Retail Chronicles - October Edition

CONTENTS

PERSONAL CARE INDUSTRY TRENDS

Personal care industry trend is a lucrative opportunity for brands as well as consumers the future of the market seems promising and brands would need to focus on innovation and digitization to drive growth

LATEST TRENDS IN TOURISM INDUSTRY

tour operators and tourists, both are equipped with latest technology It has empowered the tourism business managers and tourists to explore Tourism is an ever changing industry

KEY TRENDS IN MEDIA & ENTERTAINMENT INDUSTRY

The Indian Media & entertainment industry (M&E) is one of the sunrise sectors of the Indian economy. From time to time, it has proved its resilience and is on the verge of having a solid phase of growth driven by rising consumer demand and increasing ad expenses.

LATEST TRENDS IN CONSUMER ELECTRONICS INDUSTRY

Since there is an exponential increase in the shopping from online platforms another trend that can be seen is sustainability in e commerce, which focuses on meeting the current requirements of the consumer keeping in mind the future needs of the people

WRITERS

Aayush Ghildiyal | Harsh Gupta | Akshita Kulshreshtha | Raghav Khandelwal |

JUNIOR DESIGN TEAM

Vasu Gupta | Ishika Rastogi | Shreyas Singh |

SENIOR

DESIGN TEAM

Abhishek Jain | Hrishikant Mane | Mansi Vora | Ruttwick Bowlekar | Yash Bhojwani | Yuti Talati |

EDITOR

Aayush Ghildiyal

TRENDS

Aayush Ghildiyal - MBA RM

The personal care industry has encountered difficulties during the pandemic 85% of beauty product purchases were made in store before the pandemic Retail stores closed, customers shunned social events, and on premise sales decreased as the world went into lockdown. Despite this, the personal care industry has remained one of the most successful post pandemic companies, thanks to online sales

Premium beauty product stores have been shuttered throughout the Covid period Furthermore, the restrictions on physical movement and the lockdown have resulted in a swift and successful transition from offline to online platforms. Consumers have benefited greatly from the transition due to increased accessibility, convenience, and reduced pricing, which is projected to continue For companies to remain competitive and expand, they must be able to quickly capture new customer expectations and change habits, and respond effectively to the changing market.

Brand actions, such as Unilever's recent acquisition of direct to consumer (DTC) e commerce pioneer Paula's Choice, an internet skincare sensation, during the pandemic of DTC e commerce pioneer Paula's Choice, and L’Oréal’s continued investment in DTC technology to find new ways of engaging customers at home, demonstrate the strength of e commerce ,

The beauty sector would undoubtedly benefit from expanding consumer friendly e commerce, on demand brand websites, and promotional social media channels

Digitalizing customer approach channels may be used to acquire new customers and provide an excellent customer experience to existing ones. Here are a few of the top personal care trends:

During the epidemic, TikTok and Instagram were important promotional platforms for numerous cosmetic products ColorPop, Bobbi Brown, and Ole Henrikson use their online content channels to interact with their customers by providing "how to" make up lessons that increase brand awareness and loyalty. Instead of being able to view and test personal care items in person, digital beauty customers need appealing online content to keep their interest Product information should be current, and ratings and reviews should be included to aid product perception

• The rise of the digital shopper

Tracking the ROI on marketing spending is a difficult task when it comes to Traditional Marketing but the Digital med The trend of internet buying, which was already underway, was hastened by the fall in in store visitation in 2020/21 According to Euromonitor's 2020 annual beauty survey, "digital beauty" customers now account for 34% of all shoppers. This implies they shop for personal care goods online and are influenced more by social media material while making purchases.

• Measurable ROI

Consumers expect their items to arrive in perfect condition and in more environmentally friendly and easy e commerce ready packaging Leaking or cracked personal care packaging harms the consumer experience and can lead to product waste. Consumers expect their items to arrive in perfect condition and in more environmentally friendly and easy e commerce ready packaging Leaking or cracked personal care packaging

While initial concerns were that the pandemic would make customers less concerned about sustainability, the contrary is true. The epidemic, according to Euromonitor, ushered in a new understanding of "purpose over profit " Consumers expect firms to take a comprehensive approach to sustainability economically, ecologically, and socially and to help them in their efforts to better safeguard the environment.

