Deven Moodley | Retail Partnerships Executive | RCS | mail me |
The future is bright for those who respond the fastest to shifting consumer expectations. We hosted the third annual RCS Retail Summit that took place in Cape Town and Johannesburg towards the end of 2019.
The event showcased the latest trends shaping consumer behaviour to retail partners attending, with a strong South African focus this year.
The keynote address was delivered by leading trend analyst and founder of Flux Trends, Dion Chang, who spoke about his recent work – subtitled Consciously Diverse – which tracked the moulding of locally-influenced, yet globally-connected, ‘urban tribes’ motivated by social purpose and experience.
The rapid shift in consumer trends
South African companies who understand and respond to the rapid shift in consumer trends will quickly gain an advantage over competitors.
Despite the emphasis on technical innovation at the summit, using technology does not guarantee you a competitive advantage.
Companies that respond to the acute, consistent feedback loop created by the changing expectations of customers and stakeholders using technology, however, will be in a position to differentiate themselves from other players.
Responsible business key to connecting with next generation of consumers
Chang identified a number of broad ‘tribes’ that are warping our world, the most significant of which are the youth: Generation Z (9 – 18 years) and Generation Alpha (aged 0 – 8).
According to Chang these groups are ‘disruptors in human form’, adept at challenging the way the world operates. He said that their naturally high social justice barometer is spawning activism against everything from gender inequality and political injustice to climate change inaction.
Responsible businesses – who use technology to support causes that resonate with Generation Z, give back to the community, are environmentally responsible or are taking a stand on important social issues – will be well received by this generation of people.
Despite the rise of the machines, consumers are still seeking experiences
According to Nicolas Diacono, Echangeur Technological Trends Expert, Artificial Intelligence (AI) continues to dominate tech investment and innovation globally, with investment expected to reach $150 billion in 2030 by the Chinese government alone.
In the face of this trend, bricks and mortar stores will come under increased pressure – as machines empower consumers to take control of their online shopping experience – unless retailers find innovative ways to merge on-line and off-line, and create customer loyalty by understanding how they engage with their brands.
Employees, not technology, will be your company’s most important resource
Closer to home, Warren Owen, Managing Director of 2Way Systems explored the ‘Future of Workforce Mobility’. Owen’s presentation clarified the need to automate for the workforce, rather than automate the workforce.
Arguing that employees are a vital part of the feedback loop that leads to improved marketing – a process key to establishing a competitive advantage over contenders, he says companies should seek to use technology in ways that improve mobility and connectedness while improving employee productivity.
By showcasing the latest technology and customer trends in retail, we aim to enable our clients to evolve and reach their business goals.
We believe that collaboration with our clients is more than just a technical solution or product and these knowledge-sharing events are just one example of how we help our retail partners remain relevant, competitive and profitable in a constantly changing world.
