They will not just be punished,
They will be punished with impunity"
Retailers still think the costs/investment are too expensive to have a great website, and either they forgo having one, or they build a cheap website, with a few pictures that no one ever finds in search. With that said, lets' take a look at some statistics from Google THINK and Google COMPETE.
In 2012 Google did a study as to how consumers shop. They called it "The Zero Moment of Truth". (You can see the study online at RetailerNow/XXXX).
Google found that there was another key element involved. That element was search the web, read reviews, watch videos and more, before visiting the retailer. The Zero Moment of Truth!
But the most stunning element about Google's ZMOT with the home furnishing category relates to the following:
Forrester Research goes on to state, “62% reported being more likely to purchase from the site again. A further 38% of respondents said they had made their purchase due to the chat session itself.”
If you're still hooked on traditional media to drive traffic to your retail store, let's look at how consumers react to the various types of traditional media. We'll call it Traditional Marketing's ZERO MOMENT OF TRUTH.
75% of consumers check out the retailer ONLINE after a traditional Outbound Marketing Campaign.
With that said anyone in our business should stop complaining about the costs associated with "getting online" and start figuring out how to capture these consumers NOW. As it pertains to showing your pricing online and the "show-rooming effect", get over it. Consumers want to know pricing on what they intend to buy and they have a multitude of on-line tools and websites to find out the information they want, easily. Consumers want knowledge and power and if you put up a road block, they'll find another way, or another resource to buy from.
While on the subject of on-line pricing, you MUST have an on-line purchase option. I'm not talking about being a national shipper; I'm all about keeping it local. Many consumers may not purchase right away, but may decide to purchase later on. Let them buy it online and give them the option to have it delivered, or picked up at the store. Remember, it's all about "them", NOT you! 83% of consumers prefer to buy "local". That's a number you can't ignore.
Forrester Research goes on to state “62 percent reported being more likely to purchase from the site again.
A further 38 percent of respondents said they had made their purchase due to the chat session itself.”
If you’re still hooked on traditional media to drive traffic to your retail store, let’s look at how consumers react to the various types of traditional media. We’ll call it Traditional Marketing’s ZERO MOMENT OF TRUTH.
Why? Because that’s where your customers are trying to find you, and your new consumer is Gen X and Gen Y…all 126 million of them. That’s almost twice as many consumers than the Baby Boomer generation you’ve been so reliant on over the years, and they are all wired and expect you to be too.
Now take a look at how mobile is driving the way we shop today:
So what is the take-away to enhance your store’s Zero Moment of Truth?
- Ask yourself how much money you are losing by not recognizing and investing in digital technology so consumers can find you and engage with you.
- Have a robust website that is mobile and tablet optimized, loaded with products, product information, videos and reviews or you will not be engaged by more than 75% of consumers today.
- Embrace technology as another way to educate and engage with your consumers by providing free Wi-Fi in your store. This creates the additional opportunity to offer specials, price matching, expand product offerings and so much more. Remember, consumers who shopped you online and then buy in your store, spend on average 3.5 times more than typical shoppers.
- Leverage the Internet and how wired consumers shop to your advantage. Enhance your content on your best sellers via informational videos, showing features and benefits a picture can’t explain. With today’s smartphones and tablets, you can take excellent videos showing all sorts of product elements in 30- to 60-second videos. Create a YouTube channel and fill it with with this type of content. After all, YouTube is the second largest search engine behind Google….and guess what, it’s owned by Google! So the last question I have to ask: What is your ROI for NOT creating your store’s ZERO MOMENT OF TRUTH?