DMWF London gets a glimpse into the future

DMWF London

A large part of every marketer’s job these days is keeping an eye on how technology is evolving.

Technology continues to change the way that consumers interact with brands and purchase products. The pace of technological change seems to be picking up fresh pace every day, like a stone rolling down a hill.

So what better way to start the second day of DMWF London by breaking out the crystal ball and trying to predict some of the crazy things we are likely to see in the coming years.

Simon Jacobs, head of strategy and innovation at Camelot gave us insight into the latest technologies that are likely to revolutionise consumer behaviour in the near future.

Among the trends he highlighted were:

Changing consumer habits

The way that consumers are engaging with retail brands is undergoing seismic changes. People are less ‘big’ regular shops and doing more frequent but smaller ‘top up’ shopping trips.

There also seems to be less loyalty to big brands, with people willing to trust smaller, specialist brands for specific products.

Simon gave 2 examples of how technology is changing consumer habits in ways that are potentially damaging to retail brands:

– self checkouts in supermarkets have significantly diminished point of sale purchases in in those shops,  with no call to action and little interaction

-Home delivery  is becoming increasingly widespread but people only seem to be buying necessities (often leaving speciality purchases to smaller eCommerce retailers) and often buy the exact same set of products each time

New tech and not being on the cutting edge

With the focus on innovation, it ca often seem like companies need to pour resources into developing new and innovative products.

For many companies, however, the benefits will come from hanging back and not being on the cutting edge. By waiting for the innovators to either succeed and fail, smaller companies can effectively piggy back off the wave of innovation without having to take on too much risk themselves.

In this way, partnerships are going to be an important way for brands to introduce innovation into their operations.

Some examples of this kind of thinking are:

-chatbots allow  for smaller firms to provide excellent, data-driven marketing and customer service with less staff

-typeform sign up forms that resemble conversations have the potential to signifcantly reduce the bounce rates of lengthy sign up processes

-AR allows companies to continue collecting data and continue to drive engagement once a product in sold (by including games and activities on the packaging for example)

-Facebook Live allows for targeted and interactive live events

Simon said:

“Innovation is all about knowing when to strike”

“I want it now” lifestyle

Spontaneous purchases are an important part of the consumer mindset and something brands need to orientate themselves to.

In an era where instant gratification is king, brands need to try and eliminate as many of the barriers to purchasing for consumers.

Whether this is harnessing the power of social payment platforms like Monzo, or machine learning to better target deeper and deeper segments of your audience.

Written by: Colm

Leave a Reply

Your email address will not be published. Required fields are marked *