smallest store in the world

IKEA smallest store

Here's a new spin on mini-momentum:  “The smallest store in the world” by Swedish housewares retailer IKEA.

Blending smart commerce, augmented reality (AR), and digital merchandising within a 300 X 250 (10.5cm x 8.8cm) web banner, the eCommerce store makes the most of space while representing the entire IKEA assortment. The video below explains the concept.

 

“With city populations on the rise, living spaces have become increasingly limited,” the company explains. “IKEA believes that no matter how cramped your space, there’s always a solution.” To demonstrate that belief, the company — generally known for its oversized retail spaces — has packed a full store with 2,800 products into the space of a small web banner. Shoppers who visit the diminutive store by hovering their mouse over it can then browse by department, choose what they want, and buy it online. “We targeted people looking for studio flats as well as one/two bedroom apartments by placing our tiny stores in the real estate section of community websites,” IKEA notes.

While this is certainly not the most practical way of browsing, we love how the messaging plays on brand-centric ideals which are meant to shift consumers perceptions away from from a mega-store mentality to an omni-channel experience.

Unlike a virtual retail installations, the IKEA "smallest store in the world" symbolizes thoughtful consumption while decreasing workload and span of design within the online and offline worlds.

{source: Springwise}

 
 
affluent men shopping online more
luxury menswear
 
Luxury menswear is leading the trend and growing at a rate of about 14% per year, according to a new study.
 
"The Affluent Male: What His Online Behavior Can Teach Luxury Brand Marketers," released last week by iProspect, shows the online preferences and behaviors of affluent males – including device, advertising, research, shopping and brand preferences.

According to the study, there are 19 million affluent males (age 18 and older) with a household income of at least $100,000 on the Internet and 40% of the respondents to the study indicated that they are shopping online at least twice a week. And those who are shopping multiple times are spending more than $30,000 annually.

"The old adage that men hate to shop is being upended by the digital experience. Not only are affluent men shopping online more, but this demographic is doing extensive research, shopping and then purchasing online, which provides advertisers with multiple touch points to reach him. Understanding the habits of the high-end consumer allows iProspect to help our clients develop well-integrated digital campaigns that connect with this audience and deliver results," said Robert Murray, Global CEO, iProspect.

 
Affluent shopping
{image: iProspect}
 

According to the study, 70% of affluent males prefer to research and buy online rather than researching online and purchasing in store. And they are adopting a multi-channel approach to accessing the internet. 
  • The vast majority (91%) access a PC at least once daily, while seventy-seven percent have a mobile smartphone and 50 percent own a tablet.
  • Engagement with these devices is high across the board - almost 100 percent of survey respondents report using their PCs and mobile smartphones at least daily and 85% reporting daily use of tablets.
  • When an affluent male has daily access to tablet, he is 32 percent more likely to have made a purchase via the device.
  • In terms of visibility, 71 percent have seen ads on a PC while one in three have seen ads on a mobile phone or tablet.

"By all indications, this segment has untapped purchasing power which can and will trickle down to non-luxury brands," said Murray. "The best digital marketing strategies integrate practices across all channels. For brand managers, knowing how to effectively communicate to affluent men will a key factor to success in an increasingly digital world."
 
The research also showed that 84% of those surveyed make purchases for themselves, with the most-searched categories including travel, accessories, apparel and automobiles. Within the affluent demographic, this study contradicts the cornerstone of She-conomics – which advocates that women account for 85% of all consumer purchases and represent the majority of the online market.
 
As we track the growth opportunities within the menswear category, alongside purchasing trends, it’s apparent that these new findings represent an alteration to the online fabric. More and more, it's the visual storytelling and consistent holistic messaging that attract appeal.
 
{source: iProspect}
 
color forecasting
Sephora Pantone Beauty
{photo: Sephora.com}
 
 
Color forecasting company Pantone and Sephora previewed their collaborative beauty range and featured Pantone 2012 color of the year, Tangerine Tango, in the email campaign.
 
What do you think about color authorities launching for-profit products?
 
[UPDATED 3.22.12]
The duo will launch a pop-up temporary store in NYC today to promote the range, according to Racked. Read about how Sephora and Pantone plan extend the promotion at retail throughout the year with summer, fall, and holiday collections that put tangerine in a more seasonal context here.
 
