Top Takeaways from the 2018 Innovation Series: The Profile of the New Consumer - Coresight Research
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May 18, 2018
Top Takeaways from the 2018 Innovation Series: The
Profile of the New Consumer
Avani Patel, Founder and CEO, TrendSeeder; Buxton Midyette, VP, Marketing and Promotions, Supima; Paul
Blum, Former CEO of Henri Bendel; Paavana Kumar, Associate, Media, Advertising and Entertainment, Davis &
Gilbert; Mike Karam, Head of Strategy, Laird+Partners; Javier Fernandez, GTM Retail Strategy Lead, Building 8
of Facebook; and Jeffery Fowler, President, North America, Farfetch
Source: Coresight Research
Along with 24 Seven, TrendSeeder and Davis & Gilbert, Coresight Research cohosted a
2018 Innovation Series panel called “The Profile of the New Consumer” in New York City
this week. TrendSeeder Founder and CEO Avani Patel moderated the panel discussion,
which covered themes such as consumer purchasing behavior, transparency and how
the digital economy is impacting retail. Here, we share our top takeaways from the
event.
• Technology is changing how consumers shop, and the brands that “get it” today
are capitalizing on consumers’ desire for transparency, authenticity, scarcity,
urgency and craftsmanship.
• Transparency is the new normal for retail.
• To win over consumers today, brands must reevaluate their competition in order to
determine who they are competing against.
This week, Coresight Research cohosted an Innovation Series panel called “The Profile of
the New Consumer” along with TrendSeeder, a platform that collaborates with fashion,
beauty and wellness entrepreneurs through education and community events; 24 Seven,
a strategic staffing and recruiting firm specializing in marketing, creative and digital
talent; and law firm Davis & Gilbert. The panel discussion focused on how consumers are
shopping, how they are using different technologies and what factors they value when
choosing among brands.
Deborah Weinswig, CEO and Founder, Coresight Research
deborahweinswig@fung1937.com US: 917.655.6790 HK: 852.6119.1779 CN: 86.186.1420.3016 1
Copyright © 2018 Coresight Research. All rights reserved.
May 18, 2018
Lisa Berger, SVP of Business Development, 24 Seven, and Avani Patel, Founder and CEO, TrendSeeder
Source: Coresight Research
Lisa Berger, SVP of Business Development at 24 Seven, kicked off the evening with
introductions, and highlighted that the Innovation Series is part of 24 Seven’s
Techfluence event series, which focuses on educating industry executives about trending
topics. TrendSeeder Founder and CEO Avani Patel moderated the discussion. The
panelists were:
• Paul Blum, former CEO of Henri Bendel, Fred Segal, Juicy Couture, Kenneth Cole
and David Yurman
• Javier Fernandez, GTM Retail Strategy Lead, Building 8 of Facebook
• Jeffery Fowler, President, North America, Farfetch
• Mike Karam, Head of Strategy, Laird+Partners
• Paavana Kumar, Associate in the Advertising, Marketing & Promotions;
Entertainment, Media & Sports; Intellectual Property; and Digital Media,
Technology & Privacy Practice Groups, Davis & Gilbert
• Buxton Midyette, VP, Marketing and Promotions, Supima
Below are our top takeaways from the event.
Technology is changing how consumers shop, and the brands that “get it” today are
capitalizing on consumers’ desire for transparency, authenticity, scarcity, urgency and
craftsmanship.
Moderator Avani Patel asked the panelists, “What are the ways that technology is
changing how consumers shop, and which brands are getting it right?” Davis & Gilbert
attorney Paavana Kumar said that many successful brands today are partnering with
retailers and capitalizing on consumer values.
Facebook’s Javier Fernandez said that the brands that are getting it right today are those
that are figuring out what consumers want and identifying with their values. Fernandez
talked about the phenomenon of “sneaker drops” and noted that Nike’s Snkrs app drops
limited-edition sneakers in selected cities every week. Due to limited availability and the
surprise element, sneaker demand has skyrocketed. He said that Nike’s sneaker app
caters to consumers’ desire to own what only a few can have as well as to their desire
for surprise—so, both scarcity and urgency.
