Born between 1979 and 1996, Millennials are the largest defined generation, accounting for nearly one quarter of the US population. That’s approximately 78 million Millennials… and there have been nearly as many articles published about this highly discussed demographic. So why do I feel another is needed?
Written by Jessica Schiffer
Like everyone else hoping to maintain relevance with today’s consumers, Barneys New York has caught the wellness bug. This week, it introduced its new Conscious Beauty category in stores and online, comprised of “clean beauty” products and ingestible beauty supplements.
“The wellness trend has evolved and grown, and everybody’s talking about it,” said Jennifer Miles, Barneys’ vice president of cosmetics.
Indeed, the market is expected to be worth $13 billion by 2023, according to a recent report from Research and Markets.
“Customers are so savvy about ingredients, and very aware of what they’re putting in and on their bodies, so we really wanted to tap into that,” she said.
At this point, Barneys is playing catch-up to department store competitors. The news is reminiscent of similar endeavors launched last year by retailers like Neiman Marcus, with its Wellness Shop, and Goop’s pop-in shop at Nordstrom.
“Late or not, they’re recognizing that wellness is the new luxury,” she said. “Gucci- and Prada-heeled consumers are snapping up health and wellness experiences with the same enthusiasm as this season’s latest fashions, so it’s no surprise that Barneys is getting more aggressive with this strategy.”
In Summer 2017, Tillys teamed up with GPShopper to relaunch its mobile app. The buzz surrounding the relaunch was massive thanks to a scavenger hunt that utilized augmented reality (AR) to encourage consumers — particularly young ones — to engage with the brand.
The retailer joined forces with YouTube influencer Shonduras on a back-to-school campaign. The goal? To boost in-store traffic by combining AR, social media, influencer marketing and gamification through digital elements. Shonduras, who has more than 1 million subscribers on YouTube, hosted the contest and provided in-app hints to participants about where they could find and collect virtual coins in-store.
The campaign demonstrated how retailers can use smartphone technology to draw consumers into stores, motivating offline behavior with an online initiative and bridging the digital and physical shopping experience.
2018 will be all about emerging brands that deliver unique and authentic experiences to their customers. Although many are digital natives, they are actively pursuing expansion strategies which include pop-ups and permanent storefronts. Whether it be Parisian style, sneaker culture, gender fluidity, authenticity or - my favorite theme - sustainability, I’ve uncovered a stellar list of innovative retailers to watch this year.
Perhaps you have heard about the billion-dollar sneaker resale market? Limited edition sneakers are the must-have of stylish workwear and streetwear. In today’s workplace, an in-demand pair of kicks has become the new necktie, but so much more modern and comfortable. Whether you’re a sneakerhead or not, Stadium Goods is your one stop shop for highly sought-after streetwear and sneakers. While the sneaker resale market is quite saturated, the two-year-old marketplace is booming. Though Stadium Goods has its fair share of competitors, it has a great handle on both its brick and mortar and mobile strategy. Stadium Goods has two locations in New York City and recently launched its first app. If you haven’t been so lucky this Yeezy Season, head on over to Stadium Goods – you’ll be sure to find the latest Blue Tint colorway.
Let’s be honest, NRF can be extremely overwhelming. To make it easier for you, I’ve rounded up a list of innovative technology players from this year’s NRF floor – most of which are new to the market. Consider these companies and their services as you plan your 2018 retail strategy. As we all know, if you aren’t innovating, you’re allowing your competition to eventually put you out of business.
Retailers, take a peek:
Electronic Shelf Labeling is the new “it” technology. Pricer is the only company to offer the three fundamentals to store digitization: product positioning, device tracking and universal product/label flash. Best Buy is one of many major retailers to sign on with Pricer for their Electronic Shelf-Edge solutions. Nicole Nelson, Vice President at Best Buy said, “having electronic shelf labels in place allows employees to focus on serving customers instead of changing paper price tags.” In addition to the ESL solutions, Pricer has also combined wayfinding/product locator for large retail storefronts. Pricer’s wayfinding technology easily detects the physical location of shelf tags – for example, if you happen to move an item or tag from one aisle to another, its system will automatically update the location on your store map.