Individuals have re evaluated how healthy their lifestyles are due to spending more time at home: 40% of customers seek items and brands that match their lifestyle while also providing health and wellness advantages

Consumers, on the other hand, are seeking factual claims They want greater openness as their schooling progresses. According to Nielsen's study, sales of natural personal care products declined by 1 2 percent in 2019

Indeed, according to Amcor's survey of over 4,000 European customers, 37% are committed to making a difference in more sustainable living Eighty three percent said they look for advice on how to dispose of packing on the package On the other hand, consumers are more perplexed than ever about what more environmentally friendly packaging looks like and how to interpret multiple sustainability labels, promises, and messages.

Consumers will likely value effectiveness, affordability, multi functionality, and science backed clinical positioning from 2021 onward, while brands and merchants will showcase star items Purpose driven, technologically savvy, clinically supported, price accessible, and friendly beauty companies are the most likely to prosper post COVID. In many areas, clean beauty will also become the new standard, owing to a general consumer movement toward safety and biocompatibility, regardless of product origin The current industry positioning of "clean beauty" is becoming more about transparency and security rather than the label of "clean" (as the concept is subjective and non standard) As a result, there will be a greater need for sustainability and ethical claims

LATEST TRENDS IN TOURISM INDUSTRY

:

After COVID 19, the one industry which is changing significantly is the tourism industry These changes are becoming the need of this VUCCA period The travelers appreciate the best experience while journeying, sanitary practices, food, easy availability, assistance, variety, and a lot more The demand for these changes is increasing after the pandemic. In this article, we will see the top tourism trends and highlight how leisure businesses can stay on top of their game and are rebuilding tourism for the future

The COVID 19 pandemic placed a focus on hygiene, safety, and local rather than international services, while also accelerating the use of contactless payments and remote working Meanwhile, environmental concerns have added to the local first approach of many customers, and have given rise to trends related to organic food and eco travel. the goals or motivations behind implementing travel technology include automating travel and related processes, saving time, reducing costs and creating a more seamless travel experience for consumers.

1. Bleisure Travel

The trend of bleisure travel is increasing. Bleisure means leisure with business The productivity of employees manifolds when a comfortable environment is there The employee can also extend their business trip to leisure activity. This trend is growing among the mobile workforce Most of the business trips also incorporate leisure elements, in the form of flights, hotels, food, etc There is also a growing trend among millennials known as the "digital nomad" phenomenon This is whereby online workers and freelancers adopt the lifestyle of traveling as they work

There are so many travel influencers and vloggers, who have achieved significant heights in this work The hotels and other tourist companies also invite them and even pays them, to promote their business

2. Personalization

Each person is different and their preferences are also different The travelers expect and appreciate the customization and personalization based on their past travel, behavior, personal preference, etc during their journey so that they can enjoy their tour without stress or unnecessary adjustment These personalization and flexibility offer increases the odds of a revisit of the client In order to provide these facilities, most luxurious hotels keep the past travel records of the client and also try to keep an eye on the client’s profile, social media, etc

4. Staycation

Staycation means staying local and enjoying the vacation This trend is becoming popular in Covid times. There have been so many restrictions imposed on International travel. So, many people try to stay in their hometown and explore local attractions and activities. This type of vacation allows travelers to enjoy their vacation while being safe Moreover, this also allows tourists to support the local market Small tour/activity businesses and accommodation providers can rest assured that there will be a constant stream of visitors in the years to come

3. Longer Trips

One significant change that COVID 19 has brought with itself is work from home and a hybrid work culture This culture has given an opportunity to employees to work at different places while traveling In the pre Covid times, travelers used to spend an average of 3.8 nights on a trip, which has been increased to 5 7 nights due to the time flexibility This trend is most likely to further boost in the upcoming future In order to, stay on top of this industry.

