Innovate Service Centric 2021

TIME TO DECIDE

The 8th edition of the Innovate Service Centric conference took place on November 18th, 2021! The great revolution of services is on the way. The health crisis has given a boost to the development of new services that we have analyzed during this edition.

Everyday, the experts of Echangeur BNP Paribas Personal Finance analyze the innovations launched by brands and retailers. Supported by established players or by new entrants, innovations illustrate current and future changes in Commerce. Buyer, seller, influencer and actor of change, the consumer and his aspirations are at the heart of these transformations.

To strengthen your Customer Relationship, come and discover the areas of work and innovation illustrated by the key services of the year!

ON THE PROGRAM OF THIS 2021 EDITION

• THE CIRCULAR ECONOMY, A WHITE KNIGHT FOR BUSINESS
Will business become circular? Relegated to a background role during 2020, the fight against climate change has taken on new impetus this year. Tempted by the turnover seen by C2C platforms, brands have been moving into the circular economy over the last year. Secondhand and used goods are making an appearance in stores and on brands’ websites.
Which poses a question: is this transformation of brands legitimate in the eyes of consumers? If the answer is no, then the big winners might be new brands, coming out of nowhere, with environmentally sustainable and responsible DNA.

• PRICE, THE BIG WINNER OVER THE LAST FEW YEARS
Do consumers want to save the planet, help their communities, or are they only looking to the circular economy in order to continue to consume, but at a lower price? The answer is probably a bit of both, and on different scales, depending on their incomes. Because let’s not forget that budgetary tensions already existed before the crisis, and the crisis has, and will, further magnify them. Therefore it’s no surprise that the Low-Cost segment is continuing to grow. For their part, customers are taking matters into their own hands, maximising their incomes by becoming traders, while minimising their expenses by turning ever more frequently towards renting, as well as towards repairing.

• CHORE OR PLEASURE, DIGITALISATION IS EXACERBATING TRADE-OFFS
The explosion of e-commerce has been partially automatic. Confined to their homes, consumers had no choice but to shop online. Something to be endured last year, these habits have become anchored in their daily lives and are emerging as new consumer habits. This makes sense, as going digital helps them eliminate chores and focus on useful things and enjoyment. Previously the poor relation of the customer experience, delivery has now become a key driver of loyalty. In the same way, social networks are evolving and transforming into transactional platforms, while at the same time websites are virtualising. Clearly, the lines between offline and online life have become blurred with the pandemic.

• POINTS OF SALE, ATTRACTING CUSTOMERS WITH NEW ROLES
Already having faced the explosion of online sales for several years, as well as the current evolution of purchasing experiences on their websites, brands absolutely have to answer this fundamental question: going forward, what is the role of shops? While some of them are seeing their customer traffic increase, for the majority of shops, customers are becoming scarce. Club, library, media, label, flea market… the last few months have seen the appearance of numerous tests-of-concept. Driven by distributors, as well as by brands who are taking control of their marketing, they’re all looking to respond to the future aspirations of consumers.

• THE FUTURE? SERVICES MAKE ALL THE DIFFERENCE!
If the lines are shifting, it’s because consumers are also transforming. From being simple buyers, they have developed over recent years into being sellers, influencers, and agents of change. Fully embracing their roles, they expect brands and retailers to respond to their demands, both during their purchases, as well as in their daily lives. Thus, the relationship takes on a new dimension, based around services. Trusted third parties, brands and retailers are evolving into service platforms, able to help their customers far beyond their sole original business, so as to build a strong and lasting preference over the long term.

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