Bringing together key industry opinion leaders, global advisory groups, leading manufacturers and product innovators and Ceuta’s global network partners, the two-day event explores growth opportunities in the health and beauty sectors.
Here’s the second part in our series outlining the key insights and learnings that business leaders shared at the 2018 event.
Colin Chapman, Digital Transformation Consultant, Digigrow
- Digital transformation is the next industrial revolution.
- How does this impact us?
- The cost of key technologies continues to fall rapidly, so there are there are no longer barriers of entry limiting innovation and growth.
- We live in a mobile-fist/cloud-first world, and need to make the most of any moment in a fluid, unpredictable world – with devices that are flexible and services that follow you anywhere, but with the same experience.
- Another key reason for the rise of digital transformation is the continued development of the digital native millennials, comprising of Generation Y and the young Generation Z.
- Four pillars of digital transformation:
- Engage your customers in a personal and relevant way
- Empower your employees to deliver differentiated service
- Optimize your operations to evolve forecasting and react faster
- Transform your products and deliver new value to customers
- Shoppers’ use of technology has clearly impacted retail over the last decade, and this influence is not slowing.
- As technology becomes a bigger part of customers’ everyday life, retailers and manufacturers must update old strategies, processes and legacy technology to remain relevant and desired.
- The models for competing and meeting consumer demands in the digital economy.
- The biggest reasons that companies fail during the digital disruptive experience are that they fail to transition their products to digital equivalent versions, and they lack the business models for competing and meeting consumer demands in the digital economy.
- One of the main reasons for failing is not adopting a digital culture within an organisation with clear leadership from the top of a business, which then leads to a lack of business models and products/services for competing in the new digital economy.
- We need to leverage data and technology to predict what customers want before they know they want it, and we need to more effectively engage with shoppers to give them what they want in a way that is natural, when, where, and how they want it.
- Benefits of digital transformation:
- A seamless customer journey
- Increased customer conversion and loyalty
- Greater competitor advantage
- Increased internal collaboration
- Stronger, more informed decisions
- Barriers to digital transformation:
- Lack of capabilities
- Internal digital IQ
- Silos preventing collaboration
- Undedicated resources
- Unclear vision
Search and digital isn’t the future of marketing – it is marketing
John Warner, Marketing & Content Executive, Click Consult
- Search and digital should not be a marketing channel, but part of a holistic marketing strategy.
- Online no longer means on a computer – even over-the-counter retailers need a digital strategy.
- The coming AI/AR and voice search revolution will make this digital strategy vital to success offline.
- To prepare for the future, FMCG brands should focus their efforts on voice search and local search as well as standard SEO and PPC.
- Spending online is growing almost four times faster than offline spending.
- This year, eCommerce will account for almost 12% of global retail spending, rising to 17.5% by 2021.
- The phenomenon of ROPO – or ‘research online, purchase offline’ has made the overlap between the online world and its physical counterpart is about to become a lot more pronounced.
- Voice searches are expected to account for 50% of all searches by 2020.
- Over 80% of smartphone shoppers have conducted a ‘near me’ search.
- 46% of voice search users search for local businesses daily.
- Spend on AR advertising has increased from 0.6 billion to 12.8 billion dollars worldwide since 2014.
- Voice search
- Use structured data wherever you can
- Answer queries precisely
- Embrace Schema.org – much of the future of search is being developed there
- Local search
- Local is the new global for FMCG
- Claim and maintain your Google My Business profile
Missed Part 1 of our Insights from Ceuta International Conference London 2018? Read it here.