IRX May 2023 – my favourite picks
The IRX conference program is guaranteed to create stimulating discussions around all the key areas in retailing, from digital marketing, consumer experience and consumer obsession to supply chain and diversity and inclusion, there is something for everyone!
As a consumer behaviour expert my interests is consumption. There are two tracks that deal with consumers, customer experience and customer obsession, which is great, but there is content throughout the program that has caught my interest, I detail a few of these sessions below.
Track: Digital Marketing
The cost of living crisis is having significant impacts on consumers, with food, fuel, energy and mortgage rates on the increase, it is no surprise the UK consumer confidence has hit record lows. With many consumers struggling to make ends meet the consumers is compelled to change their shopping behaviour. We are witnessing an increase in value consumption, through trading downs, from branded goods to value ranges and own labels, essentially cheaper alternatives in attempt to spend less consumers are choosing, Own label product sales are up 13.2% in comparison to branded good at 4.6%. (Kantar, February 2023). Value means different things to different consumers and consumers will demonstrate a range of consumption behaviours and purchasing patterns. The session titled: Marketing during the downturn: Helping customers make the right purchases in the midst of the cost-of-living crisis, takes a perspective of supporting the consumers during the cost of living crisis with their purchasing decisions. Speaker Bav Samani, Co-Founder – Just hype
Track: Omnichannel Innovation
The consumers attitudes towards consumption of preloved has fundamentally changed, it is no longer consumption pattern of those with affordability and lower social class, it’s a way in which smart, savvy consumer shops. The resale market is growing at a rate 11 times faster than traditional retail (GlobalData), given that research by Mintel indicates that half of GEN Z are looking to acquire second hand clothing rather than buy brand new, and they dominate fashion spend, it is anticipated that pre-loved is soon going to be rivalling fast fashion consumption. The narrative of preloved has changed and tech has made the process of consumption more convenient. With all the interest in sustainable and circular consumption, the session titled, Breaking into the circular economy: Tap into the reselling market using social selling, with speaker, Millie Pearson, Chief Operating Officer – The Edit LDN, looks like there will be lots of food for thought! Track consumer experience
Hand in hand with pre-loved and the resale market is rental consumption. Consumers moving from ownership based consumption to access based consumption. Rental consumption has taken off as retailers offer, fashion from M&S, furniture John Lewis, but also experience based rental such as surf board, kayaks, tents from Decathlon. Rental can be the answers to the cost-of-living crisis, but for the consumers, it offers more than the cost effective consumption. Renting a Gucci dress at a fraction of the selling price is a bonus, the real win for the consumer is tapping into the symbolism of a luxury brand which instantly creates a perception of status and social hierarchy, and of-course the added benefit of posting it on the gram, Tik-Tok and other social media platforms. There is huge appetite for rental consumption and the panel discussion, The re-cycle revolution: building a rental platform to widen your reach, is guaranteed to provide insights into making rental more accessible, will certainly provide interesting insights.
Track Customer experience
As consumers we always want to be part of a community, feeling of being socially connected is central to belonging, it is a human response to desire to be part of tribe. Brand communities, online social media communities, consumer communities, at the heart of all of these communities- is a shared interest. Consumer communities offer huge opportunities to create loyal consumer that demonstrate fan characteristic but also offer potential to create more meaningful consumer experiences. I am looking forward to the panel discussion; Building a community as part of your brand to drive customer satisfaction.
Track: Digital Marketing
I am delighted that I will be hosting the Digital Marketing track on day 2. The track is full of great speakers and topics, two session that I am particularly interested, the first is Chat GPT, speaker, Maria White, Search Lead – Kurt Geiger. AI has taken the world by storm, so much so, Elon Musk wants it paused, and Bill Gates has likened, it to the introduction of the Internet or mobile phones. The second, a fireside chat Consumer experience using mobile apps – how to get Gen Z obsessed about your App! Yes, my co-researcher and I will be discussing insights from our latest research on gamification on mobile apps.
Finally, two speakers that I am looking forward to are Adam Warne, COO from River Island who offers the keynote address day one, Championing the pace of change to withstand the economic landscape and Neil Bradford, JD sports. I have had the pleasure of speaking on the same stage as Adam and Neil, not to be missed! Last but not least, one of my favourite brands Gymshark, Carly O’Brien, Understand the customer, understand the world.