Katchin is a new curated platform for luxury watches and jewellery
UK – Katchin is a new global marketplace that sells watches and jewellery, and offers curated content to consumers who want a deeper understanding of luxury accessories and brands.
The e-commerce platform will feature brand origin stories, an evolving range of style edits, inspiration, how-to and gift guides. Built by marketplace technology company Mirakl and backed by the Fossil Group, Katchin was launched in the UK with more than 70 up-and-coming brands and well-known designers, including Emporio Armani, Michael Kors, Issey Miyake, as well as jewellery and watch specialists Otazu, Ania Haie, Rotary and Festina.
According to Katchin, the jewellery and watch market in Western Europe is expected to grow by 5–7% in 2023, representing about £11.5bn (€13bn, $14bn) in consumer spending. Luxury brands must rethink traditional barriers to entry to appeal to new consumers. We’ve seen how watch brands are putting effort into democratising and gender-neutralising their products to entice non-traditional and especially younger consumers.
Meet your consumers where they feel most comfortable even if that is an unconventional space for your business to be.
Alo Yoga offers customers NFTs to match purchases
US – In an attempt to digitise its loyalty programme, Los Angeles-based athleisure brand Alo Yoga has created non-fungible tokens (NFTs) for customers who purchased clothing from Aspen’s 2022 skiwear collection.
Aspen is the street-to-studio brand’s most expensive collection to date, priced between £535 ($650, €604) and £1,235 ($1,500, €1,394). Any customer who purchased an item from the 17-piece line of suits, puffer jackets and cashmere sweaters will be offered its digital match. The rotating 3D digital renderings of Alo Yoga’s clothing, created in partnership with digital creative agency Digital Twin Studios, unlock real-life rewards and experiences for Alo Yoga’s premium customers, including personal training sessions at Alo Wellness Clubs, week-long events at Alo Houses and access to private client managers for personal shopping and styling advice.
Consumers remain flexible in their attitudes to physical and digital retail. They expect businesses to also be malleable and create seamless experiences that allow them to go back and forth between both spaces.
Embrace new phygital realities with creativity, invent playful ways to connect with customers and build loyalty through fun.
Stat: Supplement and vitamin routines of US consumers are evolving
US – What do consumers want from vitamins, minerals and dietary supplements (VMS)? New research has revealed the changing preferences set to shape the future of this increasingly saturated market.
Mintel’s study of Americans’ supplement habits shows that, overall, a third (34%) have increased their usage since the start of the pandemic, but what they want from their VMS products is changing. While physical health (66%) and immune system (62%) support remain top-of-mind, mental wellbeing benefits are increasingly sought-after, pushing demand for brain-boosting and mood-regulating formulas, such as magnesium, vitamin D, curcumin and L-theanine.
The research also highlights that consumers want à la carte VMS offerings, gradually shunning multi-vitamins in favour of single-letter vitamins and mineral supplements. This shift comes as consumers, who are more health-conscious and educated, reject the idea of a one-size-fits-all miracle solution. Expect the health and wellness sectors to become a lot more attentive to targeted and unique concerns, focusing equally on physical and mental wellbeing through bespoke and science-backed routines.
Health concerns no longer hold seasonal significance – consumers focus on all-year-round physical and mental wellbeing. Brands need to factor in this shift and adopt a bespoke approach, prioritising ingredient transparency and educating consumers on how products can work for them