Commerce is changing quickly. The way companies do business, the tools
and strategies they use, the technologies they implement and the way they
present themselves and interact with the customer is evolving – brands that
can’t keep up with these changes risk being left behind.
On Thursday, in the North of Amsterdam, at the Eye Museum overlooking
the Ij river, consultancy firm Trendwatching hosted an event in which they
highlighted urgent trends that represent the biggest opportunities in
coming years. Here are FashionUnited’s top takeaways from the event.
The disruption of payments
For centuries, banks and currencies have had a monopoly over how people
store and spend money. That’s changing, and in the coming years we will see
“the disruption of value itself,” said David Mattin, global head of trends
and insights.
French fashion magazine L’Officiel for example has launched its own
virtual currency and platform to reward readers for engaging with its
content and allowing them to spend virtual tokens on products in their
magazines. As money becomes less physical and more digital, other companies
and brands are experimenting more with these closed ecosystems of value –
they are becoming banks with their own currencies.
“It’s going to cause all kinds of new behaviours around currency around
value – around earning it, storing it, trading it – and it’s a huge
opportunity for brands to involve themselves in that story,” Mattin
said.
Brand/consumer connection: the rise of the brand avatar
In coming years we will see the rise of the brand avatar, like Lil
Miquela, Calvin Klein’s virtual influencer who, since launching on
Instagram in 2016, has racked up an eye-watering following of 1.6 million.
According to Mattin, this trend represents the democratisation of the
brand-consumer relationship, as it becomes more of a two-way dialogue
instead of the top-down one we were used to in the past. “In 2020,
consumers will embody themselves via new characters in diverse digital
channels,” he predicts.
Self expression and inclusivity
“In 2020, consumers will embrace services, tools and platforms that help
them become who they truly are,” Mattin said. Take Nike for example. In
June, the American sports giant, known for its messages of inclusivity,
released an empowering advert which highlighted barriers that stop girls
playing football. The video then follows a 10-year-old California soccer
player Makena Cooke playing alongside top women’s football players.
And the brand is backing up its messages with actions. In March it
reinforced its commitment to women’s football when it signed a three-year
deal to become official partner of UEFA Women’s Football and the match ball
supplier for UEFA Women’s competitions.
The championing of self expression will become more commonplace in
coming years, Mattin said. “Brands need to be thinking about people’s true
identity and how to help them inhabit and live that identity.”
Sustainability and ‘eco-shaming’
Whereas for the last decade the eco-story has been routed in status,
with brands catering to aspirational ‘eco-status’ consumer, now brands are
heading towards the trend of eco-shaming. “It’s no longer a status if you
opt in with these sustainable solutions; it’s actually a shame if you opt
out,” said Delia Dumitrescu, lead innovation architect at Trendwatching.
“We need an intervention. We need someone to lead by example. We are at a
cultural tipping point, where the pursuit of eco-status is giving way to
the desire to avoid eco-shaming,” she added.
Take Patagonia for example. The US outdoor apparel brand launched a
‘Don’t buy this jacket’ campaign, instead urging its customers to consider
the harmful effects of consumerism on the environment. Similarly, in
August UK charity Oxfam launched ‘Second Hand September’ a campaign urging
consumers to not buy any new clothes for 30 days.
These types of brands are almost “in therapy” with the consumer,
Dumitrescu said. They allow you to feel shame about consumer actions and
consumption, but they also “take your hand and help you alleviate that
shame.”
Photo credit: FashionUnited, Calvin Klein virtual
influencer
