Opportunities for Action in Consumer Markets. Retailing Online: Coming of Age
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1 Opportunities for Action in Consumer Markets Retailing Online: Coming of Age
2 Retailing Online: Coming of Age Retailing online has become a major force in the consumer industry. Revenues have climbed to $72 billion, and online businesses are gaining market share across a wide variety of categories. But the big story is sustained profitability. In 2002, more and more companies especially multichannel players were seeing black ink. Retailers that hope to join the bandwagon as it picks up speed should look closely at what the more successful players are doing. The Boston Consulting Group s long-standing work with retailers in the online sector has produced some important insights. In a recent survey of retailers in the online environment, we found that more than half of the participants were profitable at an operating level 56 percent in 2001, compared with 43 percent in (See Exhibit 1.) Among multichannel retailers, catalog-based companies continued to be the most successful retailers online, collectively earning an operating profit of 6 percent. 2 Much of that success can be attributed to the fact that these retailers business models are grounded in direct-fulfillment and 1. This article has been adapted from The State of Retailing Online 5.0, August 2002, the fifth in a series of reports focusing on consumer behavior online by The Boston Consulting Group in partnership with Shop.org, the trade association for online retailers. Forrester Research, an emerging-technology research firm, joined the partnership for this report. The findings are based on data supplied by 107 retailers in a survey used to calculate performance benchmarks. In addition, we interviewed 23 retailers to augment the survey s results and provide a richer context for our market commentary. 2. Multichannel retailers produce most of their revenue offline, and we categorize them as store-based or catalog-based. Web-based retailers are companies that generate most of their revenue online.
3 Exhibit 1. In 2001 Most Retailers Were Profitable Online at an Operating Level Web- Store- Catalog- All based based based compa- compa- compa- compa- Profitability level nies nies nies nies Positive gross margin 96% 97% 97% 91% Positive profit contribution before marketing expenses 68% 69% 65% 73% Positive EBIT 56% 55% 51% 73% SOURCES: The State of Retailing Online 5.0, a Shop.org survey conducted by The Boston Consulting Group; Forrester Research, with comscore Networks. customer-service infrastructures. Those capabilities are the most important for succeeding online. Efficiency Has Improved Especially in Marketing Most of the improvements in profit margins for retailers online came from making their operations more efficient. Site, technology, and content costs were reduced by more than 50 percent as fewer retailers made substantial investments in their sites and as prices for technology products and services fell. General and administrative costs also dropped from 11 percent of revenues to 8 percent. Retailers trimmed administrative staff and cut discretionary expenses while maintaining top-line growth. The biggest cost improvement, however, took place in marketing. Retailers managed their marketing budgets much more efficiently in Marketing costs fell from 24
4 percent of revenues to just 11 percent. (See Exhibit 2.) The operating-cost decline was particularly striking for Web-based retailers, whose marketing costs dropped from 66 percent of revenues to 10 percent. Even more impressive, many of them managed to increase their revenues as their total marketing budgets plummeted. The cost of acquiring online customers declined by more than 50 percent in 2001, from an average of $29 per customer in 2000 to just $14. (See Exhibit 3.) Web-based retailers led the way, slicing their costs from $55 to $9 one-sixth of what they had been. That progress enabled the industry to increase its return on marketing dollars. Retailers, on average, generated $7 in revenue for every dollar invested in acquisition and $25 for every dollar spent on retention, each nearly double the previous year s averages of $4 and $13, respectively. Those improvements were largely the result of retailers demanding measurable outcomes from their marketing initiatives. By shifting their spending to online marketing, they were able to target consumers more precisely and generate better results than they could in most offline marketing programs. A similar move to focused spending took place in offline marketing. In that category, retailers diverted money from the mass media (cutting their spending for print and television from 29 percent in 2000 to only 8 percent in 2001) and put the money instead into targeted initiatives, such as direct mail and catalogs an area that grew from 8 percent in 2000 to 18 percent in Web-based retailers made the biggest change in the way their marketing dollars were allocated in They spent only 8 percent of their marketing budgets offline a dramatic reduction from 54 percent in 2000.
5 Exhibit 2. Operating Losses for Retailers Online Continue to Decrease Percentage of revenue All All companies companies Revenue Cost of goods sold Fulfillment Customer service 3 3 Contribution margin Marketing Site, technology, content 11 5 General and administrative 11 8 EBIT Web- Store- Catalogbased based based Percentage of revenue companies companies companies Revenue Cost of goods sold Fulfillment Customer service Contribution margin Marketing Site, technology, content General and administrative EBIT SOURCES: The State of Retailing Online 5.0, a Shop.org survey conducted by The Boston Consulting Group; Forrester Research, with comscore Networks. NOTE: Some numbers do not add up to EBITs because of rounding. Numbers exclude auctions.
