TAKING ON THE MACHINES. The OC&C Retail Proposition Index An OC&C Insight Taking on the Machines<#>

Transcription

1 TAKING ON THE MACHINES The OC&C Retail Proposition Index 2012 An OC&C Insight Taking on the Machines<#>

2 TAKING ON THE MACHINES THE OC&C PROPOSITION INDEX 2012 This year marks the third year we have produced the OC&C Proposition Index, a major piece of consumer research measuring shopper perception of the strength of different retail propositions. Consumers are asked to systematically rate retailers they had shopped at on the strength of their overall proposition and then across different elements of the proposition (such as price, service etc). WINNER OVERALL PROPOSITION The OC&C Proposition Index 2012 is the biggest and most comprehensive we have yet compiled. We surveyed nearly 25,000 different consumers in 8 countries on their perceptions of over 450 retailers. The quarter of a million ratings of individual retailers that this research generates provides an exceptionally strong foundation by which the strength of different retail propositions can be measured. 2ND PLACE OVERALL PROPOSITION 3RD PLACE OVERALL PROPOSITION Rise of the Machines Once again the OC&C proposition index is headed by Amazon, a retailer that continues to show tremendous strengths across multiple markets and dimensions of the consumer proposition. Amazon has topped the OC&C index in all three years it has been run, and its lead over the rest of the index is now at its most commanding ever. Amazon s success has been built on consistent and ruthless delivery of a proposition with compelling consumer appeal across a broad set of dimensions. In the consumer s eyes, it delivers greater breadth of range, and presents them with a choice of products that is suited to them better than any other retailer on the planet. Combined with highly rated service and delivery, this results in a proposition with winning appeal across a broad set of consumer segments and countries. Amazon is, perhaps, the best of a new breed of retail machines using scale, expert systems and effective deployment of customer data to provide the most efficient retail proposition to customers. Beyond Amazon and other well established ecommerce players (such as Bol.com), we welcome a number of relatively new e- commerce kids in the form of Allegro and Dawanda both demonstrating that competing online is not only the preserve of the behemoth, but also those with a creative and dynamic offering and ambitious plans. Dawanda, in particular, provides an interesting example of a differentiated proposition. In its role as a marketplace for gifts and unique handmade items, one of its stand-out strengths is the strong sense of community and customer engagement it builds in a hobbyist category. How the Proposition Index is Measured The OC&C Proposition Index is compiled by surveying nearly 25,000 consumers across 8 different countries (UK, Germany, France, Netherlands, USA, India, Poland and China). AMAZON RANKING BY COUNTRY AND PROPOSITION DIMENSION Criteria / Country Germany USA France UK Low Prices Quality of Products Wide Choice of Products Products Suited to Me Service Store / Website Look & Feel Value For Money Trust Overall Rating Respondents were asked to rate a random selection of 10 retailers that they had shopped at (ie, visited or purchased) in the last 3 months on the overall strength of their proposition and on individual elements (such as low prices, quality of products, service etc). Questions were based on a 5 star rating system (from 1=poor to 5=excellent) which was then converted into the simple score shown in the index. The scores have been normalised between countries for international comparison. The sample sizes collated for each retailer means that ratings are accurate to within +/- 1.5 and that differences greater than this are statistically significant. 01 An OC&C Insight Taking on the Machines

