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Business models (New consumer needs (Personalisation: Consumers are now…
Business models
New consumer needs
Consumer awareness: Through technology, consumers are becoming increasingly informed and connected to the global market, making them aware of the impact their products have on people and the planet (particularly younger consumers/millennials).
(World Economic Forum 2017)
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Personalisation: Consumers are now looking for products and services tailored to their needs, wants and lifestyles. (World Economic Forum 2017)
(Shlesinger 2017)
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Purchasing preferences: The way consumers desire to purchase their products has significantly evolved from traditional business models
(Masters 2017)
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Speed of Newness
Greater consumer demand for inspiration: To keep up with consumers, brands are now constantly bringing out new products and content, significantly effecting business models and supply chains.
(Masters 2017) #
More frequent product drops (Monthly, weekly, random)
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Fast fashion
(Choi, et al. 2013)
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Seasonal: The traditional way of releasing collections based on a seasonal model is becoming outdated and risky.
(Mitchel 2017)
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Effect of global market: The speed at which consumers have exposure and access to new products and trends is significantly impacting business models.
(Craik 2017)
(Shlesinger 2017)
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New retail environment
Omni-channel: Now an expectation for all retailers, omni-channel businesses provide customers with a holistic experience of the brand and the ability to choose how and when they shop. Providing a seamless experience has however proved difficult for many brands.
(McCormick et al. 2017)
(KPMG 2017)
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Provide choice for consumer #
Bricks-and-Mortar: Physical retails spaces are still key retailing/marketing tools for brands despite past predictions. These spaces are however evolving to better meet changing consumer needs.
(World Economic Forum 2017)
(Shlesinger 2017)
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