There was a time when a client had to call a hotel reception to book a room and had to rely on the servicemembers to avail of various services. They had to stand and wait in long queues to do bookings This was one of the many reasons for less number of travels However, the companies have well understood these concerns of the travelers That is why automation and self services are gaining light Some of the services are:

Mobile applications that provide on trip notifications and alerts

Self service check in Contactless mobile payments, e g , Apple Pay

Automated and flexible cancellation policies Mobile boarding

KEY TRENDS IN MEDIA & ENTERTAINMENT INDUSTRY

Introduction

The Indian Media & entertainment industry (M&E) is one of the sunrise sectors of the Indian economy and is making significant progress with time From time to time, it has proved its resilience and is on the verge of having a solid phase of growth driven by rising consumer demand and increasing ad expenses As per a report by BCG, India’s M&E industry is expected to reach US$ 55 70 billion by 2030 in terms of market size.

In this article, we will learn about some of the key trends that are significant industry drivers.

About the evolving media and entertainment industry

The market is projected to increase with a CAGR of 17% between 2020 23 Seeing the media market, we see that Television accounts for 40%, followed by print media (13%), digital advertising (12%), cinema (9%), and other OTT and gaming industries (8%)

In the M&E sector, AVGC or Animation, Visual Effects, Gaming & Comic sector is rising at a rate of 29%, while the audio visual sector is rising at 25%. This sector is recognised as a champion sector by the Government of India India has the world’s 2nd largest digital population & it is the 2nd largest market by app downloads which tells us about the market size

The government has taken various incentives for the growth of the industry. Some of them are listed below: The digitalisation of the cable distribution sector

Increasing FDI limit (74% to 100%) in Cable and DTH platforms Development of AVGC centre of excellence in collaboration with IIT Bombay

Media and Entertainment Technology Trends

Artificial Intelligence: 1.

AI is continuing to have an impact throughout the media industry. The main functions driven by AI are Recommendations, Voice Recognition & Media Automation OTT & streaming services like Netflix, Amazon prime etc , has enhanced the way we discover and consume entertainment media, especially with the recommendation technology.

Netflix said that 80% of the content delivery is done through recommendations only, which is quite significant

Livestream red carpet world premieres Create groundbreaking AR experiences Live render in 3D

2. Metaverse

Virtual events, shows and performances have become very popular, especially after COVID 19 This was one of the main drivers of the emergence of the Metaverse. Metaverse is the online, interconnected digital space & environment where one can interact, socialise, work and avail of entertainment services Artists, namely Ariana Grande & Bruno Mars, gave their concert inside the Fortnite game, which was a hit

4. Creator Economy

Creator economy consists of the personalised, niche and communication driven media which is replacing traditional, mainstream and mass market forms of media. The mainstream media are emulating the methods of platforms, namely Tiktok, Youtube, etc., through positioning celebrities as Influencers and building more community generated content Short videos and creator driven platforms will continue to grow, especially those allowing audiences to develop personal relationships with their favourite creators & influencers

Besides getting entertained with movies, shows, music, etc , the metaverse will potentially bring new forms of entertainment such as virtual theme parks and many more

3. Social Media 2.0

Social media is constantly in evolution mode Even though it is the biggest platform, Facebook is losing users, especially young ones, as they are attracted to the ‘next big thing’. The new concept is defined as one that doesn’t have some negative aspects of traditional social media The factors include privacy concerns, identity theft, misinformation, trolling & bullying behaviour, etc It is prompting a shift in how content is created as well, emphasising bite sized, shareable chunks

Conclusion

This industry is rapidly changing and evolving as per consumer preferences When media and entertainment providers innovate, consumers welcome it with their loyalty Data and personalisation continue to be the key to growth Trends like metaverse are in the development phase and potentially disrupt the industry. These trends promise to be the flow of valuable consumer insights, personalised recommendations and revenue.

LATEST TRENDS IN CONSUMER

ELECTRONICS INDUSTRY

Raghav Khandelwal - MBA RM

In this modern era, technology and innovation go hand in hand. Any advancement or progress in the field of technology is considered an innovation Innovation is the critical factor that drives the consumer's interest in the electronics industry. The Consumer Electronics industry is evolving as one of the largest industries exhibiting elevation in the consumer trends The consumer electronics industry is nowhere going offshore in terms of sales or revenue, as the market is booming with requirements from the consumer side, which in turn is increasing the need for innovations. Today most of us are using devices and applications that used to be a dream for the common people All this became possible because of the changing trends in the consumer industry.

