A 2016 study by Harris Group found that 72% of millennials prefer to spend more money on experiences than on material things. Zac Kraemer, Channel Director, Retail & Shopper at VML, spoke about the new mindset-driven shopper who is discerning and has an always-on mentality.
Lyle Maltz and Arifa Sheikh, Directors at Kantar Vermeer, walked attendees through a revamp of luxury marketing. Based on research from Harvard Business Review, they identified sixty-six drivers that correlate to customer centricity, and offered a scorecard for consumer-centric growth by identifying the top ten that drive profitable growth.
1) Purpose-led (examples: Shinola; Stella McCartney)
2) Data-driven customization (example: Converse customized sneakers)
3) Touch-point consistency (Burberry cited)
4) Embraced by all (employees live and breathe brand at Chanel)
5) Leadership priority (Zara cited, senior leadership fully bought in on customer centricity)
6) Collaboration (All functions working together to foster consumer centricity. Centricity extends outward with suppliers and partners to embody customer centricity.)
7) Experimentation (Retailers can’t be afraid to fail; H&M cited)
8) Leading role of insights and analytics (many retailers struggle with this)
9) Unlocking the power of data (LinkedIn cited for using data for future forecasting)
10) Critical capabilities needed by insights teams and making sure they have the tools they need.
Todd Szahun, Head of Digital at Geometry Global, spoke about three cultural trends that all retailers should be paying attention to, because they alter how people shop both offline and online.
Lorenzo Vallone, SVP, Chief Technology Officer at Mirum, explored the evolution of the virtual and augmented reality industry and the opportunities that are emerging for retail and consumer brands.