How Consumers Will Buy | Retail Reborn Season 2

The Business of Fashion Podcast

The Business of Fashion

Fashion & Beauty, Business, Arts

4.6 • 770 Ratings

🗓️ 11 April 2022

⏱️ 39 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Adjunct professor in global digital economy Winston Ma, design and blockchain expert Marjorie Hernandez de Vogelsteller, and fashion tech lawyer Gina Bibby join founder of Retail Prophet, Doug Stephens, to assess the evolving payment space and behaviour.

This episode tackles how consumers will shop, deep diving into the transaction processes themselves and how methods of payment are changing, from biometric payment to the Replenishment Economy, as well as innovative paths-to-purchase and how brands and retailers are engaging with them, including the gamification of sales and products.

In 2020, Epic Games reported over $1 billion in microtransaction sales from the mobile version of the Fortnite game alone, across in-game upgrades, costumes and player capabilities. Seeing the potential in this space, brands across the value spectrum have embraced the world of gaming, from Nikeland on Roblox to Balenciaga’s Afterworld: The Age of Tomorrow to showcase the brand’s Autumn Winter 2021 collection.

“Both gaming and livestreaming are part of a broader move toward [...] ambient retail — a state where retail is everywhere, woven into every social or entertainment experience. [It is] an evolution that may spell the end of the centralised and search-driven web shopping convention we’ve lived with for the past 30 years,” says podcast host and founder of Retail Prophet, Doug Stephens.

The conversation also considers the evolution of currency, from crypto and blockchain to Bitcoin and Ethereum, detailing their distinct qualities, entrance into the mainstream payment space and popularity among next-gen consumers. Indeed, more than half of Millennial millionaires have at least 50 percent of their wealth in crypto, while nearly 60 percent of Gen-Z believe wealth is achievable through investments in cryptocurrency, according to Business Insider.

To deep dive into how the next-gen consumer will buy products and experiences in the future, BoF gathers three global authorities to share insights with host Doug Stephens.

Follow the series to ensure you never miss an episode and discover actionable insights into the opportunities and challenges the consumer of tomorrow will bring, and how retail’s transformation will impact your business.

Brookfield Properties is building marketplaces of the future that meet the needs of the modern shopper. Discover more.

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Transcript

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0:00.0	So far in our series, we've explored where the consumer of the future will shop and which
0:08.0	consumers in particular retailers will be aiming to connect with. But no survey of the future of retail
0:14.6	would be complete without also asking, how will consumers buy? What platforms and payment technologies will prevail? What new
0:23.5	social and legal challenges will they present? And how will such purchase methods potentially
0:30.0	alter our consumer behavior and at the same time the marketing calculus of the brands we
0:35.3	patronize? I'm Doug Stevens, founder of retail profit.
0:39.3	And in this second season of Retail Reborn, the Business of Fashion's podcast series on the
0:44.2	fast-changing retail industry presented by Brookfield Properties, we're exploring the consumer of the
0:50.4	future. Who are they? And how are their economic, technological, and social reality
0:56.2	shaping new behaviors and relationships within retail? All crucial questions, particularly in the
1:02.8	face of the ongoing COVID-19 crisis. It's a retail world composed of both new platforms and new payment methods, all of which
1:15.4	are keeping consumer brands on their toes. Not the least of these frontiers for brands and
1:21.2	retailers is the world of gaming. While some might view gaming as a distraction from life and an
1:27.1	escape from social engagement,
1:29.3	others see it as a larger aspect of how and where we'll spend our time,
1:34.3	and point to the fact that gaming is also about legitimate social relationships.
1:40.3	In fact, research has shown that friendships fostered and maintained on live gaming platforms
1:45.7	are no less real or meaningful than those formed in the real world.
1:50.9	Something that's playing out today with billions of consumers spending increasing amounts
1:55.7	of both time and money on and in gamified experiences.
2:07.1	So how big a deal is it?
2:09.5	The gaming market is bigger than the movies and sports markets combined in North America.
	...

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