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The Future of Online Retail

Leighton Peter Prabhu Partner, Russia & CIS Interstice Consulting LLP www.intersticeconsulting.com October 2011


Co-creation / mass customization


Other co-creation projects


Subscription commerce simplified choices negative-option billing

style types celebrity

sampling

packaging

curation

experts customer service

?


Other subscription commerce projects


Case study - Shoes of Prey


What we do We make women happy. We bring out their creativity and allow them to wear something they've created for themselves.


A shoe for every mood Fresh

Energetic

Bust a Move

Classic Fanciful

Dreamy

Edgy

Elegant

Trendy Corporate


Building the Shoes of Prey brand Creating awareness and excitement - Creating demand through PR, events, social media - Engaging opinion leaders

Generating positive word of mouth - Encouraging sharing on social media - Offering incentives for referrals

Delivering an outstanding brand experience - Online - Offline - Localized - Personalized


Creating awareness and excitement • “Create” demand • Primacy of Internet – “zero moment of truth” • Broadcast media, events, social media • Engage opinion leaders • Special channels


Media mentions (Russia)


Delivering an outstanding experience Localized and personalized, both online and offline


Generating positive word of mouth • Encourage sharing on social media • Power of stories • Incentives for referrals – Social – Financial

• Blogs (internal and external) • Newsletter – easy to forward


Results - customer survey (Net Promoter Score: 0 = neutral, 15+ above average, 50+ excellent)* How satisfied were you with the level of customer service?

84.7 How likely are you to recommend Shoes of Prey to a friend or colleague?

67.7 Prior to purchasing from Shoes of Prey, did you know someone who had made a purchase from Shoes of Prey before?

11.3% of our customers knew someone who had purchased from us prior to ordering their shoes will no doubt grow as our customer base grows.

*some NPS comparisons: BMW (59) Apple (79) FedEx (56) Google (73) Amazon (73)


Recognition • Best New Online Retailer • Best Online Retail Marketing Initiative • Most Innovative Online Retailer


What’s next?


“Bricks and Clicks” TESCO / Homeplus, Korea


Augmented reality we’ve already come so far


Online fitting using webcam


Augmented reality - technology SRI International / Microsoft Kinect


AR - implementations TOPSHOP / AR Door, Evropeisky


3-D virtual fitting room Fits.me


Some resources i-accelerator.ru startupwomen.ru springwise.com


Спасибо!

L.S. Peter Prabhu BCom MPhil CA CPA Partner

Interstice Consulting LLP Tverskaya 9 Moscow 125009 Email: lsp.prabhu@intersticeconsulting.com Mob: +7 916 404 97 52 Blog: russkiebiz.wordpress.com

The Future of Online Retail  

Slides from a recent lecture at Higher School of Economics, Moscow

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