Glamour Virtual Store
{Photo: AdAge.com}
 
Remember the Procter & Gamble virtual grocery store in Prague that we mentioned last November?
 
Tapping into two of the top 5 consumer trends for 2012, Glamour Magazine has created a similar installation devoted to beauty products across from the Standard Hotel in Manhattan's Meatpacking District, according to Advertising Age.
 
Customers simply scan barcodes with an app on their phone to buy real products for home delivery from the Glamour Apothecary Wall. Brands represented in the pop-up presentation include C.O. Bigelow, John Frieda, Elizabeth Arden, Clearasil and Versace.
 
While the concept of a virtual shopping wall may not be new, we are loving how Glamour Magazine is engaging with customers using innovation in unexpected spaces.
 
{source: AdAge.com}
Is it possible to trim the apparel cost structure and funnel profits into philanthropy? The team behind Monolith, a New York-based social shopping website, aims to do just that. 
 
monolith
{photo: crowdventurefund.com}
 
Currently in development, the subscription-based online start-up plans to deliver designer-quality clothing to customers for $111 or less. Subscribers will have a chance to browse men’s and women’s apparel and accessories collections online and decide which pieces they want to buy, reported The Wall Street Journal.
 

Monolith will then produce the items every five weeks in factories scattered around the globe (U.S., Mexico, India and Asia). “Well-known luxury brands like Gucci, Fendi, Prada—they all use the same factories,” said Nick Ralph, 29, the company’s Chief Executive Officer and founder. “They’re making hundreds and in some cases thousands of dollars in profits on a single item. To us, it’s kind of ridiculous," he continued.

In addition to low priced designer goods from top-notch factories, the company will tap into conscientious consumerism with a “Buy One, Give One Program” — similar to the model employed by Toms Shoes. According to the Monolith website, the company will donate the same item purchased on the subscriber's behalf to children and adults in need so that they can secure better job opportunities, increase wages, and build confidence.

As a crowd-funded initiative, Monolith won’t launch until it raises $3.2m in pledges, according to Mr. Ralph. After three months of fund raising, the company has raised roughly $788,000, including pledges from past investors, family and friends.
 

The company decided to forgo the traditional venture-capital route to maintain the company’s philanthropic edge. “I’ve raised money for four companies through venture capital,” he said. “Most of the time, you end up going for the cheapest bulk and the cheapest return. The VC takes most of the equity and often shifts the company focus from creating something magical to creating a lean money-making machine in hopes of a highly profitable exit. I thought: There’s got to be a different way.”

We love Monolith's approach to Smart Commerce and Life Story Labeling. It's refreshing to see new concepts private label quality garments with cause-related initiatives instead of targeting mass production manufacturing aimed at the lowest common denominator: every-day fair-and-square pricing.

{source: Wall Street Journal}
google wallet
{photo: Starbucks.com}
 
Those obsessed with the revolving safety concerns about privacy when using credit or debit cards for online transactions can now reference hard data supporting the argument for their favorite brands to invest in mobile payment processing.
 
According to research from mobile payments firm PaymentOne, most consumers (80%) say they would spend more online if they were offered an easier and more secure way to pay and online merchants could add aggregated yearly revenue of US $109.8 billion simply by offering an alternative 'no credit card required' option. We believe that technology developments transforming smartphones into digital wallets will be a great solution for consumers who enjoy shopping on the move in 2012.
 
"Consumers' concerns around the security and privacy of online payment transactions are staring digital merchants in the face and demanding attention," concluded Brad Singer, executive vice president for PaymentOne. "In today's economy where every cent counts and every customer is vital to the success of a business, merchants need to do more to ensure that customers aren't scared away when it is time to check out."
 
At a ratio of almost four to one, customers in the PaymentOne study believe that direct carrier billed mobile payments are more secure than credit or debit cards for online purchases.
 
But will users adopt?
According to a separate study by ABI research, mobile wallet users will grow to 594 million by 2016, and carriers such as Google, Apple, Microsoft and Research in Motion will control the marketplace in the USA, Western Europe, Korea and Japan.
 
Couch commerce is so 2011. M-commerce is the future.
 
