Euromonitor International have released their report on the top 2023 Digital Shopper Trends, and among them is Customer co-creation.
London-based Euromonitor International, an international authority on market research, has released a report on the top five 2023 Digital Shopper Tends, and among them is Customer co-creation.
The research firm points out that a co-creation strategy is critical to reaching Gen Z (born 1997-2012). And even among the slightly older millennials (born 1981-1996), 55% want to "engage with brands to influence product innovation".
This means that – more than ever – brands have to create truly customer-centric products. Consumers value brands that value their opinion. So what can brands do? Some leading brands, like Nike and IKEA, have already set up formal ways to co-design products with their customers. Other brands start by having their ears to the ground and listening to the product ideas of their customers, often shared on social media.
All this is very much related to the topic of user-generated content (UGC). A great way to start involving customers in a brand is to invite them to create content – to let customers show how they view the brand, what they like, and what could be improved. Putting the brand's own community at the center of marketing is a great way to align a brand with its actual customers – to future-proof the brand and its long-term profits.
Sources:
1. Euromonitor International, "2023 Digital Shopper Tends", published in February 2023.
2. Euromonitor International, "Voice of the Consumer: Lifestyles Survey", published in May 2022.