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Consumers and businesses will likely adapt a range of technologies to overcome supply chain issues and find their go-to products according to new research from Euromonitor.
In its Top 10 Global Trends report, Euromonitor suggests access and action are the driving forces behind the trends, which include a shift to climate awareness, seniors embracing the world of digital and the metaverse movement, as consumers take back control after a disrupted 2021.
With supply chain chaos not expected to improve until 2023, and two-thirds of all businesses impacted by this, consumers will start to look for new ways to buy products and businesses will have to pivot and provide new solutions to meet customer demand.
“Backup Planner” consumers will use technology to try to move to the front of the queue when supplies are threatened, while other consumers will rely on subscription services or community group buying to secure deliveries.
“When thwarted, Backup Planners are reverting to the next best option, seeking alternatives and in some cases, delaying purchases or changing shopping habits,” the report said.
“Two extremes are influencing shopping behaviours of Backup Planners – paying a premium or switching to cost-effective options, such as buying second-hand or renting.”
The report suggests businesses that can leverage opportunities will be the winners with these types of consumers, suggesting shoppers may pay more to get first access to their preferred products and exclusive or presale items could entice these consumers and drive revenue.
“Mobile apps that enable digital waitlists and queuing allow consumers to secure their place in line and help businesses control traffic,” the report said.
“Additionally, direct-to-consumer services can bring products straight to consumer’s door.”
The report suggests companies need to invest in local sourcing and automation to overcome shortages, noting that prices may need to increase to compensate.
Alternatively, splitting costs with other payers to buy ingredients or components in bulk could also be an option to ensure continuous supply.
Climate change will continue to be a focus for consumers in 2022, and consumers will expect brands to step up through transparent labelling of carbon-neutral products.
“Digital innovation is reshaping how retailers, manufacturers and consumers transition to a new era of environmental transparency. Tech tools such as digital product labelling and mobile tracking apps help consumers trace ethical claims, their carbon footprint and recycling habits on their phones,” the report stated.
The metaverse will also become important as the digital world evolves beyond virtual hangouts to immersive 3D realities with Euromonitor predicting the immersive environments to drive e-commerce and virtual product sales.
“Companies that start establishing a presence now will be at the forefront as virtual social environments and AR/VR develop,” the report said.