BRIDAL REGISTRY Product & Business Case - Image and...

BRIDAL REGISTRYProduct & Business Case

Yana Soyfer, August 2016

Multiple registries and multiple stores create a mixed experience

A lot of noise and generic experience in the selection process

Brides have a difficult time seeing how things come together by choosing individual items from multiple stores

Today’s Customer Journey is Painful

Customer interviews, June 2016

Product & Business Case: Bridal Registry

Multi-Item Baskets

Higher Conversion

Supplier Leverage

Customer Multiplier

Near-Zero CAC

Loyalty to Nurture

Purely organic traffic, promoted by bride and groom themselves vs. paid spend

Single registry creates opportunity to expand ‘one-

and-done’ buying across guests for high-price point category

Registry

Predefined registry shortens funnel and increases buyer confidence

(top registries had over 50% conversion rate!1)

Leveraged opportunity to convert every wedding guest into a lifetime customer

Increased volume on even slower moving items can

increase margin expansion

1. Source: http://www.xoedge.com/xogroupinc/pdfs/2013%20Registry%20Study_FINAL_sales.pdf

71% of brides believe their registry experience has made them a more loyal customer1

$5,160Average Registry

Value

Market Positioning Statement

“For millennial brides and their wedding guests who want a highly personalized wedding registry with customizable features, The Wayfair Bridal Registry provides the ability to aggregate a particular aesthetic from different brands and allow guests to chip in for items as a group

with one of the world's largest online selections of furniture, home furnishings, décor and goods, including more than seven million

products from over 7,000 suppliers.”

2.3 Million

Couples Get Married Every

Year

91% Register For

Gifts

The Markethttp://www.xoedge.com/xogroupinc/pdfs/2013%20Registry%20Study_FINAL_sales.pdf

HUGE & CONSTANTLY REPLENISHING

$10.8 Billion

Addressable Market

Registry Industry LandscapeBrick & Mortar + Online Universal Registry E-commerce (Pure Play)

Market Leaders New Entrants

And There Are Really Two Customers…

BRIDE GUESTS

Target Customer I: Bride

MillennialAverage age 28 years old.

College GraduateTech Savvy

Uses laptop, smartphone, tablet to make purchasing decisions.

Career OrientedFull-time employed.

Geographically DispersedAcross the United States.

Above Average HHIMedian HHI around $71K

Educated and informed.

Customer interviews, June 2016 | The Knot 2013 Bridal Registry Study, XO Group Inc.

Attributes

We’ve Done The First Bride Interviews…

Customer Name: Catherine Stella Chuter

Date of Interview: June 21, 2016

Interview Goals

Understand if engaged couples want a standalone Wayfair website to get their wedding guests to purchase high ticket home items through a customizable interface and flexible features.

Introduction (Icebreaker/Logistics)

Thank you for meeting with me today! I am Yana, a Product Manager for Wayfair. We will be together for just about 15 minutes today and during that time, we will be talking about your experience with Wayfair and wedding registries and anything else you’d like to talk about. There are no right or wrong answers, this is not a test of you. I’m purely looking to hear your feelings and thoughts about the experience you’ve had so far with wedding registries and if you’d be interested in a Wayfair registry.

Background Info (Gather persona characteristic information)

Can you tell me a little bit about yourself? How old are you? What do you do for a living? Where do you live? Do you have pets? Do you have kids? Where do you like to shop for home goods? What ways do you like to use e-commerce to make decisions which home furnishings? Do you buy on your laptop, smartphone, tablet?

• 28 years old, from SF, comes from a big family • product marketing in information technology • very organized, type A but also creative • food52 – difficult to find items, edgier more vintage • bedding – pottery barn • William Sonoma and crate and barrel • Local hardware store • Pinterest use a lot for creative ideas – aggregate and collect and keep record and

companies that she likes around particular themes • Schematic organized approached • When shipping is free – it’s nice to use e-commerce and see how they fit into your

lifestyle and no barrier to entry when you have to return items

Question 1:

Tell me about your experience using a wedding registry as you were planning for your wedding. How was the experience of using it? Have you had good experiences or bad ones? [Get stories from them]

• Uses zola.com – particularly someone who likes pinterest likes to see collections of items that are all together

• Multiple registries and multiple stores creates a mixed and not a great experience • For the bride it’s hard to see how things come together – whereas if you have a collection which

shows how everything comes together • Other sites seem broken and not the best experience • Loves the store credit option in zola.com • Another benefit is that items can be shipped at a later date – if you travel for work or if you go

on a long honeymoon – it’s nice to have optionality of when the item will ship – you can have all

Catherine C. Devon F. Kelly S. Lindsay F. Susie C.

