5 must reads for shoppers

We keep an ear to the ground for the interesting stats, insights and discussion points you need to feel in the know. 

1. What really motivates consumers? 

Financial hardship is affecting people all over the world and is likely to increase in the upcoming months. But despite affordability dominating global headlines, it's true that for many consumers, affordability is not the primary concern influencing their spending and lifestyle decisions. According to the latest EY Future Consumer Index, the desire for consumers to make more sustainable choices is on the rise. Consumers globally are willing to pay more for products if they think they are made in a more sustainable way (44%) and 61% are switching to sustainable alternatives in the products they buy. So, as people prioritize the planet, how can businesses adapt to meet the needs of these customers? 

Five types of consumer that you need to understand

2. Virtual steps into the metaverse  

From luxury fashion and sportswear brands producing NFT avatar clothing, to automotive firms showcasing their vehicle concepts, brands are taking ‘virtual’ steps to set up shop in the metaverse. These brands may initially be taking modest steps, but their actions show they are alive to the metaverse’s potential and are eager to be in the vanguard for very good reasons. A recent report by Grayscale, for example, suggests that the metaverse promises global annual revenues of more than $1 trillion. Companies far and wide are looking at how they can make their mark -  JP Morgan, for example, became the first major international bank to establish a presence in the metaverse in February 2022 with the launch of its Onyx client lounge. 

How the metaverse and Web3 are creating real tax issues

 3. The future of car-buying 

Looking to buy a car soon? Would you prefer to purchase on-line or in person? According to the latest EY Mobility Consumer Index (MCI), up to two-thirds of all car buyers now use apps, websites and social media to gather information about their prospective purchase. But what does the future look like for car-buying? While the use of online channels as an adjunct to offline is now the norm, in-person experience remains important. Buyers are looking for a digital-first experience, but one that offers convenience with the reassurance of personal interaction with an expert– over 60% of all car buyers prefer to visit a dealer for prepurchase and purchase stages.  So, whilst dealers have already evolved from offering physical-only to physical-plus-online customer experiences, how can they provide an even more digital experience while retaining the personal elements that customers value? 

How electric vehicles are reshaping the car buying journey

 4. The hidden threat to e-commerce  

Thanks to the rise in online sales, Black Friday isn’t just popular with consumers but cybercriminals too. In the hands of a hacker or another malevolent actor, bots that mimic human interaction can be used for financial and malicious gains - a common tool used by cybercriminals to target businesses through their e-commerce websites. According to a study by Imperva, 17.7% of the bot traffic to e-commerce sites was malicious, posing a huge threat to retailers and consumers globally. Businesses need to safeguard their online security - by creating digital identities, bots can not only shop faster than any human but can exploit weak identity and access management (IAM) standards and clear out thousands of stock items in seconds. Unquestionably, a safer shopping experience fosters customer confidence, which may support long-term value creation for any company. So, what steps can businesses take to protect themselves? 

How cybercriminals are using malicious bots to disrupt e-commerce

5. Driving a connected food ecosystem 

Sustainability, climate change and technology advancements have prompted many producers to put everything on the table as they search for ways to optimize production – with farmers taking a deeper look at how digitization can create new opportunities for their business. From income sources such as carbon credits and e-commerce, there are several ways their financial needs could be met. But consumers are changing too - they want visibility into where and how food is produced, packaged and delivered. As transparency of physical production and the value systems of producers and manufacturers become baseline consumer expectations, opportunity is emerging for those who can deliver with authenticity to command greater trust and value with the consumer.   

How producers drive a more connected food ecosystem

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Remember that positive thoughts, create positive things...