Blog 4 – Purpose
According to the historical OED, the definition of ‘purpose’ is; ‘the reason for which something is done or for which something exists.’ In other words, the intention or aim of something that the ‘something’ is supposed to be achieved.
It is important that brands have a straightforward purpose as GenZers nowadays, accounting over 2 billion people where nearly 99% either own a smartphone or have access to one(Jason Wise 2023), look beyond tangible products and actually try to understand what it is that makes the company tick.(Bo Finneman 2020) GenZers are known for their idealism so purpose and accountability are what they need for reassurance when investing in a brand. Either offline or online, they expect authenticity.(McKinsey, 2023)
85% of the GenZ population use different social media channels to learn about various products. (Jason Wise 2023) so marketing online will increase in accessibility for GenZers. Gen Z poured their freetime scrolling through their algorithmically driven, substantiated “for you” feeds on their phones. Embracing vulnerability and openness, like Earle does in short one- to three-minute stories, enables brands to connect with younger generations in a way that’s personally relevant and authentic.(Janet Balis 2023)
A unique brand identity brings out the brand’s charisma making them easily recognizable. Nike is using this idea into practice as they are willing to adapt to fit the social situations. Therefore Nike set itself three new goals in 2020; to minimize its environmental footprint, transform its manufacturing and unleash human potential (McGrefor 2016) During a Nike interview Mr. Parker, president and chief executive officer of Nike, stated,“At Nike, we believe it is not enough to adapt to what the future may bring—we’re creating the future we want to see through sustainable innovation.” The statement highlights the brand’s ethnicity, boosting Nike’s reliability on environmental morality which is what GenZ demand for. GenZ and Genalpha emerging markets and globalization, inclusivity and sustainability are arguably main trends that fashion brands should be aware of. As they are developing, it is equally important not to lag behind with an ethical approach to the use and application of those advances.(Mitterfellner 2023)
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