Buy It to Try It: Where New Consumer Expectations Meet Retail-Redefining Innovation

BuyIttoTryItWhereNewConsumerExpecta8onsMeet

Retail-RedefiningInnova8onNitaRollins,PhDExecu8veDirector,CulturalSemio8cs&ThoughtLeadershipResource/Ammira8

MeaghanRoseCEOandFounder

RocksBox

LindsayFerstandigDirector,Marke8ngS8tchFix

MichelleLamCEOandCo-Founder

True&Co.

PresentedSeptember28,2016atRetail’sDigitalSummit

NitaRollins,PhDExecu8veDirector,CulturalSemio8cs&ThoughtLeadershipRESOURCE/AMMIRATI,ANIBMCOMPANY@Resource,@NitaRollins

MeaghanRoseCEOandFounderROCKSBOX@myrocksbox

LindsayFerstandigDirector,Marke8ngSTITCHFIX@s>tchfix

MichelleLamCEOandCo-FounderTRUE&CO.@trueandcompany

DR.NITAROLLINSEXECUTIVEDIRECTOR,CULTURALSEMIOTICS&THOUGHTLEADERSHIP

ECOMM GUESSWORK

RISK AVERSION

CONSUMER ENTITLEMENT

THE RETURNS JUGGERNAUT 8% OF TOTAL U.S. SALES

33% OF ECOMMERCE SALES

$642.6 BILLION GLOBAL RETAIL LOSS

SHARING ECONOMY

ONLINE SHOPPERTAINMEN

T

ENDOWMENT EFFECT

NEW BEHAVIORAL DRIVERS

CONDITIONAL BUYING

BUY

Recurrent purchases online, unplanned purchases in-store

RETURN KEEP

BUY IT TO TRY IT CONSUMER JOURNEY

DISCOVER

ASSESS

BUY

Membership or multiple items

1 PLANNED OVER-ORDERING (HOME TRY-ON)

2 SUBSCRIPTION SHOPPING

3 PERSONAL E-STYLIST

THE NEW ECOMM VALUE PROPOSITION

CONVENIENCE

CONTINUITY

CO-CREATION

CURATION

PRODUCTS DATA INTELLIGENCE

HUMAN INSIGHTS

LINDSAYFERSTANDIGDIRECTOROFMARKETING

CLIENT

OCTOBER2015Su M T W Th F Sa

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11 12 13 14 15 16 17

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22 ORDER

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EXPERTHUMANSUnstructuredData

CurateRela8onship

MACHINESStructuredData

QualityRank

EXPERIENTIALTRIALConvenienceDiscoveryFeedback

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QualityRank


STRUCTUREDDATAPROCESSING

ORDERRANKING

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UNSTRUCTUREDDATAPROCESSING

RELATIONSHIPBUILDING

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SHIPPING

DISCOVERY

CLIENT

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HiKrystal,I’mexcitedtostyleyourFixforcasualfabricsthatare“easytochasekids”inJ.Icompletelyunderstand!Istylemyfriendwhohasaspirited2-year-oldboy.Justbecauseyou’reamomdoesn’tmeanyouneedtolooklikeone.Ithoughtyou’dliketheJemdyDolmantop,whichissupercomfortableandeasytototethe8nypeoplearoundin.TheElvinatoppairsnicelywiththeAlancardiganandAidenjeanswhenyoujustneedtogetoutthedoor.YoucaneasilypairitwithKensiejeansfromthelastFix,too.WhiletheDorinaisalooserfitthatyouprefer,Ithoughtyou’denjoythecrochetback.HappyNewYear!XOTracy.

CLIENT

EXPERTHUMANSMACHINES EXPERIENTIALTRIAL

CLIENTFEEDBACK

HUMANFEEDBACK

MACHINEFEEDBACK

TWEET KELLIfrom Sep21

Gotmyfirst@s8tchfixboxtoday,andholy

molywhoeverKarenisabsolutelynailedit.

“

”@ksnedegar

REVIEW NICOLEfrom Aug18

I’mabsolutelyobsessed!

