Forecast 2020: How To Prepare Your Industry For 2020
Our latest report offers companies a survival guide to maintaining relevance as the power of choice grows in the hands of the individual
PSFK’s Forecast 2020 Report is now live—and we’re excited to share this forward-thinking study, which helps brands and organizations remain relevant as the power of choice grows in the hands of the individual consumer. Below is a preview of some of our insights into how companies can provide people with these tools to autonomy.
Just because the consumer of 2020 will be in the driver’s seat, doesn’t mean they won’t need a roadmap from brands and retailers to guide them. New consumer roles in entertainment, healthcare, food, policy and other verticals don’t signal the end of brands and organizations. Rather, these companies will need to sift through the noise of retail opportunities and be lifestyle curators, advising consumers on how to live a more enriched and fulfilling life.
Here’s a blueprint of what this roadmap could look like:
Health & Wellness
- Avoid absolute claims for diet, exercise and lifestyle and encourage participants to personalize their routines to specific, if not genetically-influenced goals and needs.
- Consider how wellness advice, treatments and procedures can be administered and monitored from any location to reduce the effect of financial and access barriers.
Food and Beverage
- Reduce delivery overhead, as well as packaging waste, by making products that can be reused and regrown within the home.
- Consider how quality and experience can remain consistent when consumers are growing, preparing, serving or distributing products on your behalf.
- Allow consumers to be co-creators of the products they purchase by offering modular systems or home-creation instructions that provide more control of the final experience.
- As purchases are more likely to become automated or offloaded to AI assistants, create opt-in repeat purchase cycles and software integrations that make your brand the most convenient choice.
- Account for the activities that people are increasingly choosing to do within the comfort of their home, including work, fitness, medical treatment and art. Create modular spaces that can accommodate these new aspects of home life.
- Extend in-home digital and wireless bandwidth in order to accommodate homeowners’ growing IoT and entertainment needs, as well as larger automated and passive ecosystems.
Banking and Payments
- As currency becomes more and more amorphous, consider how bartering and exchange—of data, behaviors, promotion, etc.—can be traced and accounted for in transactions.
- Determine how identity and biometric cues can provide secure, portable payment systems that encourage anywhere-transactions.
- Focus on curating, rather than creating content and messaging; support and share audience work in order to engage followers and develop a reflective voice.
- Divert funds from new product development to create educational assistants that answer questions, engage with customers, and otherwise encourage loyalty post-purchase.
- As social surpasses editorial as the primary entertainment lens, create tools that allow users to quickly and accurately share their experiences with their friends and fans.
- Enable all users to be artists by remixing audio and visual content to their preferences, personality or biomarkers.
- Allow motivated citizens to have a larger voice by leveraging their expertise, research and skill sets to draft proposals or educate leaders.
- Be proactively transparent about internal policy development, sourcing and regulations, and empower consumers with the tools to verify your claims and/or contribute their suggestions.
The PSFK 2020 Forecast strategizes how brands and organizations can remain relevant as the power of choice grows in the hands of the individual. By analyzing important shifts over the past year, PSFK’s research team has studied how consumers are increasingly tailoring information and products to their own needs. The full report is designed as a roadmap for brands, retailers and organizations to reestablish themselves as platforms for guidance and encouragement. Download the full report here, and learn more about PSFK’s Intelligence Platform.
PSFK is proud to host a special half-day conference around the findings in of our latest report on innovation and opportunity in retail