Customer Name: Devon Fisher


Interview Goals






• The home decorator and she’s obsessed, it’s something that she likes doing and satisfies her need to furniture shop

• Going to renovate soon after the wedding • Stores she likes restoration hardware, favorite store of all time ABC home and west

elms and crate and barrel • Loves wayfair • New York, from Hawaii, 29, self employed • No kids • Big into pinterest for design inspiration, comparing prices, discovery a lot before

making a final purchase • Sign up for all newsletters and she clicks on new things that companies are launching

on new items • Into the brick and mortar store for displays and then goes online to make purchases • Laptop to make purchases

Question 1:


• First got engaged and decided to do charities in Nepal to honor the Sherpa people after the earthquake

• Another cause they were going to donate to fighting child brides

Customer Name: Kelly Schaefer


Interview Goals






• 30 years old, peter is 29, live in back bay • work full time • divide the tasks pretty evenly • don’t like wedding planning • neither have nice stuff independently bc moving a lot • they haven’t fully combined households even when they’re living together • have an overabundance of home items, • getting stuff from crate and barrel that’s a little bit nicer • home supplies is through amazon • pick out stuff in person for home stuff – they don’t have deadlines for home furnishings • laptop is top priority and sometimes smartphone – browse on the phone but buy on the

laptop

Question 1:


• mostly fun • crate and barrel – because it’s easy and have different price points, add and remove items • they won’t hold things that they buy – don’t want to ship it right away to the house, rather want

to pick up some items in bulk

Customer Name: Lindsay Forsthuber


Interview Goals






• 30 years old, married 3 years • north Carolina with husband, completing her residency in orthopedic surgery • a lot of moving together, moved into a small house after sharing their own places • been in a house for about a year • moved 5 different locations in the last 6 years • Vermont marriage, didn’t do a lot of registry stuff • Did a honeyfund – for people to contribute to their honeymoon • They had combined their furniture • Don’t really buy home goods, they have hand me downs • Home goods – low cost, not the best quality but make things look nice • Ikea for big home furnishings • Pottery barn furnishings • Overstock.com – good deals • Low budget • She’s more particular about style, husband focused on functionality and cost • She’ll pick something out and run it by him, and he makes decision on the cost, but if

she really likes it, she’ll make an executive • Decorative stuff she likes going into a store, to see what it looks like and what the

quality is • Picture frames or bar stools - shop online • For big purchases go into store • Like to use a big laptop on a big keyboard

Question 1:

Customer Name: Susie Castillo

Date of Interview: July 19, 2016

Interview Goals






• 32, event marketing, walk to work, live in Boston • originally from Canada • quite addicted to class pass and enjoy running, two half marathons • buying from bed bath and beyond, jordan’s, crate and barrel • struggled to buy stuff online because they wanted to see things in person, they want to

be able to touch the furniture, as opposed to a couch, where we will feel it out • like to make decisions together as a couple, they look at stuff in stores and then go

online to compare prices • for the most part, they will not use online, they will then go back to the store and buy

Question 1:


• nice to be able to shop without spending • they would go to a store, make an appointment, then go to the store for showings • once you pick everything that you want, then they create the account and you have access to it • bed bath and beyond registered because there is one in Canada – because of the currency

exchange • on the wedding invitation at the bottom – invitation only – give a card with money

… And There is An Emerging Persona

(Actual Customer Interviews & Template Used – Click Each Document For More)

Bride Persona: ‘Adventurous Alex’Goals

• To have a seamless experience navigating through the site and on a smartphone

• Personalized site that speaks to the bride and groom and captures their style and aesthetic

• Flexibility to choose on which dates gifts are delivered to the home• Optionality for guests to contribute to individual items or to group

gift• Create mood boards of items to see how all gifts come together to

create consistent home decor

Adventurous Creative Informed

Frustrations

• Multiple registries and multiple stores create a mixed experience• Hard to see how all items at multiple registries come together in a home to

create a particular look• Guests tend to avoid sending gifts through registries that they know are

cash-based transactions, instead opting to purchase items that they know are actual gifts

• No recommendations at the bottom of the product that shows what other items might look good together

• Want a universal registry that allows you to scan an item at any store

Customer interviews, June 2016

Target Customer II: Guests

By providing a seamless and positive multi-devicecustomer experience, wedding guests will becomerepeat customers and in turn create their ownwedding registries through Wayfair.