3 OC&C PROPOSITION INDEX TOP 20 RETAILERS 1 Amazon Gen Merch DE, UK, FR, US, CN, NL DM Health & Beauty DE Picard Grocery FR Allegro Gen Merch PL John Lewis Department Stores UK IKEA Furniture PL, NL, UK, FR, US Rossmann Health & Beauty PL, DE Thalia Entertainment DE Bol.com Entertainment NL Dawanda Other DE M&S Apparel UK, IN M&S Simply Food Grocery UK Flipkart.com Gen Merch IN Leboncoin Gen Merch FR Card Factory Stationers UK L'Occitane Health & Beauty FR Globus Grocery DE The Raymond Shop Apparel IN Empik Entertainment PL Yves Rocher Health & Beauty FR Diversity of Winning Models While online players continue to expand the appeal of their consumer proposition, a look down other retailers in the top 20 demonstrates the vibrant retail landscape that we currently operate in. Online pureplays still only account for 20 out of the Top 100 in the index (although this is up from 14 last year) and other leading consumer propositions can be found across a broad range of sectors, countries and business models. There are the international retail juggernauts, leveraging international scale and a consistent customer proposition across a broad set of territories. Ikea is the best rated of these, with Inditex, Douglas and H&M following a similar path. But there are also a number of strong local champions who have built a huge consumer franchise in their home markets. DM, Picard and John Lewis are the most notable examples playing off strong quality perceptions or compelling stores for shoppers. Delivering customer engagement, service, theatre and excitement is a consistent theme as to how these players fight back and differentiate against the machines and the juggernauts. TOP 5 MULTICHANNEL RETAILERS Company Category 1 Thalia Entertainment 2 John Lewis Department Stores 3 Esprit Apparel 4 Zara Apparel 5 Ernstings Family Apparel CUSTOMER RATING BY CHANNEL SHOPPERS Average Consumer Ratings of Multi-channel s by Shopper Channel Score Out of Online only consumers rate price marginally ahead of multi-channel shoppers Multi-channel Shoppers Online Only In-Store Only Using Multi-channel to Fight Back While the pureplay retailers are making tremendous progress in the index, stores are providing a critical asset to the more multichannel retailers. Consumers who experience a retailers offer across multiple channels typically rate propositions better across nearly every dimension than those shopping solely in store or online. This is Low Prices Quality of Products Wide Choice of Products Products Suited to Me Service Store Look & Feel consistent with the experience of most retailers, who find that their multichannel customers typically spend more and are far more loyal. From a consumer perspective it is the clothing and department store sectors where many of the best examples of multichannel proposition delivery are to be found (with ¹ The score is the retailer s highest overall proposition rating globally. Consumer proposition index ratings within a country have been normalised to make them comparable globally ² Change indicates delta in overall proposition rating Value For Money Fashionability Trust Rate Online Overall Rating John Lewis, Esprit, Zara and Ernstings Family some of the highest rated proposition for consumers shopping across multiple channels). These players use stores as assets to improve the service offering, deliver theatre and convenience to consumers providing good examples of how to decisively take on the online pureplay challenge. An OC&C Insight Taking on the Machines 02

4 Staying in Fashion Looking over time, we see some long term changes underway in the fashion landscape. In previous years, the big vertically integrated young fashion players, like H&M and Zara, had been the proposition stars in the apparel space providing a winning combination of both cheap prices and fashionable product, supported by rapid response supply chains and purchasing scale. But the rising stars in the fashion space now are the curators and aggregators. Asos, Zolando and Zappos have been rapidly rising up the index over the last few years with their online model allowing them to offer winning collections of both third party and owned brands. Interestingly, the attribute that stands out most for shoppers is not an ever expanding breadth of range, but the curation of a fashionable collection. The rise of Office, the UK multi-brand footwear retailer operating out of high street stores provides an effective illustration that this trend is not just limited to online pureplays where ranges are unconstrained. In fact, this highlights something that nearly all of the proposition champions at the top end of our index have in common their ability to systematically deliver against the dimensions that involve the presentation and curation of a compelling range. This isn t just about the relentless expansion of range however - the best of these retailers are not just offering choice, but appropriate / relevant choice. And it is this that is enabling small box retailers (such as Picard, L Occitane or Trader Joes) to deliver on this dimension as well as big box and online players. COUNTRY PROPOSITION LEADERS GERMANY NETHERLANDS INDIA 1 Amazon 2 DM 3 Thalia 4 Dawanda 5 Globus 1 Bol.com 2 IKEA 3 Hornbach 4 Albert Heijn 5 Amazon 1 Adidas 2 Flipkart.com 3 The Raymond Shop 4 Reebok 5 Nike 03 An OC&C Insight Taking on the Machines UK US CHINA 1 Amazon 2 John Lewis 3 M&S 4 M&S Simply Food 5 Card Factory 1 Amazon 2 Trader Joes 3 Costco 4 Zappos 5 itunes 1 Nike 2 RT Mart 3 Adidas 4 T-Mall 5 Li Ning FRANCE POLAND 1 Amazon 2 Picard 3 Leboncoin 4 L Occitane 5 Yves Rocher 1 Allegro 2 IKEA 3 Rossmann 4 Empik 5 Biedronka (JMD)

