In the face of the biggest industry disruption in memory, health plans are gearing up for big changes in their business models. From the implementation of healthcare reform teams, public and private exchange initiatives, dramatically different underwriting, and new user experiences modeled after Apple and Amazon, health care payers — and providers — are looking for answers and a view into the future of healthcare. So Forrester is looking for a Senior Analyst to help us expand our coverage of this incredibly dynamic area.
Here’s the important stuff in the job description:
The successful candidate will write for, present to, and advise eBusiness & Channel Strategy Professionals in the healthcare industry (including payers and providers) to help guide their direct-to-consumer strategies, through innovative research and advice delivered through written reports, consulting, client inquiries, and speeches. The ideal candidate possesses a strong understanding of the business and technology issues facing both healthcare and online and mobile commerce markets, plus an appetite for conducting and writing research to help clients stay abreast of the issues.
I consider myself incredibly fortunate to have the job I do: Every year, I get to explore new markets around the globe and meet people who are equally passionate about building eCommerce businesses.
It's sometimes challenging to try and balance the fact that at Forrester, we are often brought to new places specifically to share our expertise — at the same time, our goal is to learn as much as possible while we're there. Many professionals looking to launch new offerings or pursue new partnerships outside of their own country face similar issues: They aim to both provide insights based on their experiences as well as to absorb knowledge that will help inform corporate strategies.
Having had some great meetings over the years and others where I’ve regretted my approach, I now try to adhere to three rules whenever I start a conversation with executives in a new market:
1. Come with a hypothesis, but prepare for it to evolve. Conversations flow much more easily if you have a framework or hypothesis for what trends you're likely to see in a market — just be ready for holes to be poked in different parts of your theory. In a recent conversation with the CEO of an online retailer in Russia, for example, I indicated that online travel sales often paved the way for retail eCommerce to take off, and asked if the situation was similar there. The CEO explained that in Russia, consumers' reliance on package tours — which are not generally sold online — meant that online travel hadn't flourished to the same degree as it had elsewhere in the world. Finding these exceptions is essential to understanding the nuances of each market.
Our clients continue to realize sustained online revenue growth which means many eBusiness leaders have both the funds and backing to continue to invest heavily in commerce technology. Across the board, retailers, consumer brands, and industrial suppliers alike are significantly bolstering their capital investment programs to ensure they stay at the forefront of digital innovation while ensuring that their online, fulfillment, and back-office systems are ready to scale for anticipated growth over the next five years. Subsequently Forrester is hiring for a Principal/Senior Analyst to help us expand our coverage of this incredibly dynamic area.
This week Forrester published our inaugural online retail forecast for Canada. While still lagging behind the US market, online sales in Canada show encouraging signs of growth over the next 5 years. In fact, online sales in Canada have grown from C$15.3 billion in 2010 to C$20.6 billion in 2013 and are expected to reach C$33.8 billion by 2018. A few highlights of note from the forecast:
Online sales now account for 7% of total retail spend. Forrester forecasts a compound annual growth rate (CAGR) of 10% over the next five years for online sales, however retail total growth (online & offline) in Canada will linger at only 2.8% over the same period. Consequently online sales will account for 10% of total retail spend by 2018, up from 7% today.
Just five categories account for half of the dollars spent online in Canada. Apparel and accessories alone are a C$3.5b plus sector, followed closely by PC;s, consumer electronics, event tickets and groceries. Perhaps this should come as no surprise given these same categories that are also some of the most commonly researched online in Canada.
Average online spend is set to increase 37% by 2018. Today the average Canadian spends C$1,130 a year online which is considerably less than our neighbors in the US (who spend US$1,481), but on the bright side, Forrester forecasts that Canadian online spending will hit $1,552 by 2018. The majority of this growth in online spend will be driven by broader access to products and services that today are only available directly at brick-and-mortar stores or via cross-border delivery from US domiciled retailers.
The online channel plays a large role on how prospects research and apply for credit cards. In 2012 more than half of US online adults who purchased a credit card applied for that card online. In order to evaluate the five largest US credit card issuers on their online sales experience, Forrester used its Website Functionality Benchmark methodology to evaluate the acquisition portions of their websites. Our 2013 US Credit Card Online Sales Rankings includes the rankings for: American Express, Bank of America, Capital One, Chase, and Citibank.
