ICYMI: What We’ve Been Reading
Stay Informed with our News Roundup
ICYMI: At RetailOasis, we understand the importance of staying ahead in the ever-evolving retail landscape. To support your journey, we've curated a selection of insightful articles that we believe are essential reads for industry leaders.
These articles cover a range of innovative and emerging topics that can offer valuable perspectives and inform your strategic decisions.
Source: Business of Fashion
1. THE RUNNING REVOLUTION
Article Link: https://www.linkedin.com/pulse/how-brands-leveraging-rapid-rise-run-clubs-noticeeeee-shtoc/
The recent hype around running has been evident in many ways. Long are they days when you can walk around the local park in peace without getting overtaken by 50 enthusiasts at their weekly run club. The 2024 Sydney Marathon (presented by Asics) recently reached full capacity at 24,000 runners, making it the largest field for any marathon-distance race in Australia (Reuters). Notice has spoken about the use of run clubs to reactivate physical social interaction, helping to battle the loneliness global health threat as declared by the WHO (World Health Organisation). We agree that run clubs are emerging as individuals seek to be part of a community and to foster connections (and according to Notice, even to recruit for their next date), but are some consumers ditching alternative social experiences for run club?
Sober curiosity is particularly apparent within the Gen X cohort as they place an emphasis on their personal health, with 61% of Gen Zers who said they planned to reduce their alcohol intake, compared to just 40% in 2023 (NC Solutions). Furthermore, Australian Gen Zers are now saving more than $450 each month, taking onboard Loud Budgeting and No & Low-Spending Months trends, most commonly cutting back on entertainment, and eating & drinking out (NAB). Run club is the perfect no-cost, health-focused social alternative. Read the article to find out about how brands are leveraging the running revolution.
Source: Goop
2. THE SCIENCE BEHIND BIOHACKING
Article Link: https://www.forbes.com/sites/biancasalonga/2024/05/08/biohacking-beauty-trend-or-breakthrough/?sh=4fa31f32a1c3
Scientific developments and advancements in epigenetic skincare are redefining our approach to beauty and skincare. Countless beauty brands have been utilising data on genetics over the past five years to better understand aging skin at a cellular level.
LYMA Skin claims that with the use of a serum and a face cream can transform skin in just 30 days. They say the aging of skin can be interrupted, addressing “why we age” instead of fighting the signs of aging. Other examples include Skin Diligent and SickScience, both who formulated ingredients and developed innovative technologies which activates skin regeneration through cellular activity.
Is biohacking simply a buzzword, or can we expect to see these products take over the beauty market? The proof is in the product. While scientific validation will certainly catch the attention of beauty enthusiasts, clear results are needed to capture customer loyalty and to survive in a saturated market.
Source: MindFood
3. THE RISE OF SLEEP TOURISM
Article Link: https://skift.com/2024/04/28/the-science-of-sleep-how-the-travel-industry-is-cashing-on-tourisms-latest-obsession/
Travel is no longer restricted to the traditional short-term vacations as we know the - relaxing at the beach, absorbing the local culture and enjoying the varying cuisines on offer. Travel has been reimagined to filter through every aspect of our lives. Think big celebration trips for special occasions, travelling far and wide for sporting or music events, or simply to work from the comfort of an Airbnb abroad.
According to Skift, Gen Z have paved the way by placing an emphasis on the importance of sleep while prioritising health and wellness more than any other generation, and the obsession with sleep has now filtered through to the tourism industry. We welcome the sleep-cation era.
Equinox Hotels are a prime example of how they have integrated sleep into their business model. The selling point is to help guests get high quality rest through a transformative sleep experience through a science-backed program. Guests can expect foods, meditations, supplements & spa treatments to support sleep-health and relaxation (with air filtration, blackout blinds & soundproofing in every room). Looking further, we are already beginning to see airlines, airports and retailers introducing new initiatives tapping into the focus on sleep.
Source: The Wall Street Journal
4. OVERCOMING HURDLES IN FEMTECH
Article Link: https://news.crunchbase.com/health-wellness-biotech/the-next-frontier-femtech-wright-bison/
Femtech, technology focused innovative solutions for women’s health (covering everything from fertility and pregnancy to menopause and sexual health), faces complex challenges ahead despite both the potential and significant demand in the market. According to Forbes, women continue to face barriers to accessing healthcare services, such as cost, discrimination, and lack of funding. Unfortunately, there are some major obstacles which continue to hinder significant progress in the femtech space, which directly translates into further barriers of entry for females.
The first is the lack of willingness to pay by insurance companies, and the second is the massive information gap in the understanding of female biology. Women often bear the burden of healthcare costs due to this gap, leading to increased out-of-pocket expenses and reliance on alternative health solutions. Generating further women's health data is crucial for unlocking capital and developing personalized therapies. Despite challenges, there is optimism that femtech pioneers will pave the way for transformative products and services, attracting investment and improving women's well-being across all life stages.
Source: The Independent
5. SUBSCRIPTION FATIGUE IS SET TO WORSEN WITH THE INTRODUCTION TO AI
Article Link: https://www.fastcompany.com/91107743/ai-app-subscription-fatigue-google-photos-apple
The subscription model has been a fixture for over a decade now, with Google launching subscriptions in 2011 and Apple following suit in 2016. Initially, consumers were content with paying one or two monthly fees (say Netflix or Spotify). However, the landscape quickly evolved, with subscriptions becoming ubiquitous across various sectors, including streaming services, software, and even food delivery. While consumers initially appreciated the convenience of small, regular fees, attitudes have since shifted as the costs of multiple subscriptions have accumulated without tangible benefits.
Subscription fatigue has already prompted consumers to reassess their subscription commitments, potentially opting to retain only one or two and cancelling the rest. In response to consumer fatigue, Max, Hulu, and Disney+ have recently announced bundled streaming service packages aimed at retaining their customer base (Yahoo News).
With the introduction of a plethora of AI tools to the market, such as Google's Image 'Magic Editor' which is set to release on May 15th, premium subscription plans offering full and unlimited access, like the GPT-4 chatbot, are expected to enter the space. As these new AI tools emerge, consumers are likely to explore the free versions initially, before weighing up if the premium offerings are worth signing up to yet another subscription.
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