6 Exhibit 3. The Costs of Acquiring Online Customers Continue to Fall All All companies companies Marketing cost per order $20 $12 Acquisition cost per new customer $29 $14 Revenue from new customers per acquisition dollar $4 $7 Revenue from repeat buyers per retention dollar $13 $25 Abandoned shopping carts 53% 47% Order conversion rate 2.2% 3.1% 2001 Web- Store- Catalogbased based based companies companies companies Marketing cost per order $12 $12 $16 Acquisition cost per new customer $9 $20 $20 Revenue from new customers per acquisition dollar $5 $7 $6 Revenue from repeat buyers per retention dollar $73 $26 $3 Abandoned shopping carts 43% 50% 47% Order conversion rate 3.2% 2.9% 4.0% SOURCES: The State of Retailing Online 5.0, a Shop.org survey conducted by The Boston Consulting Group; Forrester Research, with comscore Networks.
7 Conversion Rates and Customer Retention Are Up Experienced retailers look to their customer base to drive the business. The better a Web site becomes at converting visits to orders and persuading new customers to become repeat buyers, the higher its revenues and profits. To turn browsers into buyers and retain customers for life, retailers need to understand what consumers are looking for online and how their needs affect their shopping behavior. Retailers online improved their ability to convert consumer visits to orders in 2001, with conversion rates (the number of orders divided by the number of visits) rising to 3.1 percent, from 2.2 percent in (See Exhibit 4.) That progress reflects a decline in the frequency with which online shopping carts are abandoned a rate that dropped from 53 percent in 2000 to 47 percent in Consumers were less inclined to abandon their carts because retailers began developing a faster end-to-end purchasing process, provided higher-quality product information, placed products and promotions on key pages, and offered live telephone assistance. Continued improvement in site development should further reduce this percentage. Repeat buyers accounted for more than half of online revenues in 2001, going from 40 percent of total revenues in 2000 to 53 percent in Higher repeatbuyer or customer recapture rates help make the business more profitable because retailers spend less on marketing to repeat customers than they do on marketing to new ones. In addition, because retailers are able to know more about their repeat customers, they can customize offerings for them, which justifies higher prices and improves conversion rates. Over the next few years, retailers will become even better at
8 Exhibit 4. Order Conversion Rates and Repeat-Buyer Sales Are on the Rise Order conversion rates have increased significantly... Order conversion rate (%) and repeat buyers now account for more than half of all sales Revenue from repeat buyers (%) SOURCES: The State of Retailing Online 5.0, a Shop.org survey conducted by The Boston Consulting Group; Forrester Research, with comscore Networks.
9 managing customer relationships, and repeat buyers will contribute a growing percentage of online revenues. Promising Opportunities Remain Untapped As the online market expands and retailers learn from their experience, they can expect to realize even greater efficiencies, especially in marketing and in economies of scale. When marketing to both current and new customers, retailers will continue to favor direct and targeted messages over broad-based and unfocused appeals. They will also devote more time and money to making the most of current customer relationships through emotional connections, and they ll focus less on acquiring new customers. Indeed, the satisfaction of emotional needs is an important driver of customer loyalty. Repeat buyers will contribute a higher percentage to online sales, and an increase in conversion rates will follow. With the anticipated growth of the online channel, retailers can expect increasing economies of scale. Revenues will rise, but spending on information technology and general and administrative expenses should continue to decline as a percentage of sales. Additional savings may come from efficiencies in fulfillment and customer service, which, despite retailers growth, have not been realized. (See Exhibit 5.) With revenues expected to grow by 41 percent, the industry should sail past the breakeven point for the first time. Leading players should capture most of the value, since they are likely to take an even greater share of the market and generate the highest margins. To deliver on the promise of growth and prof-
10 Exhibit 5. Efficiencies in Fulfillment and Customer Service Have Yet to Be Realized Fulfillment costs are flat or slightly increasing... Fulfillment cost per order ($) Fulfillment cost as a percentage of revenue as are customer service costs Customer service cost per order ($) Customer service cost as a percentage of revenue SOURCES: The State of Retailing Online 5.0, a Shop.org survey conducted by The Boston Consulting Group; Forrester Research, with comscore Networks.
11 itability, retailers online are focusing on two levers: increasing their share of their biggest spenders wallets and making every marketing dollar count. Amazon.com s apparel experiment, which is sure to bring in new customers as well as current ones, is a good example of increasing share of wallet. Even if only a modest number of Amazon s core book customers are enticed to purchase shoes, shirts, and pants online, it translates into hundreds of millions of dollars in incremental sales. Victoria s Secret s online site has done an excellent job of getting the most out of its marketing dollars. It leveraged its multichannel business to create an integrated customer database from its catalog, Web site, and stores, and uses that database, along with its catalog fulfillment platform, to drive its online sales. The company also works hard to refine its approach and improve services on its shopping site. By staying carefully attuned to its customers experiences online, it has been able to develop a site that is easier to navigate, richer in information, and more exciting to shop at than most other online stores. Tracking the High-Value Consumer Experienced retailers understand that some customers are more valuable than others. One version of an oft-repeated rule of thumb is that the top 10 percent of your customers generate 50 percent of your sales and 70 percent of your profits. If you want to grow your profits quickly, encourage those customers to spend more. The Internet can help. Because today s big spenders are more likely to be multichannel shoppers, the online channel s superior ability to gather information on individual customers, as well as
12 communicate with them, should prove very useful to achieving this goal. Therefore, it will pay to integrate the online channel with the offline businesses. The key to employing this powerful strategy is to know precisely who the high-value consumers are and how their needs and dissatisfactions are likely to affect their shopping habits. Good qualitative research is indispensable, but customer databases from the online channel will also provide important insights. That knowledge can then be used to determine which tactics will work best to encourage more spending. For such an approach to be effective, however, the online channel needs to work in tandem with all offline channels. So far, most multichannel retailers have concentrated on integrating administrative functions across channels, but they are increasingly trying to integrate or incorporate marketing functions as well in order to facilitate the gathering of information on consumers and improve their communication with them. Armed with insights into what motivates top customers, retailers can take several actions to enhance their value. To keep them from going elsewhere, retailers might design special services and promotional offerings that provide benefits those customers seek. These could include giving high-value customers advance notice of product launches and in-store events, and offering preferred discounts and dedicated telephone representatives. Loyalty and win-back programs, as well as referral rewards, can be geared to favor the biggest spenders. Some retailers online have used insights about their best customers to cross-sell products from adjacent categories. Others have developed programs to convert their best store customers to online shopping.