 
 
Predictions are only as good as sales at the register. Here are selected results according to independent researchers.
 
 
Thanksgiving weekend sales set records
- US consumers flooded malls and took to the Internet during Thanksgiving weekend, spending a record $52.4bn. Retail sales climbed 16%, and shoppers spent $398.62 on average, up from $365.34 a year earlier, according to the National Retail Federation and BIGresearch, reported Bloomberg. {source: Bloomberg}
- A record 226m people went shopping during the Thanksgiving weekend, compared with 212m last year, the National Retail Federation said. {source: Bloomberg}

Shoppers allocate money to "couch commerce" on Thanksgiving Day
- For the 24 hours of Thanksgiving Day, same-seller gross merchandise value for retailers selling through Mercent Retail increased 18% relative to the same 24-hour period in 2010. {source: msnbc}
 
Online black Friday statistics
- Web sales on Black Friday surged 26% to $816m and 18% to $479m on Thanksgiving Day, said research firm comScore.{source: Bloomberg}
- Black Friday sales increased 6.6% to the largest amount ever, $11.4bn, ShopperTrak said in a statement yesterday. Foot traffic rose 5.1% on Black Friday, according to the Chicago-based research firm. {source: Bloomberg}
- For the 24 hours of Black Friday, same-seller online retail gross merchandise value for merchants selling through Mercent Retail increased by 23% relative to the same period in 2010. {source: msnbc}
 
Overall holiday spend
- The National Retail Federation did not raise its estimate for holiday spending: a 2.8% increase in sales, or about half of last year’s 5.2% gain. {source: Bloomberg}
 
{image: StellaMcCartney.com}
 
Designer Stella McCartney has added new features to her website including an additional 28 European countries to her eCommerce business, special functions such as a "reserve in store" option (see our March 2011 post Retailing Trend: click and collect), and a second edition of her iPad app that contains behind-the-scenes features and making-of videos.
 
Stella McCartney's fall campaign, featuring Natalia Vodianova and shot by Mert Alas and Marcus Piggott, can be previewed on her website today. It will break in the September issues of British and American Vogue, Harpers Bazaar in the US and Interview.
 
We love the addition of the designers personal gallery of images, stories and inspiration under the within the Stella's World tab which include from a short film from the “Linda McCartney, A Life in Photographs” exhibit in London. The new platform differentiates her brand within the eCommerce luxury market while delivering exclusive content that is compelling for potential customers and loyalists.
 
park and bond
Gilt Man
 
Luxury e-tailer Gilt Groupe has announced that its full-price men's retail site will be named PARK & BOND and will launch in late summer.

"Moving into the full-price retail space is the natural next step following the runaway success of Gilt Man," said John Auerbach, who currently serves as General Manager of Gilt Man, and will also be President of Park & Bond. "Men shop differently than women, and PARK & BOND is designed with their needs in mind. Men are increasingly taking charge of their own wardrobe decisions and we aim to give them the tools to continue that trend—to outfit themselves without going 'shopping'." And unlike the Gilt MAN flash-sales mode, merchandise on PARK & BOND will live according to seasonality, enabling consumers to shop any brand at any time.
 
Taking a note from Net-A-Porter's Mr. Porter & J.Crew’s Jack Knows Best, whom we profiled in the post Don't forget Men$wear, the Gilt Groupe spin off will offer advice on how men can incorporate items into their daily life with confidence and style.
 
PARK & BOND will have 80 brands at launch including Alexander McQueen, Isaia, Etro, Paul Smith, N. Hoolywood, A.P.C., Neil Barrett, Thomas Pink, Todd Snyder, Vince, Theory, Common Projects, Brooks Brothers, and Florsheim by Duckie Brown. "Today's man does not dress in one brand from head to toe. He picks his favorite pieces and assembles a look that represents him—PARK & BOND will encourage and enable customers to easily do just that," said Brooke Cundiff, who is in charge of merchandising for the new site.
 
Once an afterthought in retailing, male customers now make up a $51 billion shopping industry and 75% of men shop for their own clothing compared with just 52% in 1995, according to market research firm NPD Group.
 
It's about time retailers take notice.

Your eyes are not deceiving you... things do look a little different around here.

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