before offloading cash like it was burning a hole in our pocket, the time has come to make more deliberate decisions about what we buy.
Mindful consumption suggests a more deliberate, considered and conscious approach to shopping.
So how can retailers tap into this trend?
It’s easy to connect mindful consumption to buying less and that could be the case for consumers who have spent lockdown decluttering. But it’s much bigger than that. And those that are able to grasp the wider view will be well placed to benefit.
Service and personalised care
The past two years have been the catalyst for change in many people’s lives and consumers want brands to be mindful of this.
According to research by Accenture, 68 per cent of consumers expect the companies they engage with to understand how their needs and objectives have changed and find ways to address those needs. And 53 per cent of Australians believe companies should become experts at understanding human signals and able to react to shifting needs and perceptions now more than ever before.
We’ve seen this in action during the pandemic with supermarkets introducing special shopping hours for the elderly and vulnerable. This sort of thinking needs to be more than a one-off in this new age of mindful consumption.
Sustainability
Before Covid, sustainability was trendy but the pandemic has embedded social responsibility, environmental awareness and expectations of businesses deeper in our cultural values.
Consumers now expect brands to go beyond mitigating harm to creating conditions where ecosystems, economies and people can flourish.
One brand that has taken this to heart is VB. Now brewed with 100 per cent off-set solar electricity, the beer has removed all plastic from its can packaging. And a VB stubby uses less glass than any other similar sized beer due to its efficient design.
Given the current momentum around climate change, now’s the time to take a leaf out of VB’s book and get serious about what you do about sustainability, not just what you say.
Social contribution
According to Edelman’s Trust Barometer, 80 per cent of consumers across the globe say that for brands to earn or keep their trust, they need to help solve society’s problems. And 61 per cent of Aussies reckon we need corporate input to fix the issues of the day.
Priceline is one retailer that has firmly placed a stake in the ground on this issue supporting a raft of initiatives through its Sisterhood Foundation including Dementia Australia, Motherless Daughters Australia and Perinatal Anxiety and Depression Australia to name just three.
So what is your brand doing to help? Can you forge partnerships that tie to your purpose and assist people in need? Can you authentically align to a cause or purpose that will do genuine good for the community?
Health and wellbeing
Mindfulness goes hand-in-hand with health and wellbeing positioning retailers in the space front and centre.
McKrindle research has found 83 per cent of Aussies are trying to prioritise their health and wellbeing with 88 per cent interested in trialling new fitness and wellness activities.
There’s also opportunity for retail brands that don’t fit firmly into the health and wellbeing bucket to tap into this trend. Consider partnerships with more health-focused brands or introducing ways to communicate the health benefits of your products from smart TVs with fitness video games to health-conscious menu items.
The last two years have been quite the rollercoaster ride for retailers.
All of us are trying to answer the question, “How much of the new thinking and behaviours will stick?” Those hoping this is the final stage of the Covid purchase cycle before we can get back to mid-season sales will need to think a bit harder or be left holding stock.
