniversary this week, Facebook has posted record revenuesof $2.59bn for the three months to 31 December, up 63% on 2012, with a 76% increase in advertising for the same quarter. Facebook said mobile advertising revenue accounted for 53% of ad revenue for the quarter, up 23% year on year.
The social network hit 1.23 billion monthly active users and has more than 556 million mobile daily active users. However Facebook refrained from commenting on the declining use of the platform amongst US teenagers.
Twitter reported revenue and profits higher than had been expected, but it’s user base continues to grow slower than company watchers had hoped
Twitter officially released its first earnings results as a publicly traded company after the closing bell at the New York Stock Exchange on Wednesday, and the numbers were pretty good. For the fourth quarter of 2013, Twitter CEO Dick Costolo said in the report that the company had its “strongest quarter to date,” ending with quarterly revenue of $243 million — up 116 percent year-over-year.
Revenue-wise, Twitter fared much better than the expected revenue of $217 million, and it posted non-GAAP earnings of $0.02 per share — a metric in which many analysts predicted a loss. The company is still not profitable, reporting a non-GAAP net loss of $34 million, but it is better than 2012′s reported loss of $49 million. But on the earnings call this evening, Costolo remained bullish about the growth of Twitter’s revenue, opening ad channels and enhancing products.
“We have only scratched the surface of what we believe Twitter can become,” Costolo said.
Twitter’s stock has been tumultuous since it tripled its IPO price immediately after hitting the trading floor on November 7. The stock climbed to nearly $75 before hovering around the $65-$66 mark — today, it closed at a slight dip of $65.97 but fell in after-hours trading.
However, there is still a hang-up on usership. Despite Dick Costolo’s moonshot prediction one year ago that Twitter’s growth would surpass 400 million users, Twitter’s user base is growing steadily (if a bit slowly). The earnings report said Twitter now has 241 million monthly active users, an increase of just 30 percent year-over-year but a small increase from the 232 million MAUs from the third quarter of 2013. However, Costolo remained unfazed about Twitter’s slow growth, citing increased onboarding processes onto mobile, integration of rich media, and accessibility to “casual” users.
“With confidence in our ability to scale revenue, we are doubling down in 2014 to accelerate the growth of our user base,” Costolo said.
There is a lot of pressure for Twitter to convert its potential — and its hype — into real returns, and Q4 offered a slight assurance that it has the power to become profitable. Costolo seems to believe that the key to profitability is accessibility.
“One of our core values as a company is to reach every person on the planet, and in 2014, we’re focusing on building a product that is truly accessible to everyone,” he said.