Licensing Week Virtual 2020 brought together some of the industry's biggest names to deliver keynotes and panel conversations to thousands of visitors. In the raft of expert speakers, retail, ecommerce and consumer behavior was a key talking point, and License Global has put together some of the best insights to build a bigger picture of retail.
Family Dollar, the discount and dollar store, has over 8,000 locations in the U.S. and has seen direct trend upticks in certain product areas in family goods.
"We know over the last few months, things like toys, bikes and above-ground pools have really worked well within the industry. Consumable goods have worked well," explains Andrew Tucker, vice president, general merchandise, seasonal business, Family Dollar, during the day two keynote panel. "But also, we know, Mom is trying to make a living very comfortable for her family for her children at home. There are other things in terms of educational items that have worked well. So, books, writing instruments, those are some strong segments that we've seen across the industry as well."
FMCG is a core growth market within lockdown retail, and brand giant Kraft Heinz is no stranger to retail relationships and consumer engagement.
"Everything starts with the consumer, understand their ever-shifting habits. How has this pandemic changed the consumer behavior, what's here to stay, how much will revert? Everything happens with the consumer," says Chris Urban, vice president, global strategic capabilities, The Kraft Heinz Company during the opening day keynote. "Yes, this time is unprecedented, but the consumer always remains in control. Understanding their thoughts, feelings and desires is your way to reaching your consumer. Make sure you understand the evolving world of retail, all our behaviors have changed drastically in the last three months. So, the shift in brick and mortar. That continues to evolve in the licensing space. How can that work for your brand? Understand the consumer, understand the trends and see where your brand can sit well."
With total ecommerce spending forecasted to reach $879 billion in 2020 (eMarketer) and forecasted economic declines across the world, today's shoppers are heading online and increase time-spent researching purchases. Ecommerce's role in the future of retail has been supercharged by the COVID-19 pandemic and is changing the entire retail landscape with every passing week.
"Ecommerce is one of the most important aspects of this business," says Michael Carlisle, founder and principal, The Wildflower Group, at a session on e-commerce. "It's how you can build an engaged following and build dialog."
Covering licensing across Brands & Lifestyle, Character & Entertainment, Art, Design & Emerging Categories as well as access to Licensing University with Licensing International, Licensing Week Virtual covered a myriad of topics. It reflected the immediate changes underway in today's retail and consumer landscape.
To gain the full insight into the licensing, retail, consumer product and brand landscape of 2020 from Licensing Week Virtual, download License Global's in-depth event trend report.