Have You "Signed In" With Facebook Recently?

Peter Sheldon

The online registration page has always been a necessary evil. Despite the obvious need to collect customer information online, 11% of US adults have previously abandoned an online purchase either because  they didn't want to register online or the site they were visiting was asking for too much information. Many websites make it downright difficult to register, with seemingly endless input fields, complex password requirements and even annoying captchas all conspiring to make the process of buying online incredibly frustrating. To put this in context, a retailer with $200m of annual online revenues could be leaving a further $22m on the table simply due to the complexity of the registration step in their checkout process. But this is old news. For years eBusiness professionals have obsessed with optimizing the registration process, using A/B and multivariate testing to try and find the right balance between collecting enough customer information and exasperating their customers.

However, the days of optimizing the registration process may be fast coming to an end. In fact the playbook on customer registration tactics is being completely rewritten as a new and increasingly familiar button takes hold across the web: 

Read more

Barclays Bank Raises Its Game In Digital Financial Innovation

Benjamin Ensor

At our Marketing & Strategy Forum last November, Sean Gilchrist, head of digital banking at Barclays Bank, talked passionately about the importance of customer experience to the work being done by his team at Barclays. It's good to see some of the results of that focus on customers in two innovations introduced by Barclays in the past few weeks:

  • Firstly, Barclays has started rolling out a new online banking interface. While I'm sure that not every customer will like the change, the point is that Barclays is taking a modular (or widget-like) approach to displaying content and functionality in anticipation of having to serve customers on a rapidly growing range of digital devices. We think that approach is going to become increasingly common as eBusiness teams adjust to the fragmentation brought by the Splinternet.
Read more

2012 Mobile Trends: What’s On Your Strategic Roadmap?

Julie Ask

Let’s take a step back, first. You started as the “mobile person” two to three years ago. You siphoned a hundred thousand dollars or so from the eBusiness team budget and got a mobile optimized web site and maybe an application or two built. You measured your success by engagement – web traffic and application downloads. Maybe you measured direct revenue. Life was easy.

Two to three years later, as eBusiness professionals, you’ve got some experience with building, deploying and maintaining mobile services. You’ve added tablets to your portfolio. Hopefully you’ve convinced your organization that you need at least a 7-figure budget. Most industries have seen clear financial returns on these investments so that hasn’t been too hard. As eBusiness professionals working on mobile, you were feeling a lot of love.

In 2011, you benchmarked yourselves versus your competition. You looked at native applications by platform and key functionality on mobile web and applications. You took a deep breath and said, “ok, we’ve done it. We have mobile services. We’ve checked the box. Mobile web traffic and sales are growing. We’re good.” Perhaps others with fewer services are thinking, “I can see what we need to do. I think we can catch up if I can get some budget.”

The thing you are seeing though is – the finish line is out of sight. Mobile has only gotten more complicated – not less. No one feels comfortable. No one feels they can slow down, stop spending, or rest. Anxiety levels are high.

Read more

Finovate Europe 2012: Innovation In Digital Financial Services

Benjamin Ensor

A number of people asked me to repeat my blog post from last year with my impressions from Finovate, so I thought I would.

For those of you who aren’t familiar with Finovate, it’s a fast-paced format with seven-minute live demos and pitches from 35 financial technology vendors. It’s produced by Online Financial Innovations, the people behind the excellent NetBanker blog.

I was lucky enough to go along to the show in London today. Unlike last year, when four or five themes dominated the day, this year’s exhibitors were more diverse. Among them were:

Read more

The Brick-And-Mortar Renaissance

Peter Sheldon

Since the 1970’s, retail stores have slowly undergone a digital evolution. POS systems replaced cash registers, credit cards became the payment norm, and security tags reminded shoppers to pay. Despite these changes, the fundamentals of the customer shopping experience remained unchanged: We still pick up products, ponder a decision, and either leave empty-handed or wait in line to pay.

However, in the digitally connected store of 2012, big changes are underway. Fixed checkout aisles and cash registers are being replaced by smartphone-wielding store associates who now take the checkout to the customer. Furthermore, the smartphone generation performs self-assisted checkouts directly from their phones while sleek new in-store touch-screens allow them to experience products without opening the box or removing the coat hanger.

Welcome to the brick-and-mortar renaissance.

In my new report, The Digitization of the In-Store Experience, I take a detailed look at the digital transformation underway at retailers across the US and Europe, including:

  • The technologies being adopted. Retailers such as Lowe’s, Gap, Nordstrom, Macy’s, and Sears are rolling out smartphones and tablets to their store associates and investing in next-generation interactive displays and kiosks. Certain solutions are starting to prevail across retailers.
     
  • The empowerment of the sales associate. Armed with smartphones and tablets, empowered sales associates are helping customers on the shop floor as well as busting checkout queues with mobile POS.
     