5 CATEGORY PROPOSITION CHAMPIONS GROCERY GENERAL MERCHANDISE APPAREL HEALTH & BEAUTY ELECTRICALS FURNITURE SPORTS & OUTDOORS DIY An OC&C Insight Taking on the Machines 04

6 Discount Marches Onwards Discount retailers have made significant strides in improving their consumer appeal, with customer ratings of their proposition improving significantly ahead of that of other retailer propositions. The march of the discounters is seen across many countries with both long established players (such as Aldi and Lidl) and rapidly expanding formats (such as Home Bargains and B&M Bargains) gaining in appeal. The growing importance of the propositions at a time of economic hardship and austerity in Europe in particular may come as no surprise. But it is interesting that the growing appeal of these propositions is driven not by further improving price and value perception but by closing the proposition gap on service and store standards enabling their appeal to cross into new consumer segments. For some existing mainstream retailers this will create an increasing challenge on delivering a sufficiently strong value proposition that minimises defection or basket disaggregation of more price sensitive customers. Change in Overall Proposition Rating Delta Discounter All s International Discounters Change in Overall Proposition Rating Change in Score Out of Average International Improvement Rate Online Store Look & Feel Quality of Products Service Trust Overall Rating Wide Choice of Products Products Suited to Me Low Prices Taking Retail Propositions International Remains a Challenge The Proposition Index covers over 40 retailers with sufficient breadth and depth of international operations for us to be able to assess consumer perceptions of their proposition strength in multiple countries. Many of these propositions score relatively consistently across different countries highlighting their ability to deliver a proposition with a reasonable consumer appeal internationally. However, what is striking, is while many of these propositions are rated reasonably well, there are very few that are rated very strongly in many countries simultaneously. Taking overall ratings above 80 as the mark of excellence, there are only two retailers (Amazon and Ikea) that are able to achieve that in each of more than two countries. Yet there are 39 local players able to achieve a rating of 80 or higher in one country. For retailers, it highlights how tough it is to deliver excellence (not just good) in international expansion, and how important local proposition adaption is unless you are lucky enough to have one of the few propositions with genuine mass universal appeal. Excelling Internationally How 42 International s are Rated Across Territories Not very highly rated (>80) in any market covered in the survey 34 Only very highly rated (>80) in 1 market 5 1 Very highly rated in 2 markets 2 Very highly rated in 3 or more markets 05 An OC&C Insight Taking on the Machines

7 CONSUMER PROPOSITION CHAMPIONS LOW PRICES Shopper Rating 1 Card Factory Primark Poundland p Store Action Dollar Tree Home Bargains Aldi Amazon Lidl 84.6 VALUE FOR MONEY Shopper Rating 1 Card Factory Amazon Primark Home Bargains Allegro Aldi Poundland p Store Lidl DM 82.2 TRUST Shopper Rating 1 Amazon John Lewis Picard DM Rossmann M&S Simply Food Thalia Zappos Waitrose M&S 81.2 SERVICE Shopper Rating 1 Amazon Thalia John Lewis Douglas Trader Joes Zappos Waitrose Expert Bath and Body Works Apple Store 81.8 PRODUCT QUALITY Shopper Rating 1 Picard M&S Simply Food John Lewis Amazon Waitrose DM Apple Store Douglas Thalia Williams-Sonoma 84.4 WIDE CHOICE OF PRODUCTS Shopper Rating 1 Amazon ebay Allegro Taobao Globus Dawanda Bol.com Kaufland Douglas Real 86.2 STORE / WEBSITE LOOK AND FEEL Shopper Rating 1 Amazon Allegro Nature et Découvertes Douglas John Lewis Thalia DM Flipkart.com Bol.com ebay 83.9 FASHIONABILITY Shopper Rating 1 Asos Zalando Zara Office Esprit Galeries Lafayette Top Shop Zappos H&M River Island 81.0 An OC&C Insight Taking on the Machines 06

