verde live: july 20 - the media's battle for attention and five consumer trends that are here to stay

verde live - july 20, 2020

Kristin talks about the media’s battle for trust, attention, and engagement; and the five biggest consumer trends that are here to stay.

Check out the latest Verde Live from July 20, 2020.

For more information about the weekly Verde Live series, visit Verde launches weekly event series, Verde Live. Join Kristin for the next episode of Verde Live on Monday, July 27, at 11:00 a.m. (MDT) on the Verde Brand Communications YouTube channel.

KEY takeaways:

Big shifts in the media: Legacy media institutions no longer control the narrative today as social media, search engines like YouTube, and marketplaces have trained consumers to expect a very different experience than what traditional media offers.
- Consumers are gravitating to YouTube creators, ambassadors and athletes who are building both content and community that feels more authentic and personal.
- Amazon, Youtube and large-scale brands are training consumers to expect a lot of content and personalized online experiences. I think it’s safe to say that consumers are trusting content creators because of the human- to-human connection. They can look at a content creator and see themselves—literally. More traditional, endemic media are going to need to start positioning content creators visually - and via video - to evolve along with this change.
- Read more in the June 23 issue of The Weekly by Outdoor Retailer.
FIVE consumer behavior trends that are sticking:
- Flight to online. COVID has accelerated what was expected to be a multi-year change of consumers being online to a matter of months. This trend will likely continue post-COVID. The number of consumers who now use digital channels to access goods and services across categories, and expect to do so in the future, has increased by an average of about 20-25 percent.
- Shock to loyalty. As consumers struggle with limited access and availability, brand loyalties are being challenged, with 40-50 percent of consumers having shifted stores, websites, or brands during the crisis and 20 percent switching primary stores or brands. Further, more than half say they plan to stick with the new store or brand.
- Need for hygiene transparency. Hyper awareness of safety concerns has consumers demanding to limit contact at as many points in the consumer journey as possible. This is creating demand for as much of a friction-free transaction as possible. than 75 percent of self-checkout users and more than 60 percent of "buy online pick-up in store" users plan to continue to use that service post-crisis.
- Return to essentials and value. Basket composition has shifted toward essentials and value over impulse buying. More than 60 percent of consumers expect to reduce spending on non-essential categories.
- Rise of home as the center of life. Staying at home has driven a rise in the domestic arts — such as cooking and at home entertainment. More than 40 percent of consumers expect to spend more time cooking over next two weeks, even as we are months into social distancing measures.
- Learn more: Consumer sentiment and behavior continue to reflect the uncertainty of COVID-19 crisis, Mckinsey & Company.