Read more

Google, Amazon, Apple, And Facebook: What eBusiness Executives Need To Know For 2012

Sucharita  Mulpuru

Nearly 50% of web shoppers start their research process on Amazon or Google.  Over 40% of the world’s Internet traffic constitutes daily visits to Facebook and Google. Twenty-one percent and 49% of iPhone and iPad owners respectively purchasing products via these devices. Google, Amazon, Apple, and Facebook not only absorb consumer time but are quickly becoming gateways for other eBusiness traffic. This makes the Big Four critical in the product research and sales funnel.  In our recently published report, “Google, Amazon, Apple, And Facebook: What eBusiness Executives Need To Know For 2012” we help eBusiness professionals identify what’s on the horizon for these companies and what it means for them. Some key findings of the report include the following:

  • Google has broad ambitions to support (or displace) incumbent eBusinesses. While Google struggles to move beyond its paid search roots, eBusiness professionals will need to keep the company top of mind because it maintains a majority share of online marketing spend but promises to transform every industry from financial services to travel to health care and retail.
  • Amazon is disrupting retail economics. While Amazon has the smallest market cap of the four players, it is completely changing the dynamics of manufacturers and distributors.
  • Apps can be powerful tools to support eBusiness objectives. Companies that see apps as just extensions of web content are missing the many opportunities to enrich experiences with cameras, microphones, speakers, accelerometers, and location-sensing capabilities.
Read more

Categories:

Is Facebook Worth It? You Bet

Sucharita  Mulpuru

I was called a Facebook hater last week.  No ambiguity.  "You're such a hater!" this woman, who happened to be a social media marketer at a large retailer, told me. I will admit, I have reservations about Facebook’s role in commerce which has no doubt made her job more difficult, but I must defend myself.  I’m not a hater.  In fact, contrary to all the tweets and blogs questioning Facebook’s purported $100B valuation, I actually think the company is worth all of it and probably more. (To those same critics, if Facebook with $1B in profits is overvalued, what does that say about Groupon with about as much in losses?  But that’s a discussion for another day.)  Here are some considerations:

  • 44% of the world’s internet traffic visits Facebook daily.  As the CEO of an internet company months ago hypothetically and brilliantly asked me in response to the question of Facebook’s valuation, “What’s half the internet worth?”  Whatever the right number is, it’s a lot and when framed like that, it makes $100B seem very reasonable.
Read more

Don't Believe The Hype: 5 Trends to Watch (and 5 to Ignore) for On-line Retail in 2012

Martin Gill

 

Every year at Forrester we take a look ahead at the driving forces behind online retail and make some predictions about how we think things will evolve and we try and identify the key trends to watch or even act upon. This year we’ve done things a little differently.

Sucharita Mulpuru has taken a look at the “Key Trends in US Retail eBusiness” while I’ve concentrated on “European Retail: Key Trends to Watch in 2012”.

Broadly we find similar themes – multichannel, mobile and changing consumer behavior in light of the continually depressing economic condition. But there are some notable differences in Europe. I’ve said this before, but I will continue repeating it – the national, cultural, language and regulatory differences that persist across Europe make European eBusiness a complex beast. 2012 will bring us more in the way of EU strategy papers and directives as the European Commission begins to formulate what their “Single Digital Market” looks like in reality. While we are unlikely to see many changes immediately, the EC’s vision for the future will begin to crystallize. Add to that changes to the e-privacy and distance selling directives that must be acted upon, European eBusiness executives are going to have a busy time in 2012 just keeping abreast of legislation.

Read more

Citibank Moves Boldly Into The Tablet Banking Market

Peter Wannemacher

Hotcakes, you've got some competition: the phrase "selling like tablets" might soon enter the global lexicon. And it's not all hype — though there is a fair bit of that as well. Tablet users in the US are estimated to grow at a compound annual growth rate (CAGR) of 51% from 2010 to 2015. That’s a fast-growing market for firms of all stripes.

As such, the tablet as a touchpoint is becoming a critical consideration for eBusiness & Channel strategists. This is especially true for executives at banks, as financial transactions benefit from the immediacy of the mobile channel, but users often struggle to make these transactions on smaller smartphone screens.

Enter tablet banking.

Forrester has previously identified best practices for tablet apps in financial services, but only in the past year have leading banks rolled out robust tablet banking efforts. One of the strongest tablet offerings we’ve seen is from Citibank.

In my new report, I outline the process Citibank went through in building its own tablet banking strategy, developing an iPad app, rolling it out to customers, and continually improving the service. We outline how Citi:

Read more

The Guts To Grow: What Amazon.com, Trader Joe's, And Westin Hotels Have In Common

Sucharita  Mulpuru

I received a curious email from one of the founders of eBags the other day. In it, he said that by bringing customer service back to the US and away from an offshore vendor, the company actually reduced customer service costs by 34% (yes, reduced!) while still growing sales by double digits in Q4. It reminded me of another article not too long ago from the Wall Street Journal that cited Qantas as having one of the world’s best check-in experiences because the airline invested in RFID tags for passengers, a decision that the article pointed out no other airline has yet copied. These examples stood out to me because these companies managed to pull off a very difficult trick: to make contrarian investments that industry peers would consider hogwash that nonetheless pay off in spades. It’s more likely that such investments would backfire, but when they work, they succeed beautifully. Three cases in point: 

Read more