Highlights of the 2013 US Credit Card Online Sales Rankings:
American Express Takes The Lead This Year Among US Card Issuers! American Express's strong performance in both research and application content and functionality secured the top spot this year.
Dynamic Research Tools Abound On Card Issuers' Sites. Credit card issuers are providing dynamic features to guide prospects. All five sites we reviewed provide credit card selector tools as well as comparison charts that help prospects identify the right credit card based on their need.
Application Processes Are Becoming More Sophisticated. Prefilled applications for existing customers, automatic data validation, and proactive help are just a few of the features that have improved the online application process at leading card issuers. American Express goes a step beyond its competitors by providing an instant credit decision, credit limits, and immediate card number issuance.
It's still early in the mobile investing game, but with investor expectations rising and substantial business at stake, digital wealth management teams know they must improve their portfolios of mobile sites and apps. To help, Forrester developed the Mobile Wealth Management Functionality Benchmark. Early this year, we published our first scorecard of five global leaders. We found that:
E-Trade and Fidelity lead with strong account information and transactional functionality. Both firms excel in the presentation of portfolio information. E-Trade enables clients to see their portfolios' historical performance charted against major US stock indexes. Fidelity's visual display of balances, holdings, and market summaries is best-in-class. Most firms miss the opportunity to use graphics to let investors visualize their portfolios.
Cortal Consors, TD Direct, and Merrill Lynch all exceed minimum standards. Cortal Consors in France and TD Direct support a wider range of products than US firms because European investors often invest beyond their home market. Merrill Lynch, the only full-service firm tested, makes it easy to reach a rep.
Opportunities to improve include mobile-optimized websites, research, and ease of use. We believe that most firms will arrive at a mobile strategy that includes websites optimized for delivery through mobile devices. But none of the five firms we reviewed offer mobile-optimized websites. None offer stock screeners or in-depth research reports through their smartphone apps. None offer ease-of-use features like contextual help.
I’m currently tackling a report on the tools & technology necessary for eCommerce organizations to expand internationally. It is one of the reports for the eCommerce Globalization playbook and aims to put a global lens on some of the research we’ve done on the eCommerce solution provider landscape. Numerous types of vendors contribute to the globalization process – in this report, we’ll examine only a few key areas including:
Global-Ready Commerce Suites. Pulling from our B2C Commerce Suites Wave last year, we’ll analyze which of the included companies scored particularly well on their globalization capabilities. We’ll also look at the commerce platforms that SMEs tend to gravitate toward around the globe, and identify some of the country-specific solutions that have emerged in different regions.
Global Commerce Service Providers. We will also be discussing which of the companies included in our Global Commerce Service Providers Wave excelled when it came to helping brands with their global market expansion and which ones have the most extensive global footprints.
Forrester is launching new research looking at how firms and companies can better use data and analytics. Please help us make this research better by taking our survey. We want to hear from you whether you use data extensively or not, and your responses will be extremely valuable. Plus you get a free Forrester report (not to mention the warm glow you'll get from helping out).
In addition, we appreciate any efforts to spread the word: Forward this to anyone who uses - or could use - data as part of their job.
On behalf of the Forrester team, thank you very much!
Management guru Peter Drucker famously said, “What gets measured gets managed.” So whether you’re a B2B company just starting to sell online, or a world-class B2B eCommerce website managing billions of dollars in sales, you need to know which metrics to track and how to benchmark your efforts against your competitors. Your business depends on it.
Last week, Forrester published three reports focused on helping B2B eCommerce professionals measure and benchmark the impact that digital channels have on both their online and offline sales. The reports, new additions to Forrester’s B2B eCommerce playbook, are designed to guide insiders through the process of defining, prioritizing, and optimizing key measures – both for internal purposes and external comparisons.
Measuring The Fundamentals Of B2B eCommerce. Understand the value that B2B eCommerce metrics can have across all channels and lines of business, and what roadblocks have historically stood in the way of B2B eCommerce professionals’ measurement strategies. Learn how to define critical B2B eCommerce metrics and align them with your most important B2B business objectives.
Last month, IRCE hosted its first-ever B2B eCommerce content track at its big show in Chicago. 500+ attended my keynote session in the morning...and Grainger’s VP of eCommerce, Paul Miller, saw similar turnout for his presentation later in the day. All in all, impressive numbers for an inaugural session series.
To that end, I’m happy to report that I’ve published two pieces of research in the last few months that explore how and why B2B companies are delivering high quality eCommerce online (and on mobile devices as well):