By Anchal Jain
Photo by Jessica May Rita Kohut.
1. OMNI BRAND, NOT OMNI CHANNEL IS THE NEW MANTRA. It is no longer just about delivering integrated communication and channels, instead a brand proposition itself is a 360 consumer experience! “What am I selling?” is a question you want to ask yourself. Take coffee for example, Am I in the business of running a cafe, selling coffee beans, roasting, brewing? Who should be brewing the coffee? Who is the new Barista? What can happen over a cup of coffee now? Is coffee a digital product? Is it a product or a service? Yes, it is time for re-inventing brand models, business models, revenue models. So our biggest take away? There is an opportunity to rethink almost every product or service category in the lifestyle industry.
2. HOME IS THE NEW HOME OF OPPORTUNITIES. We expect winner brands to tune in sharply into what the consumers today are saying or doing today while at home. A lot of that new behaviour will stick. Turn the funnel of your marketing department backwards into listening to the consumers today rather than talking to them! Much more on this in our next post focused on the “New Home”
3. FAST FASHION IS IN THE SLOW LANE NOW! No, not to save the planet, but because those complex global supply chains churning out cheap, quick products will be too expensive and risky to run. And, of course, fashion is going home! Comfortable, work-lounge wear will be a big gainer! “In and out” wear, new definitions of leisure and occasion wear clothing and accessories will emerge. In general, total need or greed for fashion will fall and instead become more thoughtful. What place will jewellery hold in today’s world? Watches? So, put on your gloves, also your mask and step out to look at the new streetwear!
4. TRAVEL WILL CONTINUE, PARTICULARLY FOR LEISURE, BUT WHAT WILL THE NEW TOURIST LOOK FOR? Will a traveller to France look for a stroll on the Champs Elysees or a stay in Ardeche? Travel safety will have assume additional dimensions
5. HOLISTIC WELLBEING IDEAS, PRODUCTS AND SERVICES INCLUDING CREATIVE CATALYSTS WILL BOOM as individual aspirations take centre stage. New ideas of beauty and personal products including DIY will take root. We expect textiles development to include affordable applications of anti-bacterial finishes.
6. INDIA AND HER CRAFT MAKERS WILL SEEK NEW TECHNOLOGY TOOLS to bring better, cheaper, more aspirational products, faster to the market for better returns. New microfinance opportunities to support the artisans will emerge
7. PERSONAL HEALTH SECTOR WILL GET A BOOSTER SHOT. Technology based health monitoring and delivery products at home will be in demand. E-consulting with doctors will increase. Preventive health care products will see a rise in demand.
8. And the most obvious one! SMART TECHNOLOGY, DIGITAL, REMOTE OPERATION STACKS, IMMERSIVE DIGITAL STORE EXPERIENCES, BLOCKCHAIN, AI/AR ETC..
Disclaimer: The views expressed in this article are Val-More’s views only. Anchal is neither an economist nor an astrologer. However, besides having an ability to connect future dots, he is an eternal optimist always looking at the positives in human behavior in any difficult moment to come out stronger. Special mention of Manoj Kumar and Geetanjali Rastogi from the Val-More partner team for their contribution and challenges.
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