As an industry that faces drastic changes, retailers need to be able to analyze and understand consumer demands. In line with technology development, artificial intelligence is also playing into the factor that severely affects this market, therefore retailers: it can become a losing game the further companies fall behind in this era of digitalization.
As a leading industry in current social trends, where consumer demands could change by the day, it’s crucial to continue growing and meet necessary demands. To thrive in such a competitive industry, YANO provides research, reports and guide clients to understand fully the “now” and “future”, helping to grow and discover new opportunities in response to these changing demands.
Japan has always had a higher reputation for food safety and quality, and companies have continuously stressed their efforts into maintaining that reputation. Not only healthy, but also delicious, as well as appealing to the eye: millions have visited the country in search of that. With the global mindset toward cuisine turning into that of a “healthier” one, where can the Japanese market further play into all this? Japan’s status as a cultural superpower has best been exemplified by the global popularity of Japanese cuisine, since as mentioned above, Japanese food has a high reputation of promoting health and longevity. On the contrary though, the Japanese population, especially the younger generation has shifted to a more Western style diet consisting of more meat, dairy, and fats. Thus, international markets have a large playing field in what the Japanese audience is accepting of, as has been seen in the last several years.
In the face of globalization where different cultures, diets, and traditions are entering freely, industries have to find ways to effectively incorporate these aspects into their market strategies.
As one of the biggest industries affected most by consumer trends and needs, adapting to these almost constant changes are vital. With fashion becoming not all about brand names and high end apparels, what the industry calls “fast fashion”, has become a leading factor for success. For Japan, UNIQLO has successfully paved its path in the industry as the leader of such, catering to the needs of men and women of all ages, while meeting consumer needs and social trends at a low cost.
Like any other industries, another challenge is the revolutionary changes in technology as digitization progresses: for fashion, that’s e-commerce. Convenience has become a key factor for customers upon shopping, and that’s not restrictive to apparel. The industry needs to adjust to these changes, and accommodate customer demands, and understand their needs to expand their clientele. In parallel to this, the cruciality of domestic companies to look overseas like major companies are doing is unnegotiable. If anything, a wider clientele may be attainable in the overseas market than domestic, as the opposite has been seen in Japan with more international brands entering the Japanese market.
The beauty industry has seen explosive growth over the years with higher demands and standards by many. From anti-aging beauty products to perfume, the consumption of beauty products has not only been limited to women, but diversified to the male population as well. Services in the beauty industry like spas and hair salons has seen increased demands for the same reason, both from male and female. Higher quality of services provided, the usage of internet and technology to expand their businesses, M&A within industries see like the make or break for the beauty industry. As further insight of beauty relating to health spreads amongst the population, it’s a matter of quality and acquiring new customers for shops and companies selling their services and products to thrive within a competitive industry.