8 THE OC&C PROPOSITION INDEX 2012 THE T RATING OF OVERALL RETAIL PROPOSITION BY CONSUMERS VISITING OR PURC 1 Amazon Gen Merch DE, UK, FR, US, CN, NL DM Health & Beauty DE Picard Grocery FR Allegro Gen Merch PL John Lewis Department Stores UK IKEA Furniture PL, NL, UK, FR, US Rossmann Health & Beauty PL, DE Thalia Entertainment DE Bol.com Entertainment NL Dawanda Other DE M&S Apparel UK, IN M&S Simply Food Grocery UK Flipkart.com Gen Merch IN Leboncoin Gen Merch FR Card Factory Stationers UK L'Occitane Health & Beauty FR Globus Grocery DE The Raymond Shop Apparel IN Empik Entertainment PL Yves Rocher Health & Beauty FR Tchibo Department Stores DE Specsavers Optical UK Nature et Découvertes Department Stores FR Apple Store Electricals FR, US Trader Joes Grocery US Ebay Gen Merch UK, DE, IN, FR, US, PL Sephora Health & Beauty FR, PL, US, CN Biedronka (JMD) Grocery PL Reebok Apparel IN FNAC Electricals FR Waitrose Grocery UK Vente-privée Apparel FR Play.com Entertainment UK Wilkinson Gen Merch UK Costco Club US Notebooksbilliger Electricals DE Zappos Apparel US Argos Gen Merch UK Cultura Entertainment FR Bata Apparel IN Greggs Other UK Decathlon Sports & Outdoors FR Douglas Health & Beauty DE, PL, NL, FR Home Bargains Discount UK Dunelm Mill Gen Merch UK Selfridges Department Stores UK Boots Health & Beauty UK Esprit Apparel DE, NL, CN, IN Otto Department Stores DE itunes Entertainment FR, US Levi's Apparel IN Droguerie Müller Health & Beauty DE Asos Apparel UK H&M Apparel PL,DE, UK, FR, NL, CN, US Richer Sounds Electricals UK Sam's Club Club US Hornbach DIY NL, DE Kaufland Grocery DE Reserved Apparel PL RT Mart Grocery CN Nordstrom Department Stores US Club des créateurs de Beauté Health & Beauty FR T-Mall Other CN Zalando Apparel DE, NL, FR Big Bazaar Grocery IN Bath and Body Works Health & Beauty US P&C Apparel DE Marionnaud Health & Beauty FR Whole Foods Grocery US Li Ning Apparel CN buy Other CN Albert Heijn Grocery NL C&A Apparel DE, PL, FR, NL, CN Super-Pharm Health & Beauty PL Croma Electricals IN Clarks Apparel UK Leroy Merlin DIY FR, PL Aldi Grocery DE, UK, US, NL Maisons du Monde Household FR Galeries Lafayette Department Stores FR Espace Culturel Leclerc Entertainment FR Iceland Grocery UK Williams-Sonoma Household US Depot Other DE Asda Grocery UK Walmart Grocery CN Toys R Us Other UK Bonprix Apparel DE, FR Barnes & Noble Entertainment US Alma Market Grocery PL Pets at Home Other UK Hema Department Stores NL Merlin Gen Merch PL Castorama DIY PL, FR Expert Electricals NL, DE Ocado Grocery UK Ernstings Family Apparel DE Watsons Health & Beauty CN Omoda Apparel NL Lifestyle Department Stores IN ¹ The score is the retailer s highest overall proposition rating globally. Consumer proposition index ratings within a country have been normalised to make them comparable globally ² Change indicates delta in overall proposition rating An OC&C Insight Taking on the Machines

