While the COVID-19 pandemic has driven many shifts given its long-standing impact on consumers and markets, an unstable global geopolitical environment continues to challenge both global and regional business environments. With rising inflation and looming recession, businesses are already feeling the impact of many factors. However, supply chain disruption and inflation are only evident outcomes of underlying systemic changes. This article will bring into perspective the need to have contextual frameworking and highlight the focus on innovation as a strategic priority.
The role of the store has been challenged by consumers in both the physical and digital space, becoming destinations for discovery, inspiration, and experiences. Convenience, premiumisation and experience more are central to purchasing decisions for Generation Z and Millennials, with their willingness to browse in stores without immediate purchases and focus on spending that aligns with their values and needs most.
To stay ahead of changing consumer priorities and values, companies must embrace megatrend analysis. To do this effectively, it is important to recognise the full picture, starting with having a clear understanding of the underlying forces (the drivers) which form the backdrop to consumer behaviour.
The metaverse has taken 2022 by storm. This futuristic world is the latest buzzword in business. But is it living up to the hype?
Beauty and personal care packaging remains resilient globally, driven by Asia. But as lifestyles evolve, packaging innovation will need to address changing consumer values, with wellness and sustainability key priorities.
Stores need a reset. Tech advancements challenged the traditional wholesale model. E-commerce exploded. Consumers wanted their orders faster, and companies responded with quicker delivery. What does this mean for physical retail? A brick-and-mortar makeover.