21 hours ago | By WGSN Insider
Big data meets consumer insights, Experience WGSN.
Dec 14, 2020
By WGSN Insider
The coronavirus pandemic has meant staying informed has never been more critical and this has extended to all areas of our lives. This demand for clear and reliable information has put a premium on truth. Individuals are not only looking to the media for essential information, guidance and comfort, but also to the brands they choose to spend with.
The need for accurate and trustworthy data has driven many brands to implement open-sourced caring strategies. By working collaboratively across industries, valuable product design innovations, technological developments and research can be shared to benefit all parties. This commitment to prioritising safety to benefit the collective good will comfort consumers.
An example of this kind of collaboration comes from Dimensional Innovations, a US-based brand experience company. It quickly adopted this strategy to launch a single-material health shield that could be manufactured quickly and cheaply. Rather than profit from sales of the shields, it open-sourced the design and uploaded it to Facebook for other manufacturers to use. By making its design and research publicly available, it helped other businesses with much needed resources. The health shield was downloaded 3,500 times in the first weekend of its launch.
Open-source tools are also helping to bring businesses online in a time when physical retail is struggling more than ever. During the pandemic, grocery delivery platform Instacart collaborated with more than 25,000 grocers across North America to bring food shopping direct to homes. In return, the data collected from the wide spectrum of retailers, including Costco, Kroger and Aldi, has given the app valuable insights into customer buying behaviour.
These valuable learnings have resulted in the creation of a new consumer intelligence tool. The aim of the tool is to streamline the supply chains by providing real-time inventory data to its consumer packaged goods partners.
Open, honest conversations on supply chains, sustainability and CSR will be key to winning over cautious consumers. Brands should investigate their sustainability impact for everything from design to manufacturing and end-of-life, and communicate successes and areas for improvements with consumers.
Our global teams have had countless discussions around the many ‘new normals’ and while challenges differ across regions, one question naturally came up across all: what’s next? Find out on our latest white paper, The Value Shift.
Know what’s next. Become a WGSN member today to benefit from our daily trend intelligence, retail analytics, consumer insights and bespoke consultancy services.