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Since 2009, Bank of America (BofA) has closed 1,597 branches in 253 counties across the US, selling the spaces to local banks in some areas and directing customers to further branches in others, according to The Wall Street Journal. For context, that's equivalent to 26% of the branches that the bank currently operates, and represents a big cut that's reflective of a rising industry trend. 
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The most anticipated slide deck of the year is here. Key takeaways:
Farid Mheir's insight:
WHY THIS IS IMPORTANT This is an annual bag of goodies. Highlight #1: retail stores are closing at record pace while Amazon opens stores. This is such a huge trend because it transforms stores from a mini-warehouse into something else: a destination for experience, service, and training. Think Apple store with the highest sales per square foot, genius bar, classes and a showroom. Amazon has pushed its Amazon GO, no lines, no registers concept and it is rolling it out slowly. This is just the beginning...
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From
hbr
The diminishing effectiveness of conventional advertising and the rise of social media have led more and more brands to embrace content marketing. More and more companies are seeing themselves not just as advertisers, but as publishers, launching digital newsrooms, podcasts, and other forms of branded content in order keep their brands, perspectives, and value propositions in front of customers.
Farid Mheir's insight:
I wrote about this in the past numerous times and it is great to see HBR and others recognize this important trend: companies are sitting on huge amounts of information they can use to extract meaningful information and share it with their clients and employees to attract and retain them.
For example, look at jawbone and how they do it
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Starbucks is facing long lines and delays in stores, and the CEO hasn't offered any specific solutions for restoring service.
Farid Mheir's insight:
I love to say that technology and digital in particular can bring huge benefits rapidly but that the impact of changes must be analyzed and addressed. Now Starbuck is in reactive mode after popular online orders are impacting in-store customers.
WHY THIS IS IMPORTANT Change management and impact on humans and current processes is Paramount, especially now that we live in an omni-channel world.
Emma Gongon's curator insight,
December 7, 2020 4:19 PM
Its very interesting to see how technology has affected their business making it easier to actually obtain coffee would have a negative effect on their sales. But a large company like Starbucks would not really be effected from this small decline in their stock.
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Across 33 rich countries, only 5% of the population has high computer-related abilities, and only a third of people can complete medium-complexity tasks.
Farid Mheir's insight:
A study of 250K people over 2011-2015 timeframe across 33 countries in OECD shows that most users can barely operate their computer of mobile phone.
WHY THIS IS IMPORTANT Digital transformation strategies and roadmap often fail to allocate sufficient effort/budget/time/resources to accompany employees and users with the proper change management. This study shows why: most people don't know how to perform simple computer tasks. Put them in front of a new software or technology and they will fail, or even worse, they will discredit the solution so as not to show their inability. Accompany them and recognize that they need help and they will succeed in their transition. And you will succeed in your digital transformation.
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Mobile order-ahead refers to a consumer-facing mobile payment platform that allows customers to order food remotely, pay for the items on their phone, and pick up their order at a specific restaurant location. Leading QSRs in the US are beginning to adopt these platforms at an accelerated pace and are benefiting from them. Taco Bell sees 30% higher average order values on mobile compared to in-store, and Starbucks' Mobile Order & Pay already represents 10% of total transactions at high-volume stores, directly contributing to increased company sales.
Farid Mheir's insight:
A report shows that letting customers order ahead using mobile apps converts to higher sales order value.
WHY THIS IS IMPORTANT Retailer have invested in mobile apps in recent years mostly use them as marketing tools to notify customers of promotions, etc. With recent trends showing that customers download less and less apps to concentrate on a few well known ones (Facebook, etc.), retailer must find new ways to have their customers use their apps. Looks like if you allow customers to save time by pre-ordering their meal, it becomes a hot and customers spend more. Good to know.
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In this episode of Pulsate Academy, Patrick Leddy introduces Geofencing for location-based marketing and how you could be using it with your app today
Farid Mheir's insight:
Outstanding 20 minutes video that explains what geofencing is and how to it, them in layman's terms.
