Recession-proofing your company and how to cater to the digital nomad consumer. That and more on today’s episode.
Want to know what’s next? Listen to the show where our experts from around the globe unpack your biggest challenges. This week, WGSN’s CEO Carla Buzasi takes us through technology being crucial for retailers to stand the test of time and how sustainability needs to be implemented into every fibre of your business strategy.
Watch the full episode below or read on for highlights of this episode:
Q: Do you have any recession-proof tips for retailers who are looking to open a store in 2023?
"Experiential partnerships are emerging as a really great way of making stores more dynamic at the moment. Technology should be seamless and it should really improve efficiency with a blend of virtual and in-person clienteling that really elevates the service level. And most importantly, the relationship between bricks and mortar and online offerings must be symbiotic with unified digital channels and a loyalty scheme that really understands the changing needs and preferences of customers in a challenging economic environment."
- Laura Saunter, WGSN's Senior Retail Strategist
Q: How will the rise of digital nomads affect retail and hospitality services over the next few years?
"It's estimated that by 2030, there will be 1bn nomads globally. So there's a huge white space opportunity for brands to cater to this growing cohort. Housing is where we're seeing the biggest shift, with a lot of brands moving to housing as a service model. So housing that offers a real turnkey approach with things like rented furniture, WiFi, co-working spaces all built into the offering."
- Allyson Rees, WGSN's Senior Strategist for Lifestyle
Q: What other metrics beyond sustainability should brands be looking out for?
"So one important metric that we see rising in consumer awareness is actually the social impact of brands. Do you consider ethical labour or fair trade resource sourcing all the way into your supply chain or even inclusivity in your own marketing initiatives? It's no longer enough to just communicate that you're an ethical brand. You need to really reflect that in the core of your business practises."
- Wendy Wong, WGSN's Trend Researcher & Brand Specialist in Hong Kong