November 22, 2019

FT NextGen: Consumer desire fuelling disruption

All disruptors put consumers at the core of their product. Those businesses that succeed in changing markets, altering customer perceptions, and re-imagining business models don’t set out to be disruptors.

They begin with the notion of catering to consumer desire and improving the lives of the end users.

For us at Prevayl®, everything we do is focused on helping people to live healthy lives; a core human desire and an intrinsic part of human nature. By enabling individuals to interact with their own health data they will have the insights to help them make healthier choices every single day.

Consumer desire fuels change for the better. This was central to the discussion at FT NextGen, where we were lucky to attend. These are some of the biggest consumer trends fuelling disruption now and into 2020.

Disrupting banks of the future

Digital banks are completely re-imagining the market in the UK. Where once the old establishment dominated the sector, now the number of people using digital banks is expected to exceed 35 million in 2020.

Nearly 30% of consumers in the UK are willing to use a digital-only bank. Digital banks promise real-time spending updates, instant payments to friends, tools to monitor personal finance, no charges for using cards abroad, and enhanced security through facial and voice recognition for account access and transfers.

Put simply, they focus on exactly what consumers desire and provide market-leading tech features to cater for their needs. These are the seeds of disruption coming to fruition.

The future of content

Define ‘content’. Gone are the days of content being purely limited to the websites we visit, the newspapers and magazines we read and the TV channels we tune into.

Today, we’re all content creators.

Our online lives are our personally curated content feeds. Social media platforms began this trend and their algorithms have fostered and fuelled this desire. Your feed is created in line with the content you like and engage with, while your own page is the outward extension of your personality you want the world to see.

This phenomenon of the last decade or so has been driven by the desire for an individual experience, based around a personal customer journey. It has completely re-imagined how we consume content and detrimentally impacted traditional media outlets that simply can’t cater to the desire for personalisation on such a granular level.

This desire for personal curation of our own lives is beginning to be taken a step further by brands with innovative concepts to enhance engagement and create a personal customer journey. This is the central concept behind Burberry’s commitment to bring social selling to their stores, beginning in China. It feels like just the start.

Fashion’s sustainability problem

Consumer desire isn’t just fuelling the revolution of the shopping experience. Consumers are ever-more clued up on sustainability and how various industries continue to impact the world we live in.

Growing numbers of people globally are beginning to turn away from fast-fashion due to the environmental impact it continues to have.

This has led to a step-change from the world’s leading luxury brands. In August this year prior to the G7 Summit, fashion companies reached a landmark Sustainability Accord with the aim to enlist at least 20% of the global fashion industry in an effort to reduce their environmental impact. Brands involved from the outset include Gucci, Kering and H&M.

Consumer desire might once have fed the fast-fashion industry, now the world’s consumers are beginning to turn their backs.

The pursuit of passion

It isn’t just sustainability that is changing in the fashion industry.

The entire retail model is beginning to shift, especially when it comes to those smaller businesses requiring a route to market away from the costly traditional brick-and-mortar model.

This notion of the retail model being broken as opposed to the fashion model led entrepreneur Ross Bailey to launch Appear Here; an online marketplace for short-term retail space. Since it began in 2013, Ross has now worked with over 200,000 brands and operates in a number of cities worldwide including London and New York.

It means more brands on the market and better options for consumers.

Our work at Prevayl

Consumer desire continues to frame our approach to everything we do at Prevayl, ensuring we help people to live healthier lives through market-leading solutions to wearable technology.

The combination of our connected-clothing and health-management platform enables consumers to curate their individual health dashboard, offering everyone that wears Prevayl-enabled garments a personal customer journey.

Our technology is responsible and our fashion solutions sustainable, while our ability to offer fashion brands Prevayl-enabled solutions ensures a diverse marketplace in the wearables sector.

We have innovation at our core. We know that everything in our lives can be improved.