IoT and the Retail Marketplace: Bringing IoT, Wearables, and Smart Devices to Retail - Jeff Baltz
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This document discusses bringing IoT, wearables, and smart devices to retail. It outlines Amp Consulting's expertise in consumer electronics. The presentation agenda includes defining IoT, discussing the retail landscape and structure, and how to work with retailers. IOT is defined differently for retail ("retail IoT") than other industries. Major retailers like Amazon and Walmart are discussed. Successful strategies include understanding the retailer's customer and tying products to larger initiatives. The key factors to a successful product launch include validating demand and getting early feedback.
IoT and the Retail Marketplace: Bringing IoT, Wearables, and Smart Devices to Retail - Jeff Baltz
- 1. IOT and the Retail Marketplace: Bringing IOT, Wearables, and Smart Devices to Retail Jeff Baltz Amp Consulting
- 2. • Introduction • IOT Definition – Real vs Retail • Retail Landscape • Retailer Structure & Process • Working with Retailers • IOT, Smart Devices, and Wearables • Conclusion / Case Study Agenda
- 4. AMP Team This team is Amp Consulting, and we have expertise in consumer electronics that has resulted in… • The #1 Bluetooth speaker and #2 portable charging line in the market. • The successful launch of myCharge and its growth from 0-$30mm in 3 years. • The growth of Sharper Image branded electronics from 0-$70MM in 1 year. • The growth of HMDX (consumer electronics line) to $50mm in 5 years. • Launch of the Vysk EP1- the first phone case with built-in privacy features - with a major retailer. • The cumulative creation and selling of consumer electronics in excess of $1 billion total sales. • Extensive relationships at every major U.S. retailer including Walmart, Target, Best Buy, Costco, Apple, Amazon, AT&T, Verizon, and others. • Twenty-year relationships with the top CE factories in China, resulting in the securing of favorable terms and exclusive technology partnerships.
- 5. • “Real” vs. “Retail” • IOT, Smart Devices, and Wearables IOT Defined
- 6. • Why Brick & Mortar Retail Matters Retail Landscape
- 9. • Why Brick & Mortar Retail Matters • Online Sales Increase with Offline Placement • Brand Awareness • Experiential Marketing Retail Landscape
- 10. • Why Brick & Mortar Retail Matters • Online Sales Increase with Offline Placement • Echo available at stores Retail Landscape
- 11. Channels: • CE • Mass • Club • Home Improvement • Wireless • Food & Drug • Department • TV Retail Landscape
- 12. • Structure – GMM, DMM, Buyer • Assistant Buyer, Planners Retailer Structure
- 13. • Structure – GMM, DMM, Buyer - Pyramid • Buying Process • Line Review • Help them sell it Retailer Structure
- 14. • Structure – GMM, DMM, Buyer - Pyramid • Buying Process • Buyers: • Empathy • Move categories, companies • Geographic • Demographic • Psychographic Retailer Structure
- 15. • Start at the “end” • Initial Buyer meeting with X retailer IOT and the Retail Marketplace: Bringing IOT, Wearables, and Smart devices to retail
- 16. • Start at the “end” • Initial Buyer meeting with X retailer • Know your customer – 5 w’s IOT and the Retail Marketplace: Bringing IOT, Wearables, and Smart devices to retail
- 17. • Start at the “end” • Initial Buyer meeting with X retailer • Know your customer – 5 w’s • Can your product be tied to a larger project, company initiative. • Target Innovation Lab IOT and the Retail Marketplace: Bringing IOT, Wearables, and Smart devices to retail
- 18. • Company Overview • Logistics/3PL • Financial • Key People Buyer Presentation / Meeting
- 19. • Company Overview • Market Analysis / Overview • Growth, sales figures • Competitive analysis Buyer Presentation / Meeting
- 20. • Company Overview • Market analysis / overview • Products / SKU’s: • Price – MAP, margin, options • Analytics – data from online • Explaining your product line – why would their customer buy it. Buyer Presentation / Meeting
- 21. • Company Overview – logistics/3PL • Market analysis / overview • Competitive analysis • Products / SKU’s: • Packaging / Marketing / Messaging Buyer Presentation / Meeting
- 22. • Company Overview – logistics/3PL • Market analysis / overview • Competitive analysis • Products / SKU’s: • Packaging / Marketing / Messaging All of these factors should be considered as you build your product line. Buyer Presentation / Meeting
- 23. • “Home” Products • “Fashion” • Aspirational Design Matters
- 24. • What has worked and hasn’t: • Sell the experience • Cramming features • Iteration is key • Trends • Adoption – buyers follow not lead Winning at Retail
- 25. • Belkin WeMo – sell what it does, not what it is. • Know your customer • Product validation, product market fit • Make a lot of mistakes early • Echo chamber – get input from variety of sources • Field of Dreams • “Pre” Sales – getting data from Crowdfunding, Amazon, Website Key Factors in Bringing Hardware to Market
- 27. • QVC • IOT Definition • Retailer Specifics – Customer, competition • Sell the Benefits • Know your customer Case Study / Conclusions