RAB Source Entry 3 — Jaqueline

“The Future of Shopping: What’s in Store? | The Economist” explains the history of shopping and how it’s all lead up to our current business to consumer state. Shoppers now have more choices in products, and it’s up to producers and retailers to give consumers what they want. Where brands used to dictate what was cool or not, the internet has now put consumers in the position of power. This is done through reviews, social media posts, and influencers. Leading the shopping revolution is China. Influencers, also known as key opinion leaders, promote and sell products through livestreams which has helped make China the world leader in e-commerce. There are apps that are a combination of Google research, social media, e-commerce, and payments which makes the shopping experience easier. These super app ecosystems give retailers intimate knowledge of what their users want and buy. People are more willing to allow data tracking on everything they do, whereas people in the west aren’t. Companies that use third party vendors don’t get user data which makes it harder for them to understand what their customers want. Many such as Nike are not using these vendors and are focusing on direct consumer selling. They decided to only sell via the Nike website which has developed ways of keeping close tabs on their customers. This helps create a more intimate bond between Nike and the customer. Although there are those who prefer shopping online, there are also those who still prefer shopping in person and companies, regardless of the type. Where once the customer had to prove their loyalty, now the retailer has to prove the loyalty to the shopper which means protecting their data. The inevitability of this retail revolution will be driven by consumer data.

I selected this video because it provides facts and immediately captures your attention from the moment it starts. After watching the video, I found that China is leading the shopping revolution and it’s all due to influencers and consumer data. This is surprising to me because I had no clue how they managed to be on top, and to find out it’s mainly because of influencers and the apps they have to facilitate shopping is shocking. I am also surprised to see that people in China are more willing to allow companies to track their data without any worry. I personally do worry about things like that, mostly because I don’t fully understand what that means. I had previously never thought about how the data companies obtain from us can help both parties. After watching this video multiple times and finding something new I had missed the previous time, I’ve realized that I want to continue educating myself on this topic.

The genre of this source is business news video and the audience for this video is all people, especially those who want to learn and understand how consumerism has changed. The video’s purpose is to inform how the pandemic has changed the way people buy, and how brands are using consumers online data. The video uses statistics, interviews with columnist Henry Tricks from The Economist, real life examples, brands, and pieces of history to inform and explain. The occasion for this video is the adjustment to different ways of shopping because of the  pandemic. The Economist is a British weekly newspaper focusing on current affairs, international business, politics, technology, and culture with a emphasis on economics.

“Over 4 trillion dollars were spent buying stuff online in 2020. Almost a third more than the year before” (The Economist)

“Suddenly the shopper has more choice than ever, and it’s really up to the producer and the retailer to offer the consumer what they want and when they want it” (The Economist)

“With more choice, came more power for the consumer” (The Economist)