9 OP 400 RETAILERS HASING AT RETAILER IN LAST 3 MONTHS (INDEXED 0-100) 101 Belle Apparel CN BJs Wholesale Club US Deichmann Apparel DE, PL Taobao Other CN B&M Bargains Discount UK M&M Direct Apparel UK Saks Fifth Avenue Department Stores US Shoppers Stop Department Stores IN Zara Apparel DE, PL, FR, UK, NL, US, CN, IN Conrad Elektronik Electricals DE Leclerc Grocery FR, PL Krys Optical FR Auchan Grocery FR, PL Ebuyer Electricals UK Jumbo Grocery NL Alain Afflelou Optical FR Wehkamp Apparel NL Bauhaus DIY DE Darty Electricals FR Tesco Grocery CN, UK, PL Lowe's DIY US Target Gen Merch US Morrison Grocery UK Generale d'optique Optical FR Kohl's Department Stores US Price Minister Gen Merch FR Pantaloons Department Stores IN Yihaodian Grocery CN Debenhams Department Stores UK Prenatal Department Stores NL Kroger Grocery US Ted Baker Apparel UK Neiman Marcus Department Stores US p store Discount UK Miss Etam Apparel NL Crate and Barrel Household US Bijenkorf Department Stores NL Gome Electricals CN Only Apparel CN Printemps Department Stores FR Action Household NL Cdiscount Gen Merch FR Edeka Grocery DE ChainReactionCycles.com (CRC) Sports & Outdoors UK Lidl Grocery NL, DE, UK, PL, FR Poundland Discount UK WE Apparel NL Next Apparel UK, IN Butlers Other DE Crossword Entertainment IN Blokker Household NL Holland & Barrett Health & Beauty UK Suning Electricals CN Nocibé Health & Beauty FR Pepe Jeans Apparel IN dangdang Other CN Piotr i Paweł Grocery PL Louis Philippe Apparel IN newegg Electricals US Van Haren Apparel NL Metersbonwe Apparel CN Camaieu Apparel FR Peter England Apparel IN Rewe Grocery DE The Sting Apparel NL Tommy Hilfiger Apparel IN Metro Grocery DE Etam Apparel FR, CN Aeropostale Apparel US La Redoute Apparel FR Etos Health & Beauty NL Van Heusen Apparel IN Westside Department Stores IN homeshop18.com Gen Merch IN Trust Mart Grocery CN Sainsbury's Grocery UK Optic 2000 Optical FR Kaufhof Department Stores DE OBI DIY DE, PL House of Fraser Department Stores UK GAP Apparel CN, US, UK The Home Depot DIY US SOliver Apparel DE De Slegte Entertainment NL Charles Vögele Apparel DE MediaMarkt Electricals PL, DE, NL, CN Black Red White Furniture PL Lloyds Pharmacy Health & Beauty UK O2 Other DE Office Apparel UK Orlen Service Station PL Max Bahr DIY DE Landmark Entertainment IN Système U Grocery FR DirkBasDigros Grocery NL Snapdeal.com Gen Merch IN Saturn Electricals DE, PL, NL JC Penney Department Stores US Bed Bath and Beyond Household US Real Grocery DE, PL ¹ The score is the retailer s highest overall proposition rating globally. Consumer proposition index ratings within a country have been normalised to make them comparable globally ² Change indicates delta in overall proposition rating An OC&C Insight Taking on the Machines 08

10 THE OC&C PROPOSITION INDEX 2012 THE T RATING OF OVERALL RETAIL PROPOSITION BY CONSUMERS VISITING OR PURC 201 Abercrombie & Fitch Apparel US GameStop Entertainment US Boulanger Electricals FR Primark Apparel UK, DE Monsoon Apparel UK Matalan Apparel UK Jack and Jones Apparel CN, IN Asos De Apparel DE Benetton Apparel IN Kruidvat Health & Beauty NL Dollar Tree Discount US Macy's Department Stores US New Look Apparel UK Praktiker DIY PL, DE Intermarche Grocery PL, FR DA Health & Beauty NL Superdrug Health & Beauty UK BCC Electricals NL Dillards Department Stores US Xenos Household NL Hobbycraft Other UK Arrow Apparel IN Bruna Entertainment NL M&S Mode Apparel NL Rueducommerce Gen Merch FR Virgin Entertainment FR Breuninger Department Stores DE Majestic Wine Other UK Sports Direct Sports & Outdoors UK Vancl Apparel CN Marshalls Department Stores US Uniqlo Apparel CN BP Polska Service Station PL Telekom Other DE Kiabi Apparel FR Maplin Electricals UK Burlington Coat Factory Apparel US Reliance Fresh & Reliance Mart Grocery IN WuMart Grocery CN Görtz Apparel DE Daphne Apparel CN Vanguard Grocery CN Gamma DIY NL Star Bazaar Grocery IN Mothercare Other UK Base / Eplus Other DE Wiggle.co.uk Sports & Outdoors UK Staples Stationers US Lotus Grocery CN Kappa Apparel CN Spencers Grocery IN Wal-Mart Gen Merch US HMV Entertainment UK Intersport Sports & Outdoors FR Strauss Innovation Department Stores DE River Island Apparel UK Mannings Health & Beauty CN Alinea Household FR Apparel CN Praxis DIY NL B&Q DIY UK Zodiac Apparel IN Ross Stores Department Stores US Boots Opticians Optical UK Walgreens Health & Beauty US Carrefour Grocery CN, FR, PL RTV Euro AGD Electricals PL Superdry Apparel UK Karwei DIY NL Redcoon Electricals DE Very Gen Merch UK Les 3 Suisses Apparel FR Mappin & Webb Jewellery UK Kolporter Stationers PL Intertoys Entertainment NL Courtepaille Food Service FR Toom - Der Baumarkt DIY DE Neckermann Apparel NL Vision Express Optical UK Robert Dyas DIY UK Bloomingdale's Department Stores US Forever 21 Apparel US New Yorker Apparel DE Boden Apparel UK Semir Apparel CN Bart Smit Entertainment NL Brico Dépôt DIY FR Cache Cache Apparel FR Easy Day Grocery IN Nilgiris Grocery IN Pottery Barn Household US TK Maxx Apparel US, UK, DE Pixmania Electricals FR Wills Lifestyle Apparel IN Wickes DIY UK Goldsmiths Jewellery UK Best Buy Electricals US Shell Service Station PL Republic Apparel UK Famila Grocery DE ¹ The score is the retailer s highest overall proposition rating globally. Consumer proposition index ratings within a country have been normalised to make them comparable globally ² Change indicates delta in overall proposition rating An OC&C Insight Taking on the Machines

