Understanding Future Markets: United States
As parts of the United States open up, all eyes are on the consumer: how will the lockdown have changed the American consumer’s spending habits? To understand this, we recently looked at spending downturns in the last two decades, plus current trend information, to understand how apparel spending in the US might shift. Our findings are that the prolonged store shutdowns, plus the impacts of stark employment prospects against student debt, mean that past recessionary spending leaders (the...
Tags: Business Practices , Strategy
‘Open Innovation’ and the ‘New Normal’
In April, 2020, a unit within the Fung Group launched the Loop – an open innovation crowdsourcing initiative supported by the Academy. This initiative taps into the collective knowledge of all employees to aggregate and then filter ideas for the business. The program is run through a set of time-boxed online challenges in which the community ideates, discusses, and votes. In their first challenge, the Loop asked colleagues: “How might we envision different ways-of-working as part of our new...
Tags: Crowdsourcing , Online Platform , Open Innovation