August 28 – 5 Key Stories From The Digital World

By August 27, 2019 Insight

1. Bye Bye, Barneys? Why Luxury Is the Latest Retail Casualty

  • Coresight Research estimates some 12,000 stores will close by the end of 2019, far surpassing the 5,864 that shuttered in 2018
  • Many luxury brands are selling on their own websites, and a number of luxury platforms, such as Moda Operandi and Net-A-Porter, have popped up to ferry business away from brick-and-mortar stores…brands no longer need department stores to generate volume sales as they once did
  • made tremendous advances in technology that have educated us and trained us to shop in a different way, so the concept of the department store needs to change

2. Adidas signs Ninja to its first pro gamer deal

  • deal with Ninja is intended to show its commitment to gaming culture…will continue to find new ways to support the 2.3 billion gamers across the world
  • also now has his own toy line and reportedly gets paid a cool $1 million to stream games, such as Apex Legends…there’s no shortage of brands wanting to work with him
  • Adidas does currently sponsor various professional esports teams, but the deal with Ninja is significant because of the individual aspect of it

3.  Creating Digital Offerings Customers Will Buy

  • new social and mobile applications, analytics, the internet of things, artificial intelligence, biometrics, blockchain, cloud and edge computing, and many other advances allow them to deliver value in ways that simply were not possible in the past
  • companies must experiment repeatedly, cocreate with customers, and assemble cross-functional development teams — and the insights gleaned along the way must be shared internally
  • Building insights on both the capabilities of digital technologies and the interests of customers involves upending established management practices and individual habits and forcing a change in corporate culture

4. The CMO/CIO Paradox

  • Marketing and technology teams must form a strong partnership to achieve customer success in this era of business
  • Clarifying the respective roles in the success of the business and its future should always be centered on the customer
  • Informal meetings, one-to-one discussions, a shared vocabulary, team building, and collocation are all prerequisites to establishing empathy and trust

5. Wellness Inc: 50+ US-Based Corporations Capitalizing On The Self-Care Trend

  • new automotive category of health, wellness, and well-being (HWW) includes cars that detect passengers’ emotions, making timely adjustments to their environment to soothe and relax them en route
  • Hyatt acquired wellness brands Miraval and Exhale in 2017, and now offers Exhale programming…company has also launched Exhale-branded fitness and mindfulness video content through its mobile app
  • Wellness-conscious travelers spend as much as 130% more on hotel amenities than other guests, representing a lucrative market for US travel firms