The last few years have been the industry's most progressive and prosperous period These changing trends facilitated the industry in achieving multiple milestones. One of the most well received trends was the demand for fast and free delivery or shipping Nowadays every single person expects delivery within a day or two without giving any extra charges for the same The shipment method is one of the crucial factors for the success of any e commerce platform Free shipping attracts customers, and following which different online retailers offer free shipping on the items exceeding a certain minimum value price. Since there is an exponential increase in the shopping from online platforms another trend that can be seen is sustainability in e commerce, which focuses on meeting the current requirements of the consumer keeping in mind the future needs of the people.

Keeping this in mind many product manufacturers have introduced new technologies to reduce carbon emissions and energy usage Also, they have introduced green packaging to reduce the usage of plastics as packaging material and some are using biodegradable &recyclable packaging material All these factors are certainly pushing M Commerce to level up their game as well. Keeping in mind many e commerce platforms have started introducing their applications for the easy use of the public as the majority of the purchases are made through mobile phones only.

The digital payments industry has witnessed substantial growth in the past few years This is a clear indication that the growth of m commerce will traverse the same trajectory.

M-Commerce

This is a subset of e commerce M Commerce refers to mobile commerce It is E commerce with the use of wireless mobile devices Given the current level of development and advancement in wirelessly controlled mobile devices, it has now become easy for consumers/potential customers to shop and access services online

A large proportion of cell phone users are reportedly seen accessing these facilities of m commerce Earlier users' reservations to adopt were the primary inhibitor to the proliferation of the concept of m commerce. However, it has now become a common practice today as people have adopted and become familiar with it

Social Commerce: Collect From Store

The use of social media platforms and other digital networking platforms as an instrument to engage with its consumers and promote sales is Social Commerce

also referred to as "Click and Collect". The emergence of a new type of delivery model whereby the consumer would place its order online and would prefer to collect from the offline store of the brand The underlying reasons for this could be that the customer would try to save on its doorstep delivery charges. This has been incorporated by major consumer retail business giants For numerous consumer electronic stores, the customer expects the business to deliver the ordered product promptly Failure to monitor the inventory can discourage the buyer from returning to your store

Research online purchase offline (ROPO)

Since durable consumer brands are now omnipresent, they are present across all distribution and marketing channels

Today's buyer journey usually starts online. The buyer gains necessary insights online and then moves out into the marketplace to look for offerings that are different from those promoted online In the case of white goods, the buyer mostly visits offline stores to find a better price than online stores Also, when the customer is unable to conform with any piece of information provided online, he ventures out to gather confirming evidence

Multiple Payments Options

Alternative payment options have helped customers transact conveniently Particularly in the consumer electronics industry, numerous incentives are provided in the form of cashback, no cost EMIs, Fixed EMI schemes, Flexible Tenure EMI schemes provided by brands in collaboration with leading banks and NBFCs to attract customers and enable them to stretch their budget line. Greater credit card penetration and convenient Buy Now Pay Later options in the market, especially in the white goods industry, have been a driving force for growth. Customers now demand simple, fast, and easy purchasing experiences An omnichannel consumer experience is vital to provide them with this.

Omnichannel retailing elevates this corporate approach to a remarkable degree, even if multichannel selling is already prevalent The distinction is that omnichannel retailing integrates all customer care channels, marketing initiatives, and sales channels A method to provide this experience is to add a Where to Buy button to your brand website to easily guide consumers to retailers where they can purchase the product This reduces extra steps, makes a straightforward way to hop on this trend, and makes an easy shopping experience

Live commerce, also known as live stream shopping, was first introduced in China in 2015 and has since expanded to other areas, such as Europe and the US Globally, media platforms and brands are catching on and expanding their shoppable video services to include live feeds

The consumer electronics business is growing primarily due to the expanding digital revolution, rising global urbanization, and internet access The industry keeps changing regarding the kinds of goods produced and sold in addition to entering new markets This transformation brings both possibilities and problems for marketers in the consumer electronics sector.

As new technologies are created, the consumer electronics sector is constantly developing and innovating. The internet of things, 5G connectivity, artificial intelligence, and parallel worlds like the Metaverse are a few of these advancements These developments will impact the market and help change customer needs and behaviour Understanding customer journeys and how to meet consumers before the competition is more crucial for consumer electronics firms now than ever.