Sequoia Scenario Planner, US Consumer Sentinment Shifts, Trucking Clout, New Consumer Behaviors, Beauty Brands Collaborate, APAC Gen Z Consumer Profile, Signaling as a Service, AR Uptick
Covering trends in commerce, media, and marketing daily.
The Matrix for COVID-19 - Sequoia
We know everyone is besieged and befuddled by the unknown. Shown above is a quick, simple way to think about a future that none of us can predict. It is a matrix that presents the various possible decisions that all of us face. We wanted to share it with the hope that it can help everyone shine a light through the fog.
The act of planning is more useful than the plan itself. After using this framework, you should update your strategy every few weeks. Circumstances are changing rapidly; adaptability will determine the winners.
McKinsey survey: US consumer sentiment during the coronavirus crisis
American consumers are still optimistic about the economy, but they’re already reporting changes in their income, spending, and behavior.
As governments and organizations continue to work toward containing COVID-19, caused by the novel coronavirus (SARS-CoV-2), and stem the growing humanitarian toll it is exacting, the economic effects—at the macro and sector levels, as well as on employment—are also beginning to be felt. Here, we will be tracking consumer sentiment to gauge how people’s expectations, incomes, spending, and behaviors change throughout the crisis. The interactive below is based on US survey data collected March 20-22, 2020. Please check back regularly for updates.
Yet even though vital, trucking companies have been hit hard by closures of ‘non-essential’ businesses and factories
Truck driver Gord Baird has had to significantly adjust his morning routine at Challenger Motor Freight Inc. ever since North America went into shutdown mode two weeks ago.
Rest stops on major highways have closed their sit-down restaurants, leaving open only their drive-thru options, which trucks are often much too large to use.Courtesy of Krystal Marlein via PostmediaThere are tiny silver linings, however.
Hope after the Coronavirus Pandemic: Are These 10 New Consumer Behaviors Here To Stay?
Due to the danger of the global spread of the Coronavirus, we’re all feeling under siege, trapped, and no longer free to do what we want…
In Working From Home (WFH), I’ve been observing and fascinated by these emerging consumer trends and behaviors, many of which are driven by three core basic human needs: the desire to connect with one another, be creatively productive, and have the means to support oneself or a family.
Mental Health/Video Therapy — The far-flung health and financial implications of a global pandemic will lead to a rise in anxiety, stress, and depression, further highlighting the need for real virtual solutions to treat many more patients more cost-effectively.
Beauty brands are using Slack groups and Zoom to collaborate during coronavirus – Glossy
Beauty founders and executives are coming together in ways they never have before, casting off competitive viewpoints in order to work together and keep their businesses afloat through coronavirus turmoil.
The beauty industry has transformed over the last decade to incorporate more founders and small business owners than ever before, and current grassroots efforts via collaboration represent another significant departure from historical procedures.
Now the channel has become a place for people to air and seek guidance on their brand’s biggest challenges, such as managing cash flow, slowing the burn rate, raising money and applying for small business loans.
Getting to know the APAC Gen Z consumer
According to management consultancy Bain & Company, Gen Z could make up 40 per cent of luxury purchases by 2035.
Gen Z, typically considered those born between the mid-1990s and the early 2000s, holds a decisive role in shaping the future of luxury and fashion.
In February, Wunderman Thompson Intelligence released a report that surveyed 4,500 respondents between 13 and 23 in nine Asian markets including China, Japan and Thailand, to uncover the behaviours and values that set Gen Z apart from their predecessors.
One of the best books I have read in the last few years is The Elephant in the Brain by Robin Hanson and Kevin Simler.
The book makes two main arguments:
a) Most of our everyday actions can be traced back to some form of signaling or status seeking
b) Our brains deliberately hi
There aren’t a lot of other benefits that justify the hefty €17/month price tag these banks charge for their premium tiers – clear evidence that the primary monetization driver is in fact signaling.
It was as if the panopticon inverted itself overnight, as if a giant spotlight turned on and suddenly all of us performing on Facebook for approval realized we were all in the same auditorium, on one large, connected infinite stage, singing karaoke to the same audience at the same time.
Marketing and Growth Lessons for Uncertain Times | CXL
Uncertainty. Anxiety. Risk. Crises are challenging times. "Marketing" may seem secondary. But nothing gets better if we stand still.
Because their brand challenged existing banking options, CMO Andrea Brimmer explains , they had to “fuel dissatisfaction” because post-recession customers would be “fat and happy again, not remembering what they missed.”
The company’s structure—relatively few employees to revenue ratio, large cash reserves, and relatively frugal spending (until our massive funding round at least) made us a great candidate for survival and growth in rough times.
Full Third-Party Cookie Blocking and More
This blog post covers several enhancements to Intelligent Tracking Prevention (ITP) in iOS and iPadOS 13.4 and Safari 13.1 on macOS to address our latest discoveries in the industry around tracking.
Note that this compatibility fix will go away in a future version of Safari so only go this route if it saves you time and allows for a graceful transition period.
We encourage all developers to regularly test their websites with Safari Technology Preview (STP) and our betas of iOS, iPadOS, and macOS.
Fashion and beauty brands are taking AR more seriously
With the backing of big tech, augmented reality is becoming table stakes for fashion and beauty brands.
An online shopper in California can better understand the size of a Rebecca Minkoff bag by visualising it on their kitchen table; someone in London using Gucci’s app might be convinced to buy an Ace sneaker after seeing how it will look on their feet; someone browsing Facebook in France can swipe through We Makeup products with a selfie filter.
CEO Rocco Basilico says that he sees AR as a way to enrich customers’ experience of the brand online and as a way to enhance influencer marketing by allowing creators to promote products in a more interactive way.
Mike Tyson dominated a boxing-tournament simulation, with the former champion bulldozing through Butterbean, George Foreman, and Muhammad Ali.
Rebecca Minkoff has some advice for e-commerce companies right now – TechCrunch
When Rebecca Minkoff first moved to New York City, the then-18-year-old was making $4.75 an hour. “I just kept working for this designer and someone was telling me what to do every day. I just didn’t like that. And I thought if I’m going to work as hard, it’s going to be for…
After a shout-out from Jay Leno, Minkoff spent the next eight months making T-shirts on the floor of her apartment and quit her job to start designing full time.
We caught up with Minkoff to learn more about how she grew her brand into a global fashion company with the help of her brother, her problem with the unicorn mentality and why she thinks the “invisible barrier” is the future of retail tech.
Fashion and luxury face $600 billion decline in sales
Analysts are cautiously optimistic on China’s recovery, but brands might not be ready to match demand with new stock.
The Hong Kong Tourism Board (HKTB) has said “zero visitors” will enter the city in the upcoming months, while inbound and outbound flight passengers dropped 68 per cent in February.
Bain suggests brands invests less on unnecessary expenditures like fashion shows during the crisis period and revise when products should be dropped, the number of SKUs and the way they are presented to customers.