Videos are definitely one of the strongest forms of media in our society nowadays, and there are 48 hours of video uploaded on YouTube per minute: from consumers sharing their creative expressions to companies uploading how-to videos about their products and brands.
These videos help many people in their purchasing process. My colleague recently had to shop for a car, and it’s been interesting to hear about her car shopping journey and how online videos helped her make the ultimate decision. She was interested in one specific car — the 2012 Ford Focus with the Sync with MyFord Touch comes as standard package. The challenge she, and Ford for that matter, encountered was that the majority of car salespeople aren’t that tech-savvy. While they are familiar with the horsepower and the smart-key entry feature, they really struggle to explain how to turn the car into a Wi-Fi hub or how the Sync system can read incoming text messages.
Trying to learn about every available optional feature, my colleague had to turn to the Internet for help. She was able to find demo videos on the Ford Focus website, on YouTube, as well as on her cable TV widgets. These online videos, produced by Ford, auto review sites, as well as tech-savvy online peers, really helped her understand how the optional features of this new product will enhance her ultimate driving experience. Forrester’s Technographics® data shows that videos created by other people are the most watched online type of video:
Today hybris announced its acquisition of iCongo in a creative deal which sees private equity firm Huntsman Gay convert its stake in iCongo into a significant stake in the newly combined companies. The deal combines complementary capabilities and customer bases, while also mitigating challenges each firm faced alone while strengthening a joint balance sheet for the combined $90-100 million in approximate revenues these firms will make up. The deal also changes a number of dynamics important to customers not only of hybris and iCongo, but also of Endeca and many services providers. A few key takeaways and thoughts:
When I first saw the video below of how Tesco’s Korean subsidiary Homeplus had tested a "virtual supermarket" in Seoul’s Hangangjin subway station I was impressed with the customer-centric use of mobile technology to innovate the shopping experience. The test included using basic posters with QR codes to enable the customer to create an order for delivery while on their way home.
Now we have learned that Homeplus is extending the trial to other Seoul subway stations next month with a view to rolling the format out across South Korea within two years.
What makes this possible? First and foremost an investment in a services-oriented architecture that Tesco began years ago, along with a consumer market well adapted to using mobile technology in their day-to-day life, and an operational capability to pick the items and faciliate delivery. It is intriguing to see how this test paints a future where physical displays – be they printed or digital – can be used to enhance the cross-touchpoint research, purchase, and service. Ideally these need to be highly integrated to the commerce platform to support real-time price, inventory availability, promotion, and content updates that enable full cross touch-point commerce, with this yet another interface to support shopping.
Following my blog post from a couple of weeks ago where I wrote about the need to take a local approach in Europe, I’d like to take a few minutes to say something about the first of our country-specific reports.
It was natural to start with the UK Online Retail Overview, 2011, for two reasons. The first is that I live in the UK, so it’s the market and retail environment that I’m most familiar with, but secondly and more importantly, it’s the largest online market in Europe. Based on the figures in our European Online Retail Forecast, the UK online retail market will be worth £28.6 billion in 2011; this represents 9.4% of the overall national retail market, almost double the online penetration of any other European country.
So there are some big numbers but also some interesting trends to examine.
The UK market is increasingly dominated by multichannel retailers. While there are a range of notable online pure play success stories (Amazon.com, Asos, Net a Porter, and Play, to name a few), we are seeing an increasing level of sophistication in how the major high-street retailers are integrating their on- and offline properties. Initiatives like Click and Collect are now commonplace, and the pace of innovation isn’t slowing, with new initiatives such as Argos’ 90 minute Shutl delivery service being a prime example. So there are plenty of examples here to be inspired by.