“

”

TWEET JODIPHILLIPSfrom Aug13

Love#s8tchfix!Theyno8cedmynewjob,sentanoteofcongrats&boxfullofnewofficeclothes.Nowthat’s

personalizedawesomeness!@idojphillips

“

”

TWEET KIARAfrom Aug14

Gotmyfirst“fix”@s8tchfixtodayand…I’MINLOVE!Thepiecesandpersonalizednote

arespoton!#shopping#personalstylist

@kiara803

“

”

HELPFULSELLINGIncrementaloffersdrivenby1:1insightandknowledgeoftheirneedsSELLINGTOBETTERSERVETHEMFocusonup-sellingopportuni8esonthingstheytrulyneed

SERVETHEMMOREBROADLYUSEPERSONALIZATIONTOOFFERTHEMTHERIGHTKINDOFVALUE

PUSHVS.PULLFocusonofferingherthethingssheseeksfromyouLETTHEMKNOWYOULISTENYoudon’thavetopitchitifyouremindhersheaskedforit

SERVETHEMMOREBROADLYLETTHEIRINPUTDRIVETHEGROWTHOFYOUROFFERING

SURPRISE&DELIGHTCAREFORTHEMASPEOPLE

“Yourkindnessandthoughpulnessmeansomuch.Thissayssomuchaboutwhatanamazingcompanyyouare.”

“Ihadreceivedanear-perfectFixthismonth,andthiswastheicingonthecaketocementmylove…youhavegonetheextra

mileinourcase.

KEYTAKEAWAYS

•Ifyouupsellwithacustomer-centricfocus,theywillthankyouforit.Deligh8ngyourcustomersandincreasingyourcustomervaluearenotmutuallyexclusive.•Shoppersexpectdynamic,interac8veandpersonalizedexperiencesandwillserlefornothingless.Buildingthisasacorepartofyourexperienceiscri8caltokeepcustomerscomingback.

MeaghanRoseCEOANDFOUNDER

DepartmentStores

Supermarkets

ShoppingMalls

DiscountChains

WholesaleClubs

Ecommerce RetailasaService

CornerStore

On-DemandDelivery

Evolu>onofRetail

1800 1900 1920 1940 1960 1980 1990 2010 Today

SuburbanlifeIncreasedassortments,regulatorypricingshiss

InternetDataScience

OnDemandGenera8on

SUBSCRIPTION

Tobuildarela>onship

DATA

Tolistenandrespond

RENTAL

todrivediscovery&purchase

TECHNOLOGY

Tomakeiteasy

SUBSCRIPTIONtobuilda

rela>onship

DATAtolistenandrespond

5K+SKUs

30+brands

piecespickedjustforyou3

RENTALtodrivediscovery,trialandpurchase

30-40%ofmembersmakingapurchaseeach

month

TECHNOLOGYtomakeiteasy

“Idon’treallylikehavingtogoshoppingforjewelry;havingthisdeliveredtomydoorisgreat”

SayaD.,Cambridge,MA

Fromhere….

KEYTAKEAWAYS

•  Recentrapidadvancementintechnologyaredrivingamajorshisinwhatshopperswantandwhatretaillookslike.Successfulretailbrandswillbeabletounderstandandevolvequicklytokeepupwiththeircustomer.

•  Pointofpurchaseishappeninginthehome.Cri8caltobuildtrialandreturnprocessintoyourmodelinawaythatcreatesvalueforthecustomerandforyourbusiness.

MichelleLamCEOANDCO-FOUNDER

500Bras ASetofRules:“BraMath”

15ques(ons,15dimensionsoffit:IndividualSizeandStyleRecommenda8onsForYou

True&Co.IntroducedBreastShapeToConsumers

Photobyfredlyfish4/CCBY

WhatIsYourShape?2.3MillionWomenToldUs

37% 33% 19% 10%

Dreamer

True&Co.InventedTheFitQuiz:GoodIdeasCopiedFast,GetUsedToIt

HowdoIbestservemycustomer?

DataDrivesAPersonalShoppingExperience...andwelovereturns!

Bra Math – doesn’t make sense

86%ofbrasdon’tfitanyone!

78

Yes,ProductIsS8llQueen

IndividualCustomer

DataCollec8onInfrastructure “FeelsLike

ItWasMadeForHer”

WomenForWomen@trueandco:MakingBererBrasTogether

KEYTAKEAWAYS

•  Evenintoday’sonlineage,shewantsahightouchhumanexperience.Dataandtechnologycanhelpmakethatscalable.

•  Customer-centricproductbuiltwithherpreferencesinminddrama8callylowerscustomeracquisi8oncostsandreturnrates.

LET’STALK!NitaRollins,PhDExecu8veDirector,CulturalSemio8cs&ThoughtLeadershipRESOURCE/AMMIRATI,ANIBMCOMPANY@Resource,@NitaRollins

MeaghanRoseCEOandFounderROCKSBOX@myrocksbox

LindsayFerstandigDirector,Marke8ngSTITCHFIX@s>tchfix

MichelleLamCEOandCo-FounderTRUE&CO.@trueandcompany

MEETTHESPEAKERSRESOURCE/AMMIRATI,ROCKSBOX,STITCHFIX,TRUE&CO.

12:30–12:50p.m.|EXPOHall,NRFClubhouse

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