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Freeman Cebu Business

Our lifestyle in 2022

INTEGRITY BEAT - Henry Schumacher - The Freeman

While January 2022 has been a slow month in many businesses (definitely in mine), there is no doubt that consumers’ actions towards achieving new goals are evident. Change will remain the dominant trend that characterizes lifestyle shifts. We better prepare for these shifts:

Finding a digital identity

Physical and virtual worlds are colliding. Social networks are advancing their capabilities, and in some cases, acquiring tech startups, to enter The Metaverse Movement. The constant stream of content and ability to go viral on video-dominant social platforms like TikTok and YouTube showcase the influence of community-based networks.

Now, online socialization is the preferred form of entertainment for many consumers, particularly younger generations, who spend more time playing games on mobile, desktop and AR / VR headsets. During The Metaverse Movement, consumers will outfit their avatars to explore virtual worlds alongside users from across the globe. The prevalence of shared, 3D virtual spaces will characterize a future rendition of the internet.

Advertising in a new digital world

Fashion brands and retailers are leveraging TikTok to crowdsource content and designs, promote products and train associates on how to build followings. In 2021, more than 30% of consumers bought goods or services after seeing an influencer post or company advertisement on TikTok.

Sports teams, gamers and artists have been using platforms like YouTube to host live virtual concerts and events, and companies want to meet these consumers in-platform. Brands are buying billboards and product placements, among other advertising space, within these online environments. Virtual stores facilitate e-commerce sales and offer digital-only products for purchase, including non-fungible tokens (NFTs), to dress and house avatars.

The primary goal is to build brand awareness among influential consumers who are pioneering platform engagement. Companies that start establishing a presence now will be at the forefront as virtual social environments and AR / VR develop.

No city limits

As work becomes less tied to a physical office, consumers are moving both within and beyond city limits. New business opportunities are emerging alongside this mass relocation influx.

Scaling e-commerce distribution is vital. Establishing micro-fulfilment centers and increasing last mile delivery can better serve rural communities and expand the customer base. Parcel couriers are also boosting geographic coverage.

Incorporating more sustainable initiatives into metropolitan areas will resonate with Rural Urbanites.

Indulgence, personalization and new norms

Businesses are investing in technology to provide tailored care. Personalization will advance and shift towards mass acceptance across sectors, such as beauty, personal care and consumer health. Additionally, marketing and offerings need to be inclusive. Brands are breaking stereotypes and societal norms, allowing Self-Love Seekers to feel comfortable and confident expressing their true selves.

How do companies respond to consumers in 2022?

Traditional business models and logistics networks are being challenged. Businesses need to evolve as quickly as consumer behavior is changing. In today’s world, past purchasing habits do not necessarily imply brand loyalty.

Successful businesses will meet consumers on their terms. Customer relationships can no longer be transactional. Developing deep, supportive connections will push companies beyond the purchase to be seen as allies. Consumers will prefer and trust brands that are humanized.

The customer experience needs to be multifaceted. Businesses could lose customers if the experience is not seamless and tailored. Effective hybrid models allow businesses to pivot between in-person and virtual engagements whilst the near future remains unpredictable. From simplifying tech for novices to exploring the metaverse, customizing digital experiences based on the target audience is critical.

In other words, customers are moving. Businesses must move with them or risk losing them.

Additionally, these changes should be seen in the light of the new pending legislation on substantial amendments to the Public Service Act (PSA) which will attract substantial new investments from local and foreign investors. The PSA improvements will make it possible for companies to deliver the expectations of the New Lifestylein 2022 I am presenting today. It is essential that the President signs these important amendments to the PSA into law without delay.

Feedback is most welcome; contact me at [email protected]

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