Consumer Trends: What’s Hot and What’s Not
How we shop, eat, and consume goods has changed forever since the pandemic. Our May 20 #FridayForum, co-hosted with PRSA Colorado, was moderated by Robin Raskin, a long-time journalist, author, publisher, award-winning technologist, and founder of Virtual Events Group. The panel featured Head of Custom Research at Coresight Research Mike Jordan; former technology journalist and successful entrepreneur Jim Louderback and Managing Director at ANW Networks Alicia V. Nieva-Woodgate.
The panelists took a deep look at how consumers and brands alike are leveraging new technologies to create the ultimate shopping and dining experiences. They discussed services like ghost kitchens and food delivery, along with frictionless/contactless shopping and payments. And talked about big-picture topics like the rise of the creator economy, how AI and AR are creating unique shopping experiences, and the rise of the Metaverse and beyond.
Top Ten 2022 Retail Themes
At CES this year, Coresight predicted these ten retail trends:
- Retailers Will Be Tackling Supply Chain Woes into 2023
- Race To Acquire Best-in-Class Supply Chain Technology for Vertical Integration Will Continue
- Livestreaming Will Develop as a New Channel for Distribution
- The Instant-Needs Market Will Change the Way Consumers Shop
- The Festivalization of Retail Will Drive Greater Sales and Engagement
- Sustainability Will Be a Must-Have, Not a Nice-To-Have
- Inclusive Product Offerings Will Become More Mainstream
- Retailers Will Monetize Their Data Through Retail Media
- Retailers Will Continue to Use Tech to Empower Associates and Create Frictionless Experiences
- The Metaverse Will Reimagine Retail in the Years to Come
Now almost at the year’s halfway point, Mike looked at each trend and gave an update – with most being right on point. He discussed how the supply chain and the war in Ukraine are having quite an effect on what we can shop for and how it will change the way we do so. The impact will continue indefinitely.
Alicia V. Nieva-Woodgate talked about how the adoption of contactless payments and unattended or self-serve retail has accelerated as a result of the pandemic. Vending machines took on a whole new look with everything from steaks to brown bag lunches. Robin revealed a surprising vending machine offering she in Italy. (Replay the forum to find out what it was).
Creator Economy Becomes Integral, Impact of Metaverse Impact on Retail
Jim expressed the importance of Tik Tok and YouTube and the role they will play – and are currently playing, and the important differences between them. In addition, Jim looked at the significance of all these platforms along with Instagram, et.al., and the power of influencers, as well as micro influencers. You can learn more about the creator economy in his “Inside the Creator Economy” email series published on LinkedIn every Monday.
Robin discussed the opportunity for experimentation, but how it should not be ignored by brands. She also talked about the utility of NFTs and how at a recent fashion show, Tommy Hilfiger and Estee Lauder demonstrated how these brands leverage NFTs. Robin also explored the cross pollination of NFTs and the Metaverse.
How can AI be leveraged? What should brands be doing to highlight their products? How will new technologies, like BeReal, keep changing the way we shop? What effect will the supply chain and inflation have on holiday shopping? Listen to this great discussion, and join us in July for Part 2, with a panel of journalists who will be discussing their predictions for retail trends the second half of this year, as we head into the holiday season.