Brands need to be ready for a new “kindness economy” driven by consumers prioritising people and the planet, according to retail consultant and broadcaster Mary Portas. Speaking at the opening of Snapchat’s Snap Street, she also addressed social media’s impact on the high street and how brick and mortar stores are essential to drive community. These are the five main takeaways from her presentation.
1. Ethics give brands meaning
Retail is shifting away from selling the cheapest goods, building the biggest shops and fast production cycles. Instead, there is a move towards a new system where people and the planet outweigh profit. Portas discussed the concept of the kindness economy, which she analysed in her 2021 book Rebuild: How to thrive in the new Kindness Economy.
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2. Standing for something drives feel-good purchase
Consumers don’t just want to buy from brands, they want to buy into brands. A prime example of this is ethical business Patagonia, whose popularity helped fuel the still-relevant gorpcore fashion trend. Its billionaire owner famously donated the company’s profits to fight climate change, leading to the biggest search increase for the brand in the past five years. In the 90s, Portas says one of the biggest status symbols was an expensive designer bag, whereas now status is linked to conscious choices and commercial awareness.
3. The macro impact of brick and mortar
“High street isn’t about what we sell, it’s about how we commune,” Portas said. It is a place all kinds of people come together, and retail needs to adopt a new narrative to ensure the high street stays alive through innovation. She says the “joy of shopping” has vanished and urged brands to encourage creativity and community in its stores.
4. Technology can reinvigorate IRL shopping
Social media could be part of the solution – Snapchat has previously worked with brands such as ASOS and JD Sports to create bespoke AR elements and experiences for their shops. The app’s users are more likely to buy something if they’ve had a chance to experience the product first through AR, Snapchat says. This was part of the experience at its Snap Street event on 19 and 20 October, where visitors could experiment with Snapchat’s AR glasses called Spectacles, test virtual makeup with Boots and feature on a digital cover of Cosmopolitan.
5. Shopping is a community experience for Snapchatters
The social media company also shared insights into how its users are shopping. They have a high degree of brand loyalty and prioritise brands that mirror their identities – users want to feel seen and respected through their purchases. 90% of Snapchatters feel happy when they use the app, mirroring the company’s slogan “less likes, more love”.
67% of Snapchatters use the app when they’re shopping to share fitting room looks and get their friends’ opinions, according to Snapchat. Social media is an integrated part of the in-store shopping experience for Gen Z and Gen Alpha, and brands can utilise this to create more interaction and brand touchpoints.
By Dina Zubi, news and features writer for CORQ.
