A trends and insight specialist has warned that the changing dynamic driven by constant uncertainty, unpredictable leadership, a post-truth society and increasing individualism poses a new reality that needs to be understood and acted upon by Irish food and drink producers to maintain optimal branding and competitive edge. This was voiced by Grace Binchy, from Bord Bia, during a Marketing Society discourse on the subject of utilising indicators of change.
Binchy discussed how the Irish have recently been compelled to trust in their own judgement and reliable sources to filter out falsehoods. This shift towards inward individualism is resulting in the rejection of generic options in favour of more personalised preferences.
She emphasised the fact that trends both emerge and fade, underlining the marketing need for businesses to identify where they should direct their energy. The behavioural patterns of Irish consumers have demonstrated a growing focus on self-improvement. In pursuit of a more enjoyable and straightforward existence, they strive to always keep moving forward.
Post Covid-19, live and shared cultural experiences have been highly valued, as shown by a UK study by SeatPick ticket sales which revealed every third Briton was ready to compromise their rent payment to afford a live event ticket. The pandemic’s social limitations are being gradually dispelled, exemplified by Taylor Swift’s Eras tour’s widespread success.
Moreover, Binchy heads the Cultivate platform at Bord Bia’s Thinking House, a programme designed to assist Irish food and drink producers in keeping track of trends and turning behavioural indicators into brand innovation. The Cultivate recently unveiled 40 behavioural trends, divided into seven innovation pathways across three themes: something to believe in, focusing on oneself, and control amidst chaos.
In this rapidly changing environment, retail strategist Sharon Yourell Lawlor explained that the retail narrative is in the process of being reinvented. Lawlor expressed that the adaptation of physical retail involved the use of advanced digital and sustainability measures, with the National Retail Federation’s (NRF) annual symposium central to this overhaul.
The NRF gathering attracts a crowd of 40,000 attendees and 1,000 exhibitors, all hoping to decipher what lies ahead for the world of retail. Lawlor regards the event as a navigational device, providing directions for capitalising on indications of change. The ever-changing consumer behaviours also reshape anticipations, initiating discussions about the survival of physical retail stores.
Contrary to the expectation of physical stores disappearing, they need to reinstate their significance by adopting relevant modifications. The modern consumer is well-versed in digital technology, environmentally aware, impatient with inefficiencies and continually seeking stimulation. The present demographic of shoppers necessitates a reaction from retailers that utilises interconnected trends.
Consumers nowadays desire seamless experiences intertwining online and offline engagements. They relish engaging narratives that hold their attention. Both customers and store staff should be equipped with apt knowledge and resources. Enlightened retailers are expected to utilise accurate and customised data.
The overall consumer profile encompasses novel experiences where purchase is a captivating journey. The retail industry needs to consider consumers’ concerns about ethical and sustainable business practices. One of the biggest challenges will be reimagining customer loyalty rewards for cultivating more meaningful relationships. Lawlor emphasises the urgency of this reinvention.
According to Lawlor, the anticipated future of retail is already here. It exhibits a retail industry that is consolidated, perceptive, data-driven and focused on catering to unique individual requirements. It’s an era in which efficacy and automatization are prized, yielding results advantageous for both retailers and consumers.
To survive in this terrain, one must know where to direct their focus. Academic research has indicated that despite the changes, consumers will continue to value quality and desire to interact with products personally. Although they might not purchase in-store immediately, the experience will prompt them to consider the brand for future purchases, irrespective of the venue.
Indie List co-founder Úna Herlihy stated that digitalisation and the pandemic have restructured traditional employment, paving the way for new hiring methods. Freelancing provides autonomy and the promise of an improved work-life balance. For clientele, it meant embracing evolvement as a strategic boon by tapping into a fresh reservoir of self-employed professionals.
Herlihy stated that the typical nine-to-five job seems to have lost its appeal, and the long-standing tradition of lifelong employment with a single company is no longer the status quo. The pandemic has served as an accelerant in causing those in the advertising industry to reconsider what’s truly important to them and redefine what they consider to be success, leading to the creation of phrases such as “the great return”, “loud lay-offs”, and “quiet quitting”.
The talent in Ireland’s marketing and advertising industry is wide-ranging, including AI experts and UX/UI designers and currently provides employment for around 18,000 individuals. Half of them, approximately 8,000, are engaged in client-side marketing and brand management roles, while the rest comprises of 3,800 agency employees involved in creative, digital, design, public relations and event-based agencies, as well as approximately 6,000 freelance contractors and independent marketing consultants.
This transition in Ireland’s marketing sphere comes with its own set of difficulties and potentialities. Even though freelancers bring fresh creative perspectives, their inclusion requires detailed planning and supportive policies. In the advertising industry, freelancers are not merely there to fill the gap when a regular employee is absent, rather they are helping to advance the way of working that allows people to live and operate on their own terms.
Michael Cullen serves as the editor of Marketing.ie.
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