Loading presentation...

Present Remotely

Send the link below via email or IM

Copy

Present to your audience

Start remote presentation

  • Invited audience members will follow you as you navigate and present
  • People invited to a presentation do not need a Prezi account
  • This link expires 10 minutes after you close the presentation
  • A maximum of 30 users can follow your presentation
  • Learn more about this feature in our knowledge base article

Do you really want to delete this prezi?

Neither you, nor the coeditors you shared it with will be able to recover it again.

DeleteCancel

Make your likes visible on Facebook?

Connect your Facebook account to Prezi and let your likes appear on your timeline.
You can change this under Settings & Account at any time.

No, thanks

Smart

No description
by

Graham Moreno

on 13 April 2014

Comments (0)

Please log in to add your comment.

Report abuse

Transcript of Smart

Smart
Style

Life is About Being
Happy
Smart
Style
has refocused online retail on the
consumer experience
. We use consumer psychology to create a buying experience that results in faster purchases, fewer people looking without buying, and less time between purchases.

The result:
Happier
customers, and more sales.
Fact: When faced with an abundance of options, people often end up not making a decision, or being unhappy with the one they make (1).
The
Market:
Forrester Research projects online retail to increase
45%
by 2016 from
226 billion
to
327 billion
(10.1% annually)
45%
of people prefer to clothing shop online (2)
(2)
The
Problem:


Online retail is structured in a way that makes unplanned buying
statistically uncommon
and planned buying far more
difficult
than it should be.

The result:
More
consumer
stress
,
less
consumer
happiness
,
fewer
actual
purchases
, and
more
items
returned
from those that are purchased.
Shopper Sciences reports a
300%
increase of mobile influence over shopping behavior...since
last year
(3)
Fact:
Fact:
Barry Schwartz ( "The Paradox of Choice: Why More is Less"):
"One of three things is likely to occur when people have too many decisions to make--consumers end up making poor decisions, are more dissatisfied with their choices or become paralyzed and don't choose at all.
Fact:
In a study on purchasing behavior only
3%
of shoppers purchased jam when confronted with
24
options.
30%
purchased Jam when given only
6
choices. That
30%
unanimously reported
higher happiness
with their choice.
1/3
of clothing purchased online is
returned
Fact:
The
Solution
:

Create a way to shop that gives people who know what they want to buy a
carefully chosen
, but
limited
, selection.

Create a way for people who don't know what to buy to be gently
directed
to a
limited
series of possibilities to maximize the likelihood of a
purchase
.
Fact:
A study by the Behavioral Science Institute found the "sweet spot" for choices:satisfaction.
"Just Looking" now:
5 filters, still 24 options
Ran out of parameters, still had 45 options...
*all images from top 5 largest online retailers since March, 2014
6 filters, 48 options
Fact:
A separate study than the "jam" study found that people who picked between few, slightly different options were the happiest with their puchases both during and after the process.
Fact:
Wharton Business School professor Barbara E. Kahn found that displaying too many images on a page is overwhelming and can actual stop the shopping process entirely because the consumer finds it easier just not to shop.
"Just looking" with Smart
Style:
3 Keys
1. Fashion is an external display of self-perception.

2. Self discovery is a journey, and "just looking" is part of self discovery.

3. Consumers who don't know what they want shouldn't be expected to establish parameters dictating what they're shown.
Fact:
Wearing clothing associated with a positive attribute (doctors coat, power suit etc.) improves results on test scores, but only if the association is positive.
"Just looking" with Smart
Style
: The method
1. Tell us a little about
yourself
: Sign up
free
and take a quick quiz giving us an idea of how you view yourself.
2. We create a
journey
for you: Take a 20 question quiz asking you to associate brands, pick your favorite shirts etc. as well as your vacation of choice or your car of choice etc.
3. The
result
: Based on your answers we give you an
identity
("when it comes to shirts, you're
George Clooney
all the way") as well as a brand suggestion (based on your results we suggest you check out
Burberry
). If you're lucky you get a coupon too!
Then What...
Well...you could buy from a major online retailer:
Ok, there's the one brand, what about similar ones?
Fact:
Consumers would rather have too many options than not enough.
The paradox: too many is better than too few, but too many prevents decision from being made or stuck with.
Or you could try Smart
Style
:
The
journeys

1. Coming from your quiz: Step 1: Click on your suggested brand.
Step 2: Quadrant interface opens with four options, one from your brand, three from similar brands (
fewer choices
with
slight differences
).
Step 3: The screens block out anything else so you can
be in the moment
.
Step 4: Each panel has lots of info about the product, do a little bit of digging and pick one!
Step 5: An expedia style panel opens showing five prices being offered that day around the internet. Pick the one that's
best for you
!

