WPP’s VML has published the 2024 edition of ‘Tomorrow’s Commerce’. It’s a long-term, unfiltered view of the leading trends set to reshape commerce in the years to come
Based on an amalgamation of research, conversations with clients, general future-gazing, and inputs from across the new VML organisation, ‘Tomorrow’s Commerce’ points out that we are approaching an exciting and broad-ranging omni-channel future for commerce. It spans the physical and the digital, and accommodates an increasingly demanding set of consumers and customers who dictate the rules of engagement for brands, retailers and marketplaces alike.
Here are some of the key takeaways:
1. A new brand order with less brand equity
Disruptor brands have always existed. But 2023 showed us that the right mix of personalities, products, promotions and distribution can supercharge brands in the 2020s. Established brands must consider what they offer that is different, purposeful or better, rather than what is new or an update.
2. Altruistic data redistribution
This is the practice of voluntarily sharing data to benefit others, for example individuals sharing private medical information to aid research. After all, it’s in the interests of retailers and brands to help consumers make better use of their data. And data collection and distribution are increasingly lucrative activities in their own right.
3. The power of social conversion
Brands and retailers globally are realising the power of ‘social conversion’. It’s about much more than ‘brand love’; it’s about encouraging ‘brand buy’. That is why brands should map out the social commerce purchase journey to make it as smooth possible; and they should also consider all available channels, reframing where conversion may occur, online or offline.
4. The age of experimentation and search
Consumers are starting to view ‘novelty’ in their shopping journeys as a virtue. As consumers hop from channel to channel, dabbling here and there to test the waters, serendipity has become a sought-after part of the shopping experience. Brands should embrace ‘Creative Commerce’, leveraging data analytics to gain insights into customer behaviour and investing in innovative tech to enhance the shopping experience.
5. The QR revolution continues
In the post-pandemic world, QR codes have evolved, emerging as a key component in a technologically advanced ecosystem. Harnessing the synergy between QR codes and emerging technologies will become imperative, offering innovative ways for brands to connect with consumers, predict preferences and streamline interactions.
Source: wpp.com
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