“After more than a year of pandemic and shopping experiences in 2020, the consumer is more prepared and hopeful for Black Friday this year.”

Black Friday, a North American term to designate the most important date in the retail market, is the main discount event of the year and an opportunity for the brands to create strategies for clearance sales, in addition to generating leads to boost Christmas sales.

Behup presented results for 2020 and a forecast for 2021 in the survey “Resumption of Consumption 2021 for Globo Market Intelligence”.

In 2020, Black Friday occurred in the Covid-19 pandemic and restrictions influenced consumer behavior in the new reality of social isolation.

“New times call for new practices and habits that affect the activities and consumption behavior of Brazilian during the pandemic.”

Consumption during the pandemic
Durable goods
Behup – 2021 Consumer Survey for Globo Market Intelligence – Sample: 1,681 people

In social isolation, e-commerce was a bet to take advantage of market opportunities. 30% said that in the pandemic, online purchases of products started or increased. And, of those, 24% intend to maintain this behavior.

Relevant fator for choosing the product or brand
Behup – 2021 Consumer Survey for Globo Market Intelligence – Sample: 1,681 people

“80% bought products through new sales channels, such as whatsapp or social media. 25% of people plan to shop on promotional dates such as Black Friday. 10% participated in live commerce, 53% of which ended up buying products and 88% say they intend to participate in live commerce in the future.”

Featured categories in live commerces:
●      Clothing and accessories (71%);
●      Electronics (69%).

Mains factors in live commerce:
●      Pricing and payment conditions (70%);
●      Knowing new products and services (68%);
●      Understanding more about the products that cannot be tried on by customers (58%);
●      Understand how to use a product or APP (57%);
●      Clarifying doubts about what the cliente intends to purchase (56%);
●      Recommendations of the live presenter/host (44%).

Consumer profile and purchase planning
A well-planed consumer likes to compare prices, payment terms and delivery options before making their purchases.
Behup – 2021 Consumer Survey for Globo Market Intelligence – Sample: 1,681 people

After the shopping experiences during the pandemic, 47% of these people affirm that they intend to purchase products during Black Friday of 2021, which occurs on November 26th.

“According to IBM’s 2020 Retail Index, the pandemic accelerated the shift from physical retailing to e-commerce within five years. With the pandemic set to continue causing significant disruption to physical retail throughout 2021, brands are increasingly seeking to create buzz and excitement around online shopping events and sales. Major events such as Black Friday are still going to happen, as they did in 2020, but with less physical presence and a renewed focus on the omnichannel experience, which takes into account the ways in which shopping habits have changed in the last year,” WGSN.

Omnichannel trend and the new consumer behavior

“There has been a change in the way people buy. More and more, we make online searches before going to the physical stores. And tendency of omnichannel will continue, with increasing focus and prominence for transactions in the digital universe”, Think with Google.

62% of Brazilian plan to confirm online whether the desired product is in stock before going to the store to purchase it. Source: Google commissioned Ipsos COVID-19 tracker…

How to navigate in the context of the new consumption behavior?

The “Think With” Google platform launched a commerce guide for brands and retailers with insights, data and solutions for more optimized and relevant omnichannel campaigns:

1. Reach out to your consumers while they surf the website

2. Engage your users as they browse

3. Convert people who are searching for products

4. Get ready for end-of-the-year holiday shopping

Green Friday, Conscious Consumption and Sustainability

“The traditional linear fashion value chain transitions to a circular system,” Business of Fashion.

Green Friday is a movement that discusses the excessive consumption during Black Friday and encourages conscious consumption. The initiative drives circular economy and sustainability for the future of fashion and seeks consumers’ social responsibility.

Conscious consumption creates a perception that each acquisition has an impact, positive or negative, on the economy, social relationships, and nature.

“We consume throughout the entire year, but during Black Friday, on the last Friday of November, Christmas shopping officially begins, and consumerism increases even more. With several sales and several discounts on products, it is easy to forget all about conscious consumption and get carried away by impulse. Sales on Black Friday encourage excessive consumption, driving people based on the feeling of possession instead of well-being or necessity,” Beegreen.

“One third (36%) of the British people are choosing to buy products from companies with strong environmental credentials as priorities change during the pandemic,” Internet Retailing.

Consumer commitment and circularity promote sustainable consumption and a positive environmental impact. At the same time, the market still uses dates like Black Friday to induce consumers to buy on impulse. It is possible to seek balance between the market and the planet if circular economy is placed as an imperative in industries around the world and new strategies are developed based on a regenerative and less consumerist approach. The challenge is set.

“Circular business models won’t be optional”, McKinsey & Company.

#BusinessofFashion #BOF #McKinsey #McKinsey&Company #ThinkwithGoogle #WGSN #BlackFriday #GreenFriday

“Our work is aimed at raising awareness about the importance of ‘recycling’ metals that have already been extracted from the soil and create a circular production system, without causing environmental, social or economic damage.”

