How can brands and retailers best survive — and thrive — in this turbulent decade? Chris Sanderson, chief executive officer of The Future Laboratory, outlined some key strategies.
Realize there is a flattening of ages.
“When we look at life expectancy and we look at population, we have to start to rethink age,” he said, explaining on one hand independent living is among people’s greatest desires. And they want to be young.
“We’ve got people starting off their careers [and] people …supposed to be retiring, and they’ve both often got very similar attitudes,” he said. “You can’t define consumers by age anymore; it’s about mind-sets and common values.”
A “generation-less” approach is therefore important.
There’s also the convergence phenomenon. Sanderson spoke of the “phygital,” or melding of physical and digital, plus a change in data and peoples’ relationship with it. The merging of technology and “big, friendly data is going to be doing some very interesting things for us as brands and as retailers in the months and years to come, which is predictive and preemptive retailing,” he said. See Complete Coverage of the WWD Beauty CEO Summit Here >>
Sanderson noted in today’s overloaded world there’s a “moving to extremes,” such as “five-two lifestyles” entailing five days of cutting back and two of binging, for instance. “As consumers, we’re pushing ourselves toward extremism.”
With all this in mind, The Future Laboratory teamed with Givaudan, Campaign Design and Selfridges to create the in-store Fragrance Lab, which eliminates consumer choice and instead — after people go through an experience-oriented process — prescribes tailor-made scents for which consumers pay up front.
“Fragrance Laboratory is…a journey into the outer reaches of scent, and it’s also an exploration that helps you to discover the essence of one’s self,” said Sanderson.
He called it an investigation of the future of retail.
“What [consumers] need is for you to be a pathfinder brand,” said Sanderson. “They need you to show them the way.”
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@marianna_hewitt has become one of the most influential content creators in the beauty space, with almost 800,000 Instagram followers and a newly launched skin care line called @SummerFridays. Today, she was awarded Influencer of the Year at the WWD #BeautyIncAwards. (📸: @sophiachabbott )
As shopping behaviors evolve, the retail experience must follow. Head over to retail experts @colliersinternational’s Knowledge Leader series to read more about the shift in our shopping era. #colliersretail #lovecolliers
@prada opened a pop-up club, called Prada Double Club, in collaboration with German artist Cartsen Höller at @artbasel Miami. Last night, guests – including @youngparis, @ritaora and even Miuccia Prada herself – gathered in a former ice factory where the pop-up is housed for a performance from @wyclefjean. Go to WWD.com for full coverage on all the exhibits, parties and more at #ArtBaselMiami. #wwdeye (📷: @lexieblacklock)
@louboutinworld and @disney are making magic once again, creating a set of shoe designs for the release of “Star Wars: The Last Jedi.” Louboutin designed a pair of shoes for each of the film’s four female leads: Rey (@daisyridrey), Vice Admiral Amilyn Holdo (@lauradern), Captain Phasma (Gwendoline Christie) and Rose Tico (@kellymarietran). The shoes will debut on Saturday at the L.A. premiere of the latest episode. #wwdfashion
Today at the #BeautyIncAwards 2017, WWD will be joined by beauty leaders from around the world as we honor this year's most innovative people, products, brands and places. Follow along here and on Twitter for live coverage from the exclusive event. #wwdsummits (📷: @elizaflorendo)
Exclusive: Beauty superinfluencer @marianna_hewitt is launching her first-ever skin care brand with her business partner @laurengores. Their new line Summer Fridays, which will be sold exclusively at summerfridays.com starting in January, is launching with just one product – a hydrating cream Jet Lag Mask. “We wanted to focus on one product that was amazing,” said Hewitt. Read the full interview on WWD.com. Link in bio. #wwdbeauty #wwdnews
Michelin star-rated chef PJ Calapa marks his first solo endeavor with today’s opening of @scampinyc –– the new Southern Italian restaurant located in Manhattans’ Flatiron District. The upscale yet welcoming environment matches the menu, which includes two types of scampi: traditional Italian langoustines in butter and the Americanized version with shrimp over pasta 🍤 - pictured here. #wwdeye (📷: George Chinsee)