11 OP 400 RETAILERS HASING AT RETAILER IN LAST 3 MONTHS (INDEXED 0-100) 301 Phones 4 U Electricals UK Billiger Electricals DE Johnsons Dry Cleaners Other UK American Eagle Outfitters Apparel US Dolland & Atchison Optical UK Five Star Electricals CN Karstadt Department Stores DE Bonita Apparel DE H. Samuel Jewellery UK Office Depot Stationers US Monoprix Grocery FR Carphone Warehouse Electricals UK Adler Apparel DE Moonbasa Apparel CN Fat face Apparel UK Reliance Digital Electricals IN Save-A-Lot Grocery US C1000 Grocery NL Ernest Jones Jewellery UK TopShop Apparel UK Buffalo Grill Food Service FR Jack Wills Apparel UK Home Center Household IN Safeway Grocery US Edinburgh Woollen Mill Apparel UK CVS Health & Beauty US Body Shop Health & Beauty US Conforama Household FR Formido DIY NL Old Navy Apparel US Hagebau DIY DE Odyssey Entertainment IN Brand4Friends Apparel DE Halfords Other UK Promod Apparel FR Kijkshop Household NL Vero Moda Apparel CN, NL JD Sports Sports & Outdoors UK Household IN Marskramer Household NL Jcrew Apparel US Orsay Apparel DE Planet M Entertainment IN Medimax Electricals DE Jessops Electricals UK V&D Department Stores NL Me&City Apparel CN Agata Meble Furniture PL Brioche Dorée Food Service FR Electronic Partner Electricals DE Giordano Apparel CN Womai Grocery CN Spartoo Apparel FR Dorothy Perkins Apparel UK Gemo Apparel FR Reno Apparel DE The Mobile Store Electricals IN Vodafone Other DE Baleno Apparel CN Sarenza Apparel FR Subway Food Service FR White Stuff Apparel UK Poundstretcher Discount UK Gamestation Entertainment UK Leen Bakker Furniture NL Mirapodo Apparel DE Atol Optical FR Century Mart Grocery CN futurebazaar.com Gen Merch IN Plus Grocery NL Big Lots Discount US Dixons Electricals NL, UK Euronics Electricals DE Homebase DIY UK WH Smith Stationers UK Blacks Sports & Outdoors UK Original Factory Store Discount UK Timpson s Other UK Cora Grocery FR Sears Department Stores US Game Entertainment UK Lianhua Grocery CN Polo Market Grocery PL Banana Republic Apparel US Kaiser's Grocery DE La Halle Apparel FR Furniture Village Furniture UK Rite-Aid Health & Beauty US Family Dollar Discount US Currys Electricals UK Optical Centre Optical FR Go Sport Sports & Outdoors FR Trekpleister Health & Beauty NL Ruch Stationers PL Ako Entertainment NL Komfort Furniture PL NKD Apparel DE Dreams Furniture UK MORE Grocery IN Meble VOX Furniture PL ¹ The score is the retailer s highest overall proposition rating globally. Consumer proposition index ratings within a country have been normalised to make them comparable globally ² Change indicates delta in overall proposition rating An OC&C Insight Taking on the Machines 10

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