2. Get that quiz out of my face I know what I want: Step 1: Fill out easy parameters: Item (polo), price range, style you like (Polo Ralph Lauren), How you classify yourself (all paramters are optional). Steps 2-5 see above
Consumers Want:
Filtering by size, color, and price (60%)

'Hover Zoom' feature (55%)

Product zoom/rotation (55%)

Customer Reviews (50%)

Multiple purchse/delivery options (40%)
The Smart
Style
advantage:
For
Consumers
:
Self discovery
via fun quizzes.
Positive
brand
association
due to quiz feedback. Quicker
purchases
.
Higher
degrees of
satisfaction
with those purchases.
For
Businesses
: Ability to
convert
"just looking" to
purchasing
.
Fewer
abandoned
shopping carts.

Shorter
sales
cycles
.
Greater
volume of
purchases
.
Smart
Style

empowers
the
consumer
at the
benefit
of the
business
.
The
logistics
: Quizzes
The
quizzes
would 13 clothing related questions drawn randomly from our item/brand
database
. The remaining 7 questions per quiz would be pre-loaded into that specific quiz and would be the skeleton of "what country is your style" etc. that would give us useful feedback on
self perception
and
value
beyond just clothing.
The
database
- gradually we would load quiz results into the database to create a
unique
data set of user information, but initially we would use available API's to create a database of
consumer information
to launch from.
By using the information freely available in API's in concert with the database of information we collect on our own, from
individual preference
to general
brand associations
, we are creating a database that gives user suggestions based not only on mass user feedback and individual feedback per user, but also related, but before now unmeasurable
lifestyle preferences
. (Ie. Someone likes
beaches
rather than snowboarding so
X
style will probably suit them slightly more than Y style).
The logistics:
Creating
a
Sale

The initial interface where
preferences
are plugged in to generate suggestions will be drawn from the API database we create.
The four options and their reviews, info, etc. will be a select composite of the total information available meant to display the
"whole picture"
without being overwhelming or redundant.
The final page, where payment site is selected, will track daily prices to ensure that any deals happening can be taken advantage of, and that the user pays the price that is
best for them.

Smart
Style
: How
we
won't be
run
ning
it
out of a tent.
Short Term
Monetization
: Collect fee per sale generated via Smart
Style
.
Advertising revenue.

Long Term
Monetization
: Pay per click.
Pay per upsell.
Queue priority.
Sell data to advertising companies.
"Brand suggestion" priority.
Traffic=Revenue
Online traffic, especially for apparrel, has exploded in recent years. 34.2 billion to 41 billion 2011-2012 (20%) after going from 28 billion to 34.2 billion 2010-2011 (22%).

Growth has equaled more options(bad). More traffic with better options(good) will equal more revenue.
Why Smart
Style
now? Because
People
and
Businesses

Need
It
The Smart
Style
Team
A
Recap
of how Smart
Style
is Fixing
Ecommerce

Graham Moreno
CEO

3 Line Bio: Graduated From Boston College with work experience from Boston Casting, MEC Global, and

ACHVR.
Currently simplifying the world at Oracle.
If you interrupt the Liverpool game you'll die.
Mihailo "Misha"
Miljanic
COO
3 Line Bio: Graduated from Boston College with a renowned series of academic honors and important work experience.
Currently tackling his biggest challenge yet in TFA.
My Big Fat Greek Wedding was actually about Serbia.
Best CTO Ever
CTO
3 Line Bio:

Saves puppies from fire tornados. Wrote the code that allows people to feel happiness. Found the real slim shady.
-
Limited
,but
scientifically
chosen, options will yield
more revenue
and
happier customers
than a "shotgun" approach.

-
Consumer
psychology is used to minimize doubt, guilt, or regret while maximizing
satisfaction
, validating self perception, and creating
positive
brand
associations
.

- Taking
simple
steps to
shorten
sales cycles, minimize returns, and
create revenue
out of "window shoppers" can add
millions
(
billions
?) to the bottom line.
In case you've forgotten:
In a study on purchasing behavior only
3%
of shoppers purchased jam when confronted with
24
options.
30%
purchased Jam when given only
6
choices. That
30%
unanimously reported
higher happiness
with their choice.
-10% Market Growth annually-->88% of consumers report negative experiences shopping online due to feeling overwhelmed or unhappy with a purchase.

- Jam Study applied to 100 people:
24
flavors offered.
60
stopped.
2
purchased
...how the market now works.

6
flavors offered.
40
stopped.
12
purchased...Online retail with Smart
Style
.

-Both the
consumer
, and
retailer
, benefit from the Smart
Style
method.
Full transcript