WHY THIS IS IMPORTANT We all carry mobile devices in our pockets so we are all targets for beacons and geofencing by retailers and brands. We were just getting used to being tracked everywhere we go online, and now we have become targets in the physical world as well. It is essential that we all know what level of tracking we are subjected to. On the other hand if you are a brand or a retailer, you must know about beacons and geofencing and ensure your marketing team includes it in their digital strategy otherwise you may be missing out over your competitors.
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We've seen the media hype about beacons. We've read about proof of concepts and how they are the latest and sexiest devices to hit the Internet of Things. Beacons are here to stay. Now's the time to get serious in your business about the impact of these devices. This year alone beacons are set to influence over 4 billion US dollars of retail sales, and that number is set to grow tenfold by next year.
Farid Mheir's insight:
Outstanding 20 minutes video that explains what beacons are and how to use them, in layman's terms.
WHY THIS IS IMPORTANT We all carry mobile devices in our pockets so we are all targets for beacons and geofencing by retailers and brands. We were just getting used to being tracked everywhere we go online, and now we have become targets in the physical world as well. It is essential that we all know what level of tracking we are subjected to. On the other hand if you are a brand or a retailer, you must know about beacons and geofencing and ensure your marketing team includes it in their digital strategy otherwise you may be missing out over your competitors.
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Beacon marketing has been a major focus for marketers for several years, but they've had surprisingly little traction in the real world. Find out why.
Farid Mheir's insight:
Beacons promised to revolutionize marketing in stores. They were supposed to be everywhere by 2016 when they launched in 2014. Today they are nowhere to be found. This article identifies reasons for this, which are related to the immaturity of the technology and lack of operational support.
The post contains a number of very useful links.
Interested in a review of the potential for beacons? Then you should also read this post: http://www.huffingtonpost.com/shane-paul-neil/is-ibeacon-marketing-fina_b_10508218.html
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Among the study’s findings: • 65% of shoppers have used some sort of mobile device to support them while shopping in-store and 45% have used a device in-store that has led them to make an immediate purchase • 63% of consumers who have previously received location based notifications are very or somewhat likely to continue receiving them • 62% of shoppers who own smartphones find receiving rewards relevant to location to be appealing, while 47% want to receive product information relevant to location and 35% want mobile payment options • 20% of consumers have uninstalled or opted out of push notifications from a retailer’s app due to lack of relevance
Farid Mheir's insight:
A recent survey and study confirms that shoppers want to receive notifications on their mobile phones when they are in store.
related article: http://www.the-cma.org/resource/leadership/enhance-customer-experience study: https://www.the-cma.org/Media/Default/Core/Library/Publications/Using_Digital_Solutions.pdf
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From
mashable
In 5 years, we'll be using a lot more mobile data than we do now.
Farid Mheir's insight:
Just one example of the huge rise in mobile phones. Given recent State of the Internet report that indicates Internet growth is slowing down, and that mobile phone sales have levelled off as well, this chart reminds us all that people are starting to use their phones in many different context. So even if growth stalls, the usage and data consumption will continue to grow for a while.
WHY THIS IS IMPORTANT If you propose interesting uses for mobile phones, your clients and employees will use them. And they expect to use more and more in the future. So waht have you planned in your digital strategy to leverage, extend, grow the usage of mobile phones for clients and employees?
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With users concentrating more of their time in fewer apps, companies are looking for new ways to connect with customers on mobile. Messaging platforms an
Farid Mheir's insight:
Mobile is the future for most interactions with your customers. However it is more and more difficult to get your apps downloaded and used on a daily basis when you have to compete with Facebook, Google, Snapchat and the myriad of other high performance social tools out there.
The solution may lie in the use of "chatbots", automated software that can respond to user inquiries via sms or messaging apps. This means you could have a customer service or ecommerce "bot" that responds automatically to customers inquiries they make using apps they have already on their phones and that they are using on a daily basis.
The video is quite short and provides examples of working products and solutions. I encourage you to listen and take note, then ask yourself how you can put this new technology to use in your digital strategy for the next few years.
