The future of retail at the center of the Niq & GfK Insight Summit Italy 2024

What are the opportunities in a permacrisis like the current one? Il tried to answer this very difficult question Niq & GfK Insight Summit Italy 2024, the first joint event organized in Italy after the union of the two companies. In order to provide useful information to businesses, the speakers who took to the stage analyzed new media trends, the evolution of audiences, new purchasing paths and emerging phenomena affecting retail.

“We live in a world of growing complexity and widespread polarisation, which affects various aspects of our society – he explained at the opening of the meeting held in Milan at the Talent Garden Calabiana, Enzo Frasio, CEO of Niq & GfK in Italy – In this context, to identify new growth trajectories, it is essential not only to possess a large amount of data, but also to know how to connect it and obtain solid and actionable indications”.

The first speech, entitled “How to win in the age of polarization? Divided we fall, different we grow”, saw on stage Daniele Novello, sub lead, consumer intelligence of GfK Italia, and Christian Centonze, western Europe commercial lead, consumer analytics of Niq, who took stock of the evolution of consumers, their needs and their expectations. The analysis presented highlighted a context of growing polarization, in which economic uncertainty and the reduced purchasing power of families influence the consumption choices of Italians. In response to the permacrisis, we observe an increasing focus on the present: planning decreases and the purchasing path becomes shorter. However, consumer confidence is recovering slightly, with an increase of 9 points at the end of 2023 compared to autumn 2022. The analysis of the Italian population highlights how some segments have been hard hit by the crisis, in particular families with children. Others, however, continue to seek value, offering interesting growth opportunities. In particular, mature families without children is a target with high potential, partially still unexpressed. This is a segment with high economic availability, destined to grow in an aging Italian population, very attentive to issues such as well-being, sustainability, quality and Made in Italy. It is essential for brands to have an in-depth knowledge of the different demand segments to modulate their offer based on the different needs and expectations that characterize them.

The second speech of the morning was dedicated to the role that retailers can play in the process of transforming consumption “Winning Retail: Evolution or Revolution?” presented by Romolo De Camillis, retailer director of Niq, and Ivano Garavaglia, head of retail of GfK. Data from Niq’s Consumption Barometer – The Niq retail spend barometer – shows a 5.2% increase in consumer spending on consumer goods and technological and durable goods for 2023 compared to the previous year. However, not all categories have grown in the same way and even when analyzing the different types of retailers the picture is quite differentiated. The analysis presented highlighted how the winning brands are those that have found the right balance between these opposing needs, adapting their offer and their communication strategy to respond to the different (often opposing) needs of consumers. In this way, they managed to intercept and retain a wider audience.

The evolution of retailers will also have to take into consideration some emerging trends: from the growing interest in second-hand and refurbished products (which combine savings and sustainability) to attention to well-being, health and sustainability. In this context, e-commerce represents a trend that is still growing strongly, especially for specialized shops. The physical point of sale is transformed into a real media, requiring new communication and engagement strategies with consumers, for example using apps as sales and interaction tools.

For the third speech, Edmondo Lucchi, media & communication insight strategist, GfK, and Valeria Miccolis, e-commerce leader of Niq, took to the stage, who in their speech “Are you gonna go my way? The evolving relationship between Consumers, Brands and Retailers” have tried to answer a crucial question: in a context of great fragmentation and polarization like today’s, is it still possible to communicate effectively with consumers? Using an interpretation map that allows you to visualize how consumers look at the present and the future, it is possible to obtain valuable information on the different targets present within the Italian population, analyze their relationships with brands and how brands are distributed on the map. The analysis presented has outlined a fragmented and constantly evolving media landscape in which different audiences are increasingly looking for content personalized to their specific needs and usable on different platforms. Omnichannel purchasing paths integrate online and offline, while phenomena such asinfluencers marketing they are revolutionizing marketing and sales strategies. To grow in this context, companies must understand their consumers thoroughly and therefore outline the best approach (and the right messages) to meet them throughout their purchasing journey and on the most appropriate touchpoints.