With 2020—a year that had people setting targets for transformation throughout the 2000s—just weeks away, Mint is inviting corporate leaders to share their vision for the next decade. Janne Einola, H&M India’s country manager, discusses trends for the coming decade with Suneera Tandon, and says that sustainability and responsible choice will be key words of the future.
WORKING IN TANDEM FOR SUSTAINABILITY
The new trend in the fashion industry will be sustainability. Retailers will need to start taking care of their environmental impact and companies will need to figure out how they become climate positive. When you talk about sustainability, it is not just one area; it is the whole value chain from production to packaging and consumption. This responsibility for sustainability will need both consumers and companies to work together.
GETTING CONTENT JUST RIGHT FOR EACH USER
This is the key to the future. When we talk about personalization, it is not just about different products in different cities. Customers will want more relevant content. It isn’t just about reaching the masses anymore—in future, you will have to talk to individuals. This trend has come into play through artificial intelligence and big data. Companies, however, need to responsibly handle issues of data privacy.
FOMO & JOMO WILL DICTATE TRENDS
These are buzzwords today. Millennials are all about FOMO—the fear of missing out on any opportunity. They want to follow everything and be on spot with trends. Gen Z, on the other hand, is clearly going through JOMO, which is the joy of missing out. They don’t necessarily run after everything. They want to have their space and free time. This trend will change how marketing is done going forward.
RENTING WILL BE THE NEW RETAIL
Renting as a trend will grow. It will be the new way of doing retail. By 2030, there will be 8.5 billion of us. We have to change how we enjoy and use fashion. This trend is an outcome of growing customer concern about the fashion industry and the environment. It is part of lowering consumption and recycling clothes. We are excited about inspiring customers to look at fashion in a circular way.
CUSTOMER CHOICE OVER RETAIL PUSH
The model of multiple stores and online commerce where retailers focused on products is set to change. Online shopping won’t just be about opening a page with a list of products. People are looking for experiences. You will shift from a push model to one where people choose what they want to buy, and we as retailers will need to respond to their needs and not only push what we believe is right.[“source=livemint”]