Yby Bank promotes a new cycle for the reuse of metal by means of a circular production system. Yby Bank presents the demand for recycled metals to its network of partners and the supply to metal vendors.

The initiative develops a circular production system to minimize environmental, economic, and social costs, and to maximize the value of the by-product as a new input of production.

“We will focus mainly on buying and selling metals for reuse, with proven tracking record for companies that wish to use a more responsible raw material in its products.”

How much is the relentless search for gold really worth?

Did you know that metal mining has major impacts on the environment and society?

Metal mining has negative impacts on the environment: removal of vegetation in the mining area, water and air pollution, soil contamination and erosion, death of fish and other wild animals.

The activity can also cause social impacts: removal of local communities and indigenous people, child and slave labor, and the enrichment of criminal organizations.

Yby Bank’s work is based on the pillars of information, sustainability, and innovation, with the purpose of reducing negative impacts and enabling the reuse of precious metals extracted from the soil.

“Our work goes far beyond negotiating the purchase and sale of metals. One of Yby Bank’s main goals is to reinforce awareness around other ways of operating this market, without causing negative environmental and social impacts. The means of production can be sustainable and activities that result in deforestation can be avoided by enabling the reuse of metals that have already been extracted from the soil. That is why we highlight the importance of people who are willing to make a difference in the world”, Mayara Rovery, founder of Yby Bank.

Jewelry x Sustainability

How are jewelry companies reducing their negative impacts on the environment?

In view of the positive changes in the mentality of consumers in the fashion industry, companies have changed their processes and created initiatives that reduce their negative impacts on the environment.

In the jewelry sector, brands have found a middle ground between consumption and responsibility. Since 2019, the associate Mariah Rovery works exclusively with reused gold – material from her clients’ old jewelry items, exchanging them for credit in her store.

The Yby Bank project promotes practical and quick access to responsible and traceable metals for brands that have a more transparent mindset in the industry of precious metals.

Stamps for partners and associates

Yby Bank offers seals and membership plans for partners and associates:

Bronze Seal (Ambassador): individuals who support the project and want to help spread transparency and information in the sector.

Silver Seal (Sponsor): companies who support the project, wish to sponsor research in the sector and purchase metal.

Gold Seal (Patron): for those who believe in solutions to reduce negative impact on the environment and want to help fund research for continued development.

Green Seal (100% Recycled Metal certification): companies that want to create solutions with 100% recycled metal and be authorized to expose the seal in their promotional material.

“The bold and distinctive collection was carefully designed to be a wardrobe staple.”

The new member Room launches four new pillow sandals in partnership with the American brand Cult Gaia.

“A collaboration that takes our dream around the world.”

“I rarely see pieces that I fall in love with right away and that’s the reason I created my brand. The moment I saw the originality of the Brazilian design mixed with the puffy touch of the piece, I was sure that I needed to enter into a collaboration and put my brand’s name on a shoe like that. For years I have had the idea of developing a creation that has this cushioned concept and, when I came across the shoe, I saw that it was exactly what I wanted;” “In addition to the unique concept, I also have a great connection with Brazilian handcrafts and I can soon recognize it. My brand’s shoes are manufactured in the country thanks to the incomparable technique they have and I don’t see anything like it anywhere else in the world”, Jasmim Larian, Cult Gaia.

The collab presents one new model and three exclusive colors, with Fifi wooden bases, by Cult Gaia, and nappa leather uppers, which is traditional of Room.

“This bond was very unexpected and at the same time a wonderful surprise for Room. It is super gratifying to see such a successful and creative designer as Jasmin consider her creation a true Objet d’art. Just like Room, I believe that Cult Gaia also follows a very similar concept when it takes inspiration from architecture or furniture to develop our art. Our DNA has a strong connection and we have a very similar line of reasoning – while we see our pieces as the key point of a production, we also see them as a good decorative objects”, Simone Nunes, Room.

How mindset changes influence diversity, equity and inclusion in fashion.

The future of fashion is to reframe consumption and seek solutions to achieve sustainability, racial representation, equity, and inclusion.

According to the National Household Sample Survey made by IBGE (Brazilian Institute of Geography and Statistics) in 2019 – “We are a country where 56% of people consider themselves black or of mixed race.”

“Fashion is still a conversation that is very much conducted by the elite. For a long time, it was based on the upper classes, power, and white people. Also, for a long time I saw myself in an almost singular space. I recognize my ancestors that I would see in fashion weeks, but there were few black people”, said Luiza Brasil, columnist for Glamour Brasil. She was selected Woman of the Year for the 2019 Glamour Generation Award among the Social Influencers Against Racism 2019.

Black Awareness: a look at inclusive fashion

The movement for change in the fashion industry is occurring worldwide and we find great examples spread across the four continents. In May 2021, the Prada Group announced initiatives to deepen its commitment to diversity, equity, and inclusion. This includes actions such as a full scholarship at the FIT (Fashion Institute of Technology) in New York for an American student and for a high potential female student from Ghana.