GUESTS

Great Product Makes Both Customers Happy

MarketingCategory Management

Sales & FinanceCustomer Service

Bride(Customer I)

Product Guests(Customer II)

Engineering Creative & UXMerchandisingAnalytics & Data Science

Product Manager

Guided discovery – a registry that resonates

with “me”

Not entering a webpage, but entering

a relationship with “me” and “my guests”

Idea: Invert Product SelectionA first touchpoint that delights; rather than digging through a zillion products, deliver a curated experience that allows products to find the bride

Let your guests in on the fun. Shorten path to

purchase & show items only in their price range

Create your personalized registry with your own photos, custom URL, and notes to guests

See which full schematic room designs speak to

your personality through Pinterest photos

NOW NEXT LATER

Pre Registration Questionnaire Registry Cash Fund Social Visibility Gifting

Suggestions Based on Pinterest Photos Completion Discount Item Suggestions based on

Price and Item Affinity

Product Info Continuous Page Scrolling VR Concierge

Registry Checklist Video Chat

Customer Reviews & Testimonials

Automated Emails for Abandoned Carts

Online Chat

Product RoadmapTHEMES

Bridal Product DiscoveryShorten Registry Conversion FunnelCustomer Experience

Key Stages & Metrics to Monitor

Bridal Discovery Bridal Conversion Guest Discovery Guest Conversion

Bridal Traffic(# Unique Visitors - Attributed)

Bridal Bounce Rate1 - (# Sessions / # Unique Visitors)

Bridal Lead Gen Rate (# Sign Ups / # Unique Visitors)

Registry Conversion Rate (# Registries / # Unique Visitors)

Cost Per Registry (CPR)($ Spend / # Registries – Attributed)

Guest Multiplier (Estimate # of Guests)

Items Per Registry (# of Items Registered)

Registry Value Distribution (Distribution of Item Prices)

Listing Rate(# of Registries Used /

# of Total Registries Created)

Guest Checkout Rate(# Guests Orders / # Add to Carts)

Guest Conversion Rate(# Guests Orders /

# of Guest Unique Visitors)

BRIDE GUEST

Guest Average Order Value(Sum of Order $ / # of Orders)

Guest AOV Distribution(Distribution of Guest Baskets)

Guest Repeat Rate(# Repeat Orders / Unique Guest)

GuestMultiplier

2

3

6

7

1 Wayfair interest to explore wedding site creation (e.g. Zola), experience (e.g. Honeyfund), or universal registry (e.g. Amazon)?

Win-Category vs. Win Market Share

Repurpose the Registry Fund concept to stretch baskets towards higher price point items while staying within affordability thresholds (i.e. crowdtilting)?

The ‘Low Price Point Problem’

It all begins with the bride, it might be worthwhile to delight with one-on-one meetings with a designer (e.g. Havenly) to make sure brides make the most of the registry

Design Concierge (in VR)

Other Areas To Explore

Is it possible to use machine learning to suggest items that not only are pleasing to the bride, but to the guests? Learning from price point distributions and item affinities

Machine Learning for Registry Items

5 How can we make it frictionless for the bride to list her Wayfair site in a way that stands out? Can this be an edge vs. competition? Can we offer paybacks based on total converted registry value?

Listing for Success: Tools & Payback

What if we made gifting amounts visible? Especially for “crowdtilting” type gifts where users can collaborate to buy a gift for the bride and groom

Social Visibility of Gifting

What I Bring As a Product Manager

email: phone number: twitter: linkedin:[email protected] +1.617.755.3388 twitter.com/ysoyfer linkedin.com/in/yanasoyfer

Product Passion Stood up e-commerce business from idea, to code, to ship

Analytical & Curious Use data to identify customer needs and find opportunities

Customer Empathy Agile process of continuous customer interviews & feedback

Solution-Oriented Collaborate through positive influence to get job done

Diplomatic & Diverse Multi-cultural and multi-organizational background

Master Generalist Effective communicator with cross-functional teams

Work Ethic Professional tennis player & D1 full scholarship athlete

Yana Soyfer, August 2016

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