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From
a16z
In this update of his past presentations on Mobile Eating the World — delivered most recently at The Guardian’s Changing Media Summit — a16z’s Benedict Evans takes us through how technology is universal through mobile. How mobile is not a subset of the internet anymore. And how mobile (and accompanying trends of cloud and AI) is also driving new productivity tools.
In fact, mobile — which encompasses everything from drones to cars — is everything.
Farid Mheir's insight:
If anyone still doubts mobile is a revolution and is everywhere then this 76 slide presentation should convince you. For others like me, this is chock full of amazing insight and data. Make every manager and executive you know read this.
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Understandably it is the retail sector that has been pressing ahead with the technology, the ability to reach and inform consumers at the most opportune moment clearly a powerful marketing tool. However, to dismiss beacon technology as simply a new way to target customer would be to miss the point.
Farid Mheir's insight:
I would have expected to see more iBeacons deployed in the field by now, given the hype they generated when first appeared in 2013. Is it because they don't work well or because there is not use case for them. This white paper provides answers to the latter part of the equation, as it explores uses of iBeacons in various industries.
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The technology industry is a solar system: the smartphone is the Sun and
Farid Mheir's insight:
Every new technology revolves around the mobile phone these days. It becomes even more clear these days: all the stories about refugees seeing their smartphone as essential, at the same level as food and shelter. WHY THIS IS IMPORTANT Mobile phones are everywhere. Think about them first for every new project or solution.
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We’ve shared a lot of data about whether and why ‘this time is different’. But beyond that, why is the tech market opportunity larger than any time in history …
Farid Mheir's insight:
Great data to support the rise of mobile and the need to support mobile devices. WHY THIS IS IMPORTANT Businesses must not only transform to become digital they must also consider mobile devices and services first to match what their customers are doing (and where they are living they digital lives).
Fred Hagerman's curator insight,
June 30, 2015 8:09 AM
Great slides from Andreessen Horowitz on Mobile's impact.
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2015 MObiLe PRediCTiONs: feW fiRMs WiLL eMbRaCe The MObiLe MiNd shifT Mobile reached a tipping point in 2014 as it solidified its position as one of the most disruptive technologies for businesses in decades. Not since the advent of the Internet has a technology forced businesses to completely rethink how they win, serve, and retain customers. Forrester believes that in the future, the new competitive battleground will be the mobile moment. Why? Consumers expect to engage with brands to get any information or service they desire, immediately and in context. Today, 18% of US online consumers have this expectation, while 30% are in the midst of a transition to this mind shift.1 This revolution is taking place quickly around the world: Forrester forecasts that 42% of the total population globally will own a smartphone by the end of 2015.2 Forrester also believes that in 2015, the gap will increase between marketing leaders who re-engineer their businesses to deliver valuable mobile moments and the majority of marketing executives, who will continue to take a myopic approach by considering mobile as just another digital channel. Leaders Will Re-engineer businesses To deliver Mobile Moments Next year, we expect smart marketers to shift their focus away from mobile apps and instead re-focus their sights on first-party data; privacy; analytics; brand experiences; and the broader digital business transformation underway and the role mobile will play in it. Mobile-shifted marketers will strive to build valuable mobile moments that extend beyond mobile phones, apps, and websites and will depend heavily on massively responsive data services and systems of engagement internally.
Farid Mheir's insight:
I don't like predictions but this article is a bit different as it lays down "actions for marketers" - and they also apply to other groups in organizations, especially IT and CIO. WHY THIS IS IMPORTANT Mobile cannot be an afterthought and still requires a lot of care to execute properly. Forrester also raises some very interesting examples such as: "Mobile-enabled business models will disrupt the value chains of entire industries. AliveCor’s $199 heart monitor, plus a mobile phone, offers a $4.99 alternative to the $200 to $300 price tag of a traditional cardiogram, in addition to extending the service to those consumers without access to medical facilities."
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Curated by Farid Mheir
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WHY THIS IS IMPORTANT
I remember a time in the late 90s early 2000s when cutting cost meant outsourcing to India. Today, it seems the trend is moving to digital. This stat from BofA is quite clear: digital saves costs.