The highlights and key takeaways from this yr’s occasion.
March 2024: Business leaders, knowledgeable audio system, and panelists from all corners of the Technical Shopper Items market convened in Berlin to share their most necessary insights and predictions for 2024 on the tenth annual TCG Summit, the premier worldwide suppose tank for the TCG retail trade, showcasing GfK’s worldwide experience.
As the only real perception accomplice for greater than six years working, GfK performed a pivotal position in making certain the success of this occasion by way of the supply of key trade insights and information. Utilizing superior analytics and state-of-the-art platforms, GfK gives a holistic retail learn and complete shopper insights into the TCG market, facilitating a deep understanding of shoppers’ shopping for conduct and the dynamics impacting markets, manufacturers, and media traits.
This yr, GfK’s World Strategic Insights Director, Namrata Gotarne, delivered her extremely anticipated keynote handle: Influence and alternatives amidst worth centric markets.
We requested Namrata for her tackle this yr’s occasion and a more in-depth have a look at the important thing factors of her presentation.
Which audio system or displays had been highlights for you from this yr’s summit?
Vincent Gufflet, COO of Fnac Darty offered how they’ve successfully reworked their enterprise mannequin. I actually appreciated how they’ve centered on driving sustainability conduct amongst their shoppers by creating an ecosystem to scale their subscription providers (for repairing units and home equipment). That was a wonderful instance of find out how to meet shopper expectations and on the similar time create further income streams.
One other spotlight was Olivia Reid’s presentation in regards to the affect of Generative AI on companies and types. Olivia, who’s the Lead Strategist at Journey, centered on the way forward for AI enabling hyper-personalization and enhancing hyper-customization.
The rise of the value-centric buyer was a key level of your discuss. How is the notion of worth altering for shoppers within the electronics trade immediately?
In an unsure financial atmosphere, value sensitivity amongst shoppers has elevated, resulting in extra aware procuring. Regardless of this value sensitivity, worth continues to rule as shoppers stability their cash spent and worth acquired. The notion of worth, nevertheless, goes past value; shoppers count on retailers and producers to ship value-based innovation in addition to experiences which have a optimistic affect on shoppers’ lives. So, services or products which are handy, sustainable, and even one thing that may assist them save prices in the long run.
How are TCG retailers adapting their methods to regulate to evolving shopper conduct?
The pursuit of assembly shoppers’ expectations of seamless procuring experiences continues; Omnichannel technique nonetheless is on the forefront for all retailers. Assorted paths are being adopted to finally supply one of the best of ‘phygital’ procuring throughout totally different areas. There may be an elevated concentrate on operations to supply comfort to shoppers. This additionally allows them to optimize their prices. From implementing self-checkout kiosks to rethinking retailer codecs and areas to utilizing shops as achievement facilities. Retailers are additionally investing to both launch or revamp their loyalty packages to interact shoppers to supply unique entry and VIP perks throughout promotions.
You shared information exhibiting that promotional occasions have gotten more and more necessary to shoppers. How can promotions be used to ship worth in 2024?
Promotional occasions have been used as an efficient instrument to drive gross sales and supply an ‘additional push’ to shoppers to make purchases, drive demand and win cost-conscious shoppers. This yr, shoppers are marking their calendars to schedule their purchases. Retailers and producers want to make sure these promotions are tailor-made to shopper expectations to domesticate recurring shopper relationships. Thus, creating a possibility to interact shoppers and providing worth that goes past value cuts. This contains: the proper assortment, wealthy procuring expertise, and a concentrate on high quality of service like fee strategies, installment choices or just sooner supply and a straightforward returns course of.
How a lot of a precedence is sustainability for shoppers within the TCG trade?
The significance that buyers world wide place on sustainability has endured, whatever the competing urgency of the pandemic and the present cost-of-living disaster. Almost three-quarters of individuals world wide see “World local weather change / world warming” as a really or extraordinarily critical concern. It has risen to be the #5 high shopper concern immediately. Customers’ expectations listed below are increasing. To be perceived as genuinely eco-friendly, producers and retailers are more and more anticipated to have the ability to level to all the things from the suppliers they work with to their merchandise’ materials, packaging, transportation, sturdiness, and recyclability, to their assist of environmental or humanitarian causes.
What had been the important thing takeaways from the panel dialogue following your keynote?
For me, I feel there have been two essential takeaways. The primary is that innovation has slowed down significantly within the TCG house. The most important incremental innovation is occurring inside small home home equipment, however all the things else has form of slowed down. We want the subsequent iPhone second to entice shoppers to purchase new merchandise. The second level is that on the similar time, innovation is occurring — however it takes time. As Mehmet Ragip Balcioglu (CCO Arcelik ) talked about there may be a number of money and time being invested into analysis into main home equipment to supply increased efficiencies. To see last outcomes, it would simply take time.
In your opinion, what are among the essential traits that can form notions of worth and shopper conduct sooner or later?
Customers are looking out for excellent or wealthy experiences from the merchandise they buy and the retailers they buy from. They’re on the lookout for services and products that allow versatile residing or value financial savings in the long run or designed particularly for his or her distinctive wants. Clear use instances that ship worth for the additional cash they may spend will likely be essential. High quality of service is a widely known buy driver which is now regaining its prominence whereas making buy choices or selecting a selected retailer to buy from. It’s usually ignored and thought of easy; the truth is, shoppers usually tend to return to buy or buy from a retailer in case such a optimistic expertise was delivered to life.