Deborah Weinswig, CEO and Founder, Coresight Research
deborahweinswig@fung1937.com US: 917.655.6790 HK: 852.6119.1779 CN: 86.186.1420.3016 2
Copyright © 2018 Coresight Research. All rights reserved.May 18, 2018
Microinfluencers, who appeal to consumers seeking authenticity, are also partnering
with retailers, according to Kumar. Gal Meets Glam, a Charleston-based style and beauty
blog with more than 1.2 million followers on Instagram, recently partnered with
Nordstrom, Kumar noted, adding that Julia Engel, the site’s founder, now has her own
brand of dresses.
Buxton Midyette of 100-year-old American cotton company Supima, said that
technology has helped his company expand its business from 300 licensees to 500. He
said that social media enables the company to tell its story of craftsmanship and luxury.
“Consumers always want something of value,” Midyette said. “Before, we were not able
to get the message across on previous channels…today, we can tell our company’s
heritage and full story of an American-grown luxury brand—grown in the Southwest.”
Transparency is the new normal for retail.
Transparency was a theme throughout the evening’s discussion, and panelists noted that
it is becoming best practice in operations across the supply chain, often enabled by
blockchain technology. The panel also said that technology is enabling more transparent
brand and corporate communications.
Kumar highlighted De Beers’ efforts to formalize its blockchain initiative. The project
enables consumers to track how diamonds are sourced and provides transparency
throughout the entire supply chain. Kumar suggested that demand for supply chain
transparency will continue to push technology forward in new and exciting ways, as
consumers want to see where their products are made and who made them.
Midyette added that transparency and brand integrity go hand in hand, and that brands
have to maintain their integrity with both suppliers and consumers. He pointed out that
Everlane, which adheres to a radical transparency model, is one example of a brand that
is doing things right. The company shows consumers its costs, by line item, as well as the
factories where products are made. People want to feel good about the clothing that
they buy, Midyette said, noting that “retail space is not just a selling space, but a
performance space to share.”
Paul Blum, formerly of Henri Bendel, said that increased transparency on social media
platforms is allowing for closer interactions that were previously unimaginable. Now, a
consumer can direct message a designer or CEO via social media, he said, noting that the
channel has positive implications for transparent communications at every level.
To win over consumers today, brands must reevaluate their competition in order to
determine who they are competing against.
Mike Karam of Laird+Partners said that in order to win over consumers, brands and
retailers should take a fresh look at who their competitors are—because they are likely
not the usual suspects. Today, competition includes culture and everything that people
are consuming socially on Instagram, Facebook and Twitter, Karam said. Brands have to
be as interesting as the Internet and people’s social media feeds. “If Drake drops a new
album, you have to be as interesting to earn people’s attention,” he said.
Blum added that he had researched this topic because clients had so often asked him,
“How do you win over the consumer today?” He said that he discovered that virality is
largely a myth, and that very few things “happen from a single thing, and become a big
thing.” In other words, a brand cannot expect that just because it builds an amazing
website, consumers will flock to it. Blum suggested that brands need seeded content in
multiple places and a pronged approach in order to win over today’s consumers.
Deborah Weinswig, CEO and Founder, Coresight Research
deborahweinswig@fung1937.com US: 917.655.6790 HK: 852.6119.1779 CN: 86.186.1420.3016 3
Copyright © 2018 Coresight Research. All rights reserved.May 18, 2018
Deborah Weinswig, CPA
CEO and Founder
Coresight Research
New York: 917.655.6790
Hong Kong: 852.6119.1779
China: 86.186.1420.3016
deborahweinswig@fung1937.com
Erin Schmidt
Research Associate
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Deborah Weinswig, CEO and Founder, Coresight Research
deborahweinswig@fung1937.com US: 917.655.6790 HK: 852.6119.1779 CN: 86.186.1420.3016 4
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