ICYMI: Clubhouse is an audio-based social network for drop-in conversations with people around the world. We thought it would be an ideal format to bring together the retail community to talk shop and learn from one another -- so, we launched Afterpay Access.
Throughout the month of April, we invited our network of 74k+ merchant partners to participate in a series of three talks on trends in the retail industry. Covering topics including COVID-era shopping, the future of eCommerce, and the “creator economy,” our Clubhouse talks brought together retail industry experts and leaders from companies including Igloo, On Running, Gymshark, and Yumi Nutrition. If you didn’t drop into our Clubhouse during one of these talks, we still have you covered -- check out a recap of each session below.
The Mindful Shopping Addict
Our first session explored the COVID-era boom in online shopping and the importance of balancing marketing with financial wellness. We gathered five experts to talk about ethical consumerism, sustainable consumer habits, and how to sell products while promoting healthy spending. Here’s what we learned:
- Climate change is not an issue brands can avoid. Even if your brand isn’t focused on sustainability, the impacts of doing business persist, and consumers are aware of them.
- Brands have a responsibility to provide accessible and sustainable options to consumers, and consumers have their own responsibility to explore and consider those options.
- Taking the steps to make products sustainable is important not just for the planet, but can drive organic brand awareness and positive perception, while fortifying your brand for the future.
- Brands must be transparent with terms and intentions, and consider the vulnerability of certain populations to ensure marketing tactics aren’t taking advantage of under-resourced demographics.
- Patience is key, because change won’t happen overnight. Adopting a long-term sustainability strategy requires small steps that add up to a more sustainable future.
The Future of eCommerce
With COVID-19 pushing more people online to do their shopping, the eCommerce sector saw unprecedented growth last year. Beyond the increase in eCommerce sales, retailers also embraced new technologies and channels to enable consumers to shop when, where, and how they want. To help Afterpay merchants understand shifts in eCommerce and keep ahead of the competition, we gathered experts to discuss topics ranging from the “returns crisis” and augmented reality to live streaming, NFTs, and blockchain. Here’s what we learned:
- Don’t chase a new technology just because others are doing so. Explore and invest in tech that your customers actually want and will use. Observe how, when, and why they shop, and listen to what they have to say about the experience. With that knowledge, you can better select new technologies and implement them quickly.
- Approach NFTs (non-fungible tokens) with caution. While many retailers are eager to jump on this trend, it’s important to consider the practical applications of NFTs for brands, such as redeemable qualities which allow audiences to cash in on vouchers or experiences.
- Live shopping is here (and no, we’re not talking about HSN). Retailers in China have already embedded live shipping into culture, and it could drive unique opportunities for eCommerce brands to spur urgency and excitement around product drops.
- A more flexible (and increasingly work-from-home) culture will impact consumer purchasing behavior, as well as how companies instill a strong working culture.
- In adopting new technologies, merchants do run the risk of failure--but that’s okay. Fail quickly, learn from mistakes, and adapt. By operating based on culture and values, retailers can move on from less-than-perfect implementations without losing customer support.
The Creator Economy
You’ve heard of eCommerce and social commerce--but what about linear commerce? This new form of shopping is outperforming traditional commerce companies, as creators (think: YouTube or TikTok stars) develop into businesses of their own right. We gathered four experts to talk about successful creator product launches, how to build a personal brand, and how retailers can embrace these insights to drive business results. Here’s what we learned:
- Being a creator is about fostering and connecting with an audience--it doesn’t necessarily require a traditional talent or skill beyond the ability to convene people around subjects they care about.
- When presented with an opportunity to collaborate with a brand, creators should think about whether such a partnership would respect their audience. Turning down opportunities that don’t fit their own brand and values can preserve a creator’s audience, and their perception of authenticity. On the flip side, brands should be just as particular about the creator they choose to work with.
- There are benefits to being an early adopter of emerging technologies, for both brands and creators. Brands can invest in the long-term success of creators on those platforms, while creators can build an early following and emerge on top when platforms go mainstream.
- Creators sometimes feel pressured to use their platforms to speak on current issues. While they should speak up when warranted--or when an issue resonates with them or their audience--it’s okay to simply be an active listener. Giving other creators or audiences the space to share their perspectives can be just as powerful, if not more.
- Often, the most successful collaborations involve different kinds of talent and voices. Going beyond your own subject matter or area of focus by working with other creators can accelerate everyone’s reach, sparking a multiplier effect.
Interested in participating in future editions of The Afterpay Summit Series? Hop on Clubhouse and follow Afterpay here.
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