BMi market research chief executive officer, Gareth Pearson, outlines his consumer brand trends in brief, which will shape 2015, including the rise of eco brands; mychiatry services and product opportunity; and crowd-shaping product trends.
With the fast speed of change today, it is imperative for brands to track the trends driving the market:
Consumers looking to connect with brands, business models and products that are environmentally or socially responsible.
Consumers are actively trying to simplify their lives, some with financial security concerns, others questioning personal or career satisfaction and goals, against the constraint for having so many choices and selections to choose from.
Consumers are still looking to purchase luxury goods, however, they want to get their hands on these items for less. Good margins and gross profits are achievable.
Consumers can influence purchasing habits thanks to social networks in real-time, so brands need to work harder to earn consumer loyalty.
Unprecedented growth in apps for everyday use, helping consumers, but making them data and connectivity dependant.
People will pool their data, their profiles and their preferences, in groups to shape new goods and services.
Consumer interest in 'quantified self' products and services will continue to grow, as smartwatches and other powerful tech products enter the market.
'Always connected' consumers expect fast questions and answers or requests, meaning businesses will need to work extra hard to get in touch with shoppers across multi-channels.
By estimated mid-2015, the smartphone tipping point will be reached in Africa. This will drive M&E Commerce more than ever, making Africa a single screen market that is bypassing the online phase.
Brands need to be cognitive thereof of what Millennials want and how they will shape brands and service usage.
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