FFWD’s Advertising and Marketing Week was a week to remember for Toronto, bringing together the biggest and brightest in the industry to educate, learn, and celebrate the evolving space of marketing and advertising. For those who missed it, here’s a recap of what some thought leaders from Facebook, RBC, Frank and Oak, and SapientNitro had to share about the changing role of mobile and in-store digital retail experiences.
Winning In a Mobile-First World
How do businesses, large and small, define success when it comes to mobile? For Jeremy Bornstein, Head of Emerging Payments at RBC, it means a higher conversion of customers who do retail banking through branches and ATMs to mobile banking through RBC’s mobile channel. Out of RBC’s 10 million consumers, one third already use the RBC’s mobile banking app exclusively for banking transactions. For the popular men’s clothing e-tailer, Frank & Oak, COO Hicham Ratnani explained how future success in mobile is when their m-commerce channel outperforms e-commerce in sales, basket size, and customer satisfaction.
Steve Irvine, Group Director of Global Marketing Solutions at Facebook Canada, also discussed how advances in mobile and touch has changed the role of mobile in organizations. Mobile strategies, which were once in silo to other areas of business, are beginning to be integrated into every business decision, especially with smaller companies and startups. In larger traditional corporations, where each department has an established strategy in place, complete mobile integration is a bit more challenging. However, top-tier brands such as Disney, BMW, and Google who dominated the mobile app market in 2013 prove that when mobile strategies are put in the forefront and flow top-down, mobile integration is achievable in larger companies.
The Revolution of In-Store Digital Retail
Three trends in consumer shopping behaviour are changing the face of retail.
1) Consumers are now shopping in increments, taking multiple moments of time in a day to research, browse, and purchase items.
2) The availability of more e-commerce channels means less shoppers are physically visiting stores. This was most apparent last holiday season when foot traffic decreased by 50%, compared to 2010.
3) Modern-day shoppers expect more than just a physical experience while shopping, they want want to own the experience. According to a recent SapientNitro report, 62% of consumers wanted an in-store interactive digital experience.
Based on these trends, Hilding Anderson, Senior Manager of Insights and Research at SapientNitro, shared his insights on what the retail space will look like in the next 5 years. He predicted that in spite of decreasing foot traffic, physical stores will not be going anywhere. Consumers will always want that in-store experience that isn’t accessible through online or mobile channels. In order to enhance that experience though, more brands will start to build in-store experiences around powerful themes and stories, engaging consumers with push content and encouraging interactivity with touch technology in-store. To support this, retailers will focus on delivering a single connected brand experience in-store, where the fusion of physical and digital worlds will entice consumers and ultimately, drive traffic to stores.
As mobile and touch technology continue to seep into all areas of marketing and advertising in every industry, digital experiences, when leveraged effectively, can build close lasting connections with the “always-on” consumer.