BANDS AND BRANDS:
HOW TECHNOLOGY IMPACTS CONSUMER NAVIGATION
March 3, 2020
Similar to how finding music has changed, shopping for consumer packaged goods has also been impacted by the digital age. Whether you’re shopping for groceries online through sites like Peapod or Instacart, reading product reviews online, or using your phone to scan on-pack QR codes for more information, technology has changed and shaped current trends in retail. It’s about to change even more with the launch of 5G planned for this year. More than just a newer version of 4G, 5G is expected to become a
Enabling a Broad Set of Industries
With the food and beverage industry launching new products each year, consumers are faced with the challenge of navigating a busy shelf-set with unrecognizable and unfamiliar products. Moreover, with consumers paying closer attention to costs more than ever before, they are becoming less brand loyal in an effort to keep more money in their pockets. The confluence of these factors creates a prime opportunity for new products to resonate with new consumers. I would argue that the music industry is positioned in a similar fashion with bands and artists with varying popularity and networks are all competing for limited attention and dollars just waiting to be discovered.
It’s clear that technology has become a major tool for brands to expand their engagement with consumers. For example, Spotify annually releases a Wrapped feature, which is a personalized snapshot of the music a user listened to over a year. More specifically, Wrapped provides precise information on the artists, genres and even the duration of songs users had listened to along with other information. In 2019, I spent 47,083 minutes on Spotify listening to rock, indie, emo, and metalcore from 19 different countries. Most surprising to me, I discovered 381 new artists: A feat that might have been impossible to
When it comes to 5G, experts believe we won’t realize the full economic benefit until 2035. Moreover, there have been recent criticisms involving the potential risks of cybercrime and hacking with 5G. As the benefits and risks begin to play out from now until 2035, I will be paying close attention to how it impacts and improves how I experience music, brands and the world around me.