Brands are introducing an aura of exclusivity in the experiences they offer
Trend - Brands are tapping biometric technology in order to offer more immersive and hyper-curated experiences to their most loyal customers. These initiatives incorporate some type of feature that tests one's dedication or preferences—from measuring one's heart rate to facial recognition technology.
Insight - Today's markets have an abundance of choice for every product category and as a result, individuals—especially Millennials and Gen Z—can be quite selective when making purchasing decisions. Because of this, contemporary consumers are more drawn to the concept of exclusivity. This guarantees them a sense of uniqueness that can be showcased both in real life and on social media platforms, ultimately boosting their confidence.
Insight - Today's markets have an abundance of choice for every product category and as a result, individuals—especially Millennials and Gen Z—can be quite selective when making purchasing decisions. Because of this, contemporary consumers are more drawn to the concept of exclusivity. This guarantees them a sense of uniqueness that can be showcased both in real life and on social media platforms, ultimately boosting their confidence.
Workshop Question - How might you cater to consumers through the concept of exclusivity?
Trend Themes
1. Biometric Exclusivity - Brands are tapping biometric technology to offer hyper-curated experiences to their most loyal customers.
2. AI-powered Beauty Kiosks - Companies are enhancing the in-store experience with ColorView AI technology to help consumers refine their preferences and goals with facial recognition.
3. Bot-proof Raffles - BPM technology is used in entry systems to weed out sneaker bots and give more chances for human raffle participants to win iconic silhouettes.
Industry Implications
1. Hospitality & Travel - The use of biometric technology in travel discovery tools and loyalty programs represents a disruptive innovation opportunity for brands to personalize experiences.
2. Retail - Hyper-exclusive shopping experiences that utilize biometric metrics offer retailers an opportunity to offer unique and exclusive experiences to generate brand loyalty and authenticity.
3. E-commerce and Fashion - The integration of BPM technology in high-tech raffles as a means of thwarting bots presents an innovation opportunity to increase brand demand and customer acquisition efforts.
