Emotional connection with shoppers has always sat at the heart of the essence of our industry, and yet there are still precious few retailers putting their money where their mouths are towards a new agenda of social wellbeing.
5 years ago FITCH identified the move towards this trend with its Generous Brands white paper, a ground breaking challenge to the retail industry to take up the mantle and to change both operations and culture from a focus solely on the bottom line to one marrying commercial realities with a responsibility towards a higher purpose.
The time has come to revisit this topic as retail finds itself poised at a moment of profound change – most pointedly the approaching dominance of Gens Y and Z on the shopping landscape, collectively the largest block of consumers in history and by far the most socially conscious.
Against this backdrop it is more important now than ever before for brands and retailers to align their higher purpose with their business goals. Only then will they become not only unique, but relevant and memorable to those that they seek to serve.