Independent platforms harness consumer input for a more targeted experience
Implications - Rather than going directly to companies' own catalogs, consumers are looking to fellow consumers for recommendations on products. This has led to platforms that use the power of digital connectivity to expand that experience online, providing consumers with crowdsourced databases of product options. If brands can harness input from their consumers in building their own catalogs and ecommerce platforms, they stand a better chance of drawing in new consumers.
Workshop Question - How could your brand structure its catalog of offerings around consumer input?
Trend Themes
1. Crowdsourced Product Recommendations - Consumers are turning toward independent platforms that allow for crowdsourced product recommendations, leading to opportunities for brands to incorporate this input in building their own catalogs and ecommerce platforms.
2. Curated Online Shopping - Consumers are interested in discovering one-of-a-kind online shops with a highly curated selection of goods, leading to opportunities for independent designers and companies to showcase their unique products.
3. Kid-curated Products - Retailers are taking a kid-curated approach to their product offerings, highlighting the importance of children's input in determining what toys are most popular and successful, leading to opportunities for brands to involve kids in the product selection process.
4. Realistic Engagement Ring Inspiration - Online platforms are now letting brides and newly engaged couples find inspiration and share real-life engagement rings, providing opportunities for jewelers and designers to showcase their unique pieces to potential customers.
Industry Implications
1. Ecommerce - Independent platforms and curated online shopping experiences present disruptive innovation opportunities for traditional ecommerce companies.
2. Toy Industry - Kid-curated product ranges highlight the importance of children's input and involvement in the toy industry, providing opportunities for brands to involve kids in the product selection process.
3. Jewelry Industry - Realistic engagement ring inspiration platforms present disruptive innovation opportunities for jewelers and designers to showcase their unique pieces to potential customers.