13 Retailers are also continuing to invest in customer relationship management (CRM) tools. But because they ve seen so many well-funded programs flounder, they are uncertain about how to proceed. Managers who have been most successful with CRM employ a disciplined, targeted approach that focuses on increasing the base of high-value customers, rather than a program that requires heavy up-front investment in information technology systems. Making Every Marketing Dollar Count Retailers online have already made significant progress in getting the most out of their marketing expenditures. Taking the effort to the next level will require strong cross-channel coordination and discipline in measuring the impact of their investment. Multichannel retailers typically control a number of customer touch points that aren t coordinated as closely as they could be. These include catalog mailings, fliers, telemarketing efforts, and promotions. Few retailers have a curriculum of contact that lays out the precise type, timing, and frequency of these messages for each customer segment. By making sure that messages are consistent and timely, and by eliminating unproductive overlaps, retailers could enhance customer relationships and reduce marketing costs. In our survey, we asked retailers online to rate the effectiveness of various marketing tools. (See Exhibit 6.) Most have had experience with several, and they listed many as highly effective, such as to inhouse customer lists, affiliate programs, and so-called direct search inclusions. Direct search inclusions are advertisements that appear with the search results on
14 Exhibit 6. Some Marketing Tools Are Better Than Others High In-catalog marketing Searchengine optimization Promotions to in-house lists Affiliate programs In-store marketing Direct search inclusions Direct mail by postal service Catalog mailings Paid keyword placement Portal deals Effectiveness Promotions Pop-up, under, and over ads Event marketing and sponsorships Newspapers Radio Outdoor advertising Television Public relations Comparisonshopping engines Magazines to prospecting lists Freestanding inserts Online banners (excluding portal deals) Coupon packs Low Low Usage by online retailers Usage by online retailers High Online Offline SOURCE: BCG analysis.
15 such popular online search engines as Google and Yahoo! But many less-effective tools such as online banners and to prospecting lists are still widespread and should be pruned. To get more from their marketing investments, retailers should consider reallocating them toward effective tools that tend to be underutilized. Through our survey and in discussions with retailers, we ve identified a number of little-used initiatives that promise shortterm as well as long-term improvements in efficiency. These initiatives include paid keyword placements, direct mail, in-catalog marketing, and telephone callbacks after an order has been placed. * * * As retailing online becomes a profitable industry sector, retailers will benefit from increasing their focus on customers, their efficiency in marketing, and their ability to integrate all the channels in which they operate. Here are ten rules for success online. 1. Identify your highest-value customers across all channels and study every nuance of their needs, aspirations, and shopping behavior. 2. Design your offerings, rewards, and service levels to favor your most valued customers. 3. Identify your lead categories and develop adjacent products to expand your share of wallet. 4. Integrate your branding, merchandising, and marketing efforts across channels. 5. Rather than invest heavily in IT early on, make your CRM program self-funding by focusing on specific projects with a near-term payback.
16 6. Make every marketing dollar count by measuring the impact of your spending. 7. Reallocate your marketing investments to effective, but underutilized, tools. 8. Develop a curriculum of contact for all consumer touch points across channels. 9. Encourage multichannel customers to return by providing a flawless shopping experience. 10. Improve cost efficiencies in activities that don t directly affect consumers with value-based cost reduction, insourcing and outsourcing, and multichannel synergies. The challenges posed by this new chapter in retailing online will be just as interesting and complex as were the issues involving growth management, which marked the chapter that is now ending. How today s competitors deal with those challenges will determine their success in tomorrow s online-retailing landscape. Michael Silverstein Harold Sirkin Peter Stanger Michael Silverstein is a senior vice president and director in the Chicago office of The Boston Consulting Group and head of the firm s global Consumer practice. Harold Sirkin is a senior vice president and director in BCG s Chicago office. Peter Stanger is a vice president and director in the firm s Toronto office. You may contact the authors by at: silverstein.michael@bcg.com sirkin.hal@bcg.com stanger.peter@bcg.com The Boston Consulting Group, Inc All rights reserved.
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