menu

Converting Product Discovery Into Final Sales [Future of Retail]

Converting Product Discovery Into Final Sales [Future of Retail]
Advertising

A look at the digital systems turning marketing, social and entertainment content into opportunities to buy.

PSFK Labs
  • 17 november 2013

The scenario is a familiar one: you’re watching your favorite TV show and one of the actors is wearing a pair of shoes or a shirt that you’d like to see in your own closet, but you have no way of knowing the brand, the cost or where to buy it. And even if you do, you’ll likely have some serious internet sleuthing ahead of you before you can put the item in your virtual shopping cart. With every passing moment the likelihood that you’re going to complete a purchase drops significantly. Consequently, the solution to this conundrum seems to be enabling potential buyers to stay within their current media context as they shop.

In our Future of Retail report, PSFK Labs has identified the trend of Omni Point-of-Purchase, where new platforms are tapping into a shopper’s intent to buy by converting every product interaction into a purchase opportunity. These digital systems leverage technologies like image recognition and social transaction tools to convert virtually any encounter with a product into a sales opportunity, enabling impulse purchases to happen anywhere. Read on below to see examples of this trend in action.

second-screen-shazam

The music-tagging mobile application Shazam is expanding its listen-to-learn technology by developing an app that will tell television viewers what a character on television is wearing. The app will listen to the broadcast and match it to a database of brands and products featured during the show. Using this ‘fingerprint spectrogram sample’, shoppers would be able to pull up content on the show such as trivia, cast bios, and, in this case, merchandise. The viewer can connect immediately with the brands they see on screen and complete a purchase within minutes.

ribbon3

Social payment platform Ribbon helps retailers sell products to shoppers within social media sites. Retailers can list products for sale using purchase ‘cards’ tied to conveniently shortened URL links. Shoppers can then click to purchase any links posted on a website, YouTube video, Facebook update, or Tweet. When a Ribbon link is clicked, it expands in size, and shoppers can input their payment information and billing details, and receive a receipt. With the release of an API, Ribbon plans to provide this service across all web platforms. The company secured several large retailers such as Target to use its payment process on the stores’ branded Facebook pages.

mastercard-shopthis

Payments company MasterCard has created the ShopThis feature to help tablet magazine readers purchase products they find in-app. Readers of Wired magazine, a Condé Nast publication, will be able to tap on images of products they see in articles to place them in an online basket. Once products are placed in their shopping cart, they can either complete the purchase by adding payment information or they can continue reading and complete the purchase after reading the magazine. Rakuten.com is the initial retail partner that will help process and fulfill purchases made using MasterCard’s ShopThis. Publishers’ goals are to deliver the ability to purchase from Wired seamlessly as they convert content into commerce without having to put down the current issue of the magazine. Garry Lyons, Chief Innovation Officer at MasterCard, explains, “We believe any device is potentially a device of commerce, enabling the user to buy what they want from within the content without having to leave the content.”

Omni Point-of-Purchase is part of a larger theme we are calling Networked Purchase Path, where a retailer or brand can effectively employ data, connected technologies and human service to meet the shopper where they are and anticipate where they will go next, enabling better interactions at every stage of the sale.

In the fourth edition of the Future of Retail Report, PSFK Labs brings together two interconnected themes and eleven key trends that provide a foundation for the modern shopping experience. The findings are brought to life with best-in-class examples, actionable strategies and leading questions to inspire leading retailers and brands. Join us at our San Francisco conference on Nov. 21st where talks from retail innovators will bring the key themes to life.

for_625x100

Advertising
Trending

Retail Expert: What Sustainability Means To The Millennial Generation

Beauty
Media & Publishing Today

CNN Launched An Entire Drone Division Of Their News Network

CNN AIR incorporates aerial footage into the corporation's ongoing news coverage

Advertising Today

Uber’s Breathalyzer Cards Let You Know If You Are Sober Enough To Drive

A new campaign from the ride-sharing service raises awareness about the importance of a safe trip home

Trending

Get PSFK's Latest Report: Future of Retail: Technology Primer

See All
Design Today

Milk Proteins Could Be The Packaging Material Of The Future

A newly discovered casein-based alternative is biodegradable, sustainable and even edible

Technology Today

Intel’s New System Will Help Technology See And Understand The World

Joule is a tiny board for developers designed to bring powerful computer vision to cheap and easy-to-make prototypes

PURPLELIST EXPERTS

Benjamin White

Digital Accelerator

Design Today

This LA Hotel Is Designed Specifically For Cocktail Drinkers

The Walker Inn is a new Los Angeles "Bed and Beverage" experience that offers guests an intimate setting for their night cap

Education Today

Bringing Virtual Reality And Telepresence Robotics To E-Learning

This Learning Management System is embracing new technologies to reallocate teaching resources to where they should be going

Advertising Today

Interactive Art Exhibition For Dogs Provides Endless Fun

Installations created by artist Dominic Wilcox are based on activities loved by canines, such as fetching tennis balls and splashing in water

PSFK LABS REPORT

Future Of Work
Cultivating The Next Generation Of Leaders
NEW

PSFK Op-Ed Yesterday

Why Building Better Offices Is The Key To Employee Engagement

Interaction Designer and Audio-visual Technologist at ESI Design illustrates the value in creating environments filled with surprise and delight

PSFK Labs Today

PSFK’s Workplace Vision: How The Nurturing Of Seeds Will Come To Define The Onboarding Process

Our Future of Work vision is a service that allows companies to assemble and deliver welcome packets that are uniquely focused on the concept of growth

Beauty Today

Design Your Own Custom Watch Faces

Customize your wrist device with Garmin's new app that lets you display personalized images or patterns

Syndicated Today

How The Olympics Taught Us Lessons In Cloud Analytics

Dan Vesset, group VP for analytics and information management at IDC, tells how cloud-based business analytics support decision-making

Arts & Culture Today

Artist Shuts Down Sexist Comments By Turning Them Into Images

Rora Blue explores social stigma in a photo series titled 'Handle With Care'

Arts & Culture Today

Japanese Face Wash Creates A Perfect Rose Every Time

Kanebo's latest addition to the Evita line includes an application that dispenses cleanser in the shape of a flower

Mobile Today

Twitter Bot Will Warn You If You Are A Troll

An online tool developed out of Intel's Hack Harassment movement helps filter out or notify cyber bullies

PSFK LABS REPORT

Innovation Debrief: Boston
Business Concepts Born In 'The Hub'
AVAILABLE NOW

Retail Today

Passengers Can Now Earn Airline Miles For Sharing Their Location Data

The Frequent Flyer app measures background data and gives travelers points that can be exchanged for tickets with participating airlines

Advertising Today

The NBA Is Releasing Two Original Shows To Stream On Twitter

The sports league announced a deal that demonstrates an interesting expansion of its content strategy

Automotive Today

Cadillac Concept Shows A Future Design Direction

The flagship sedan reveals the brand is continuing to hone and refine its luxury aesthetic

No search results found.