North American luxury retailer Nordstrom has added new brands with representation into its mix, and donated part of its profits to the Kind (Kids in Need of Defense) association.

In Brazil, Sankofa, a co-author of the Pretos na Moda movement and the social innovation startup Vamo (Vetro Afro Indigenous in Fashion), supports racialized entrepreneurs in Brazilian fashion and aims to promote inclusion and give visibility and support emerging brands of racialized entrepreneurs. Find out more… 

Dialogues

How does your brand dialogue with different audiences? How does it identify them and approach their cultural and behavioral characteristics?

A Google initiative to expand the inclusion and equity debate presented numbers that prove: “50% of LGBTQIA+ people say they are willing to prioritize a brand that supports the cause, while 69% of black consumers are more likely to buy from a brand that positively reflects their race/ethnicity in its advertising.”

69% of black people believe companies are shallow and opportunist.

“A first step towards racial equality? ‘Improving the quality of work fundamentally.’”

JP Julien co-leads McKinsey & Company’s ‘Institute for Black Economic Mobility’, and led research for ‘The Economic State of Black America:’ what it is and what it could be.

For this report, JP Julien and a team of researchers and experts from the McKinsey Institute for Black Economic Mobility and the McKinsey Global Institute (MGI) provided extensive analysis to understand and quantify the roles that black Americans play in the economy – as workers, business owners, consumers, savers, investors, and residents.

For some black leaders, the most inspiring change comes when boards and leadership teams think of racial equality as the core of their business, not just part of corporate social responsibility programs.

According to the survey, black consumers will pay up to 20% more for custom-made products. So, when combined with total income parity, it results in an opportunity of nearly US$700 billion in potential value.

Visibility, Voice, and Incentive in Fashion

CaSandra Diggs, presidente of the Council of Fashion Designers of America (CFDA), shared her views in an interview with McKinsey on how the fashion industry can promote greater visibility, voice, and encouragement for diverse talent.

As presidente of the CFDA, Diggs develops strategies to present the Council’s purpose of advocating and education its members and the fashion industry at large.

In February 2021, the CFDA, in partnership with PVH Corp., presented McKinsey‘s research and analysis in the State of Diversity, Equity & Inclusion in Fashion report to develop a framework for progress toward equitable workplaces in the US fashion industry.

“One of the things we’re trying to do differently is to broaden the reach and let in more voices that aren’t the typical fashion voices”; “I would love to see more people and more ideas in the industry. Steel sharpens steel: if you are creative and I am creative, we can exchange ideas and elevate each other. The level of innovation and creativity would skyrocket”, says CaSandra Diggs.

The report for fashion companies recommends initiatives to promote diversity, equality, and inclusion. The first step is to align internal structures and policies, then activate groups externally – Black Lives Matter groups, educational institutions, or government institutions.

“When people think about equity, they think it’s a zero-sum game: if I need to help you, that means I have to stop helping someone else. Or someone loses because someone else wins. I don’t see equity like that. I see equity as a level of achievement. Most people focus on diversity and inclusion, but even when you have visibility and voice, do you have control over decision making processes? This is for me what equity is: it is having power of decision”, CaSandra Diggs.

“’The fashion industry must be as diverse as its consumers:’ a PVH perspective”

Lance LaVergne, director of diversity at PVH Corp., discussed how fashion companies can attract young people and help emerging designers – and what it will take to break the status quo.

He saw a substantial shift in the way some companies approach talent acquisition and retention through their diversity and recruiting roles.

Diversity as a Business Imperative

Also, according to McKinsey consultancy, companies have moved from focusing exclusively on diversity to also focusing on inclusion – ensuring that people are involved and engaged, despite any differences in origins – and, more recently, on belonging and equity, which LaVergne considers it to be the most interesting evolution.

In August 2020, LaVergne joined PVH Corp. to lead global talent acquisition in the company’s newly expanded role of director of diversity

“On the first day of this year’s Black History Month – February 1, 2021 – PVH Corp., in partnership with the Council of Fashion Designers of America (CFDA), released the State of Diversity, Equity, and Inclusion in Fashion report, which is based on McKinsey Research and Analysis”, McKinsey.

“[the report] is excellent because it not only analyzes the issues but also identifies specific actions that people and organizations can take”, Lance LaVergne.

Diversity as a Global Quest

“We are in one of the most interesting moments we’ve seen in a generation, and it’s times like these, times of difficulty and retraction, when you realize the importance of diversity and inclusion work. When economy or opportunity establish contracts, that is when people and companies make tough decisions, and sometimes those decisions can revert to old behaviors and old ways. That’s when it’s especially important to lean from a DE & I perspective, to ensure that business decisions are based on objective measures, so that the progress you’ve made in creating greater diversity, equity, and inclusion survives these disruptive periods”, McKinsey.

#consciêncianegra #equidade #diversidade #inclusão #sankofa #projetosankofa

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