With over 800 million active users and clear youth appeal, TikTok has seen a number of verticals flock to the app. Yet with a few exceptions, fashion brands have yet to embrace the app.
Why it matters: Even the fashion brands that have gotten involved in TikTok, like Gucci and J.W. Anderson, did so coincidentally after user-generated styling challenges went viral. For other fashion brands looking to test the TikTok waters, creating content with a popular TikTok creator may be the best entry point.
Rachel Konrad, chief communications officer at Impossible Foods, says that by March 6, the brand had formed a task force and started planning strict safety protocols at its plant, lab and test kitchen. In addition, the brand improved fertility assistance benefits for all employees, made recruiting more inclusive and hosted anti-racism seminars, while its employee resource groups founded a mentorship program,
Why it matters: In March, the brand’s flagship product, the Impossible Burger, was carried in fewer than 150 grocery stores. Within six months, the product was in more than 15,000 stores. According to data from retailers, at least 75 percent of people who try Impossible become repeat customers.
Why it matters: A mass exodus out of large metropolitan cities presents a new, untapped opportunity for brand marketers who have consistently targeted such cities like Los Angeles, New York and San Francisco.
A strong connection with customers built through incentives to shop with brands over long periods of time—as opposed to a specific moment—has become essential for survival.
Why it matters: With a neutral stance not an option this year, many fashion and beauty brands pledged to match their representation of black business owners to the black population of the US, while others acknowledged the opportunity that virtual fashion shows and gaming, respectively, represent.
Harvard Business Review
Research by Bain & Co conducted last year of more than 1,300 companies’ performance from 1996 to 2018 shows that tech companies are 12 percent more likely to be disrupted than companies in retail and 25 percent more likely than those in financial services.
Why it matters: The two forces driving tech companies’ ability to create value are: their ability to create a dominant platform, or their ability to reposition their core business or extend into new areas.