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1 Driving shopper engagement through digital technology Tuesday, February 25 th 2:00PM EDT Dial-in Info: Thanks for joining us! The webinar will begin shortly

2 Driving shopper engagement through digital technology Tuesday, February 25 th at 2:00PM EDT Today s Presenters: Sue Yasav Marketing Leader Consumer Insights GE Capital Retail Finance

3 Disclaimer: Copyright 2014 GE Capital Corporation. All rights reserved. "GE", "General Electric Company", "General Electric", the GE Logo, and various other marks and logos used in this publication are registered trademarks, trade names and service marks of General Electric Company. You may reprint or forward this presentation to others provided that it is reproduced or distributed in its entirety, including this disclaimer. This presentation provides general information and should not be used or taken as legal, regulatory, business, financial, tax, accounting or other advice, or relied upon in substitution for the exercise of your independent judgment. For your specific situation or where otherwise required, expert advice should be sought. Although GE believes that the information contained in this presentation has been obtained from and is based upon sources GE believes to be reliable, GE does not guarantee its accuracy and it may be incomplete or condensed. GE makes no representation or warranties of any kind whatsoever in respect of such information. GE accepts no liability of any kind for loss arising from the use of the material presented in this presentation. 3

4 Analytics & Research Design Analytics Market Research Test Pre-period Post-period Survey respondents Total GE Retail Finance Cardholders Control 1,218 Random National Shoppers Multi-channel shopping begins Retail customers who began shopping both online and in-store (test) were compared with a similar group who continued to shop in-store only. Test and control populations were matched on a 6-12 month pre-period, using trips and spend. Spending and trips were measured for 9 months after the test group began shopping in multiple channels Online research conducted in 2Q Respondents have shopped in at least one of the following retail categories in past 6 months: apparel, home improvement, home furnishings, mass merchandiser, oil & gas, warehouse club, appliance and electronics, department stores, web-only, sporting goods and toys. 4

5 Landscape of the omni-channel shopper Omni-channel shoppers.. spend more are more loyal have a store credit card Lift in sales from omni-channel shoppers 54% 70% 101% RETAILER A RETAILER B RETAILER C 17% shop both in-store and online Online shoppers spend up to 2X more than in-store only shoppers Even after initial purchase, omni shopper still spends 7% more / month than instore only Omni shopper makes 10% more trips than in-store only Omni-channel shoppers are more likely to: be the highest spending segment have a retail credit card They are your most valuable shoppers 5

6 Key Insights Shopping and related tasks are one of the top uses of digital technology Retail offers delivered to mobile devices do motivate incremental shopping behavior More customers are using mobile technology while in the retail store, representing both opportunities and challenges When doing online research, there is a price threshold at which customers start the research process Retail credit card holders are more digitally enabled than any other shopper 6

7 Shopping and mobile digital platforms are made for each other RETAIL WEBSITES Have visited a retailer website on their tablet 59% 43% Have visited a retailer web site on their mobile phone 36% Have shopped with their smartphone in the past 3 months. Up 10 points over last year. MOBILE SHOPPING 61% Have performed at least on shopping related task on their mobile phone. Strategies Enhanced wish lists Outfit customization Drag & drop features Custom alerts Repository for favorite items Opportunities to cross sell & market special offers Market accessories and items to complement purchase Opportunities for personalization Drag products to clipboard and save items as they shop. Compare items and reviews. SMS alerts when selected products become available Delight customers with personalization 7

8 Mobile offers can be extremely effective, but they must be relevant and valuable 73% Regularly take advantage of offers 69% More likely to make a purchase if they have a coupon 34% 31% Would use a mobile device to check in to receive relevant offers Would like to receive retail offers if they were valuable to them Strategies 1. Help customers find most relevant deal 2. Participate in platforms that curate items for your customers 93% Interested in service that notifies me when items I like go on sale Example of personalized offer: Hukkster.com online shopping platform that tags items and notifies customers when they go on sale Drives customer back to retailer web site for sale and possible upsell Curate entire outfit online Personalize using stored sizes and color preferences Visualize furniture, flooring, artwork and home design online 8

9 40% Strategies Customers who use mobile technology in the store present opportunities and challenges + OPPORTUNITIES - Would shop a retailer more if they got offers delivered through their mobile device 36% Call a friend/relative while in a store to ask for advice on a purchase 21% Redeem coupons by showing the phone to cashier 21% CHALLENGES Check competing prices while in a store 20% Check product features / reviews while in a store 18% Use a mobile app to scan a bar code to check a price 1. Find segment that would like to receive offers via mobile 40% of national sample 48% of retail credit cardholders Say text offers would drive an incremental visit 65% of Millennials say receiving offers on their mobile phone would be helpful 2. Make the in-store shopping experience truly omni cross over to the digital experience Give access to wish lists & shopping baskets in-store Store associate comfort level with digital technology Ability to add item in store to digital shopping basket Free shipping / returns from store or online Extra loyalty points for increased omni behavior Auto replenishment / shipping of favorite items 3. Give shoppers the ability to share their store experiences in social media. Ask for product reviews and feedback. Deepen the experience. 9

10 The more expensive an item, the more likely a shopper will research it Price matters for online research 25% research a product online before shopping 46% Research a product online after the price reaches $116 Strategies 1. Give access to online ratings and reviews If customer has included high priced items in the shopping basket, giving access to more information or online reviews may speed the purchase process. 3. Be aware of reverse show-rooming ( web-rooming ) 88% who buy big ticket items make their final purchase instore after extensive online research. 2. Send a reminder of purchase incentive to drive the purchase Reminder s Free shipping offers Discounts and incentives Source: Digital Path to Major Purchases, Volume 2, 2013, GE Capital Retail Bank. 10

11 Retail credit cardholders are more digital than other shoppers More retail cardholders have smartphones and tablets and use mobile functionality for credit card transactions 52% National Sample 74% Retail cardholder 36% National Sample 52% Retail cardholder Smartphone ownership Tablet ownership + 5 points vs. last year + 10 points vs. last year Growth over 2012 Mobile credit card applications Mobile service logins Mobile payments +121% +125% +121% Strategies Ensure retail cardholder is fully mobile enabled with latest tools and apps 11

12 Summary Once customers are on your website, deepen brand engagement with personalized features and delighters Drive repeat engagement with customized digital tools. Understand preferences and use them to drive behavior. Communicate in your customer s preferred channel. Understand your customer s path-to-purchase, including types of research and price thresholds. For private label credit cardholders, ensure the digital experience is seamless. 12

13 Questions?

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