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Business Briefing: The Data vs Convenience Trade Off

Harriet Nicholson
Harriet Nicholson
Head of Strategy 25 Jun 20204 minutes read

A round-up of the most important insights and what they mean for your business.

THE DATA vs CONVENIENCE TRADE OFF

Welcome to this week’s Business Briefing! Each week we wade through the Covid-19 noise to unearth the most valuable insights for your business.

 

In this snapshot, we look at the rise of social commerce – and the data/convenience trade-off. We explore what TravelAdvisor’s Travel Safe initiative means for hotels as reviews take on greater commercial significance. We look at how Covid-19 has accelerated Open Banking adoption as all financial services brands are forced to become fintechs. Finally we consider gaming adoption curves and how smaller players can take on the giants through early community building.

 

Enjoy!

Retail 

Barclaycard reports a 10% jump in contactless payments last week.

 

Etsy helps shoppers visualise art in their homes through their new AR feature.

 

Sephora lets customers buy directly from the beauty retailer’s Instagram feed and Stories with a new digital storefront.

Why does this matter? 

Instagram has long been reducing frictions between product discovery and transaction. Sephora’s Instagram Checkout presence is an indication of things to come. Why visit a retailer’s website when you can make the transaction via your favourite apps and platforms? For retailers, the rise of social commerce is a tricky trade-off. Do you prioritise shopper convenience over shopper data ownership? 

Hospitality

 

TripAdvisor launches Travel Safe to help travellers find hotel health and safety information.

 

Best Western sees 450% boost in bookers 24 hours before lockdown lifting announcement.

 

Airbnb unveils new virtual experiences, forming partnerships with the Olympics, Broadway, Tik Tok and more,

 

Why does this matter?

As we discussed in our webinar several weeks ago, the first guests to return post-crisis are the most valuable. They provide the social proof to more cautious travellers that your hotel meets stringent safety standards without compromising the brand experience. Guest reviews suddenly take on greater commercial significance and therefore need to be monitored with much greater scrutiny.

Financial Services

Plaid founder says, ‘Every financial services company should be a fintech company.’

 

Revolut expands its Open Banking features.

 

Covid-19 has accelerated Open Banking consumer adoption.

 

Why does it matter?

Revolut is morphing into a super app, allowing customers to manage their finances across multiple banking providers. With the economic outlook uncertain, consumers are looking now more than ever for services that aggregate accounts and give an overall view of financial health, boosting Open Banking adoption.

Gaming

Game discoverability should be embedded directly into game design.

 

Facebook broadens its gaming services reach through a new Mixer partnership.

 

Linear bite-sized gaming appeals to the time-poor, casual gamer.

 

Why does this matter?

Armed with truly colossal media budgets, the Activisions of this world can eclipse smaller players in share of voice – and therefore top of mind awareness. To compete, game developers need to galvanise early communities to do the hard graft in referrals and game content sharing. At Etch, we’re exploring gaming adoption curves to better understand how games best land with the all-important early players – and how this community can drive authentic awareness among a larger casual player base.

#WeLoveHumans

Each week, we pick a feel-good story that showcases human resilience and brilliance during a time of great change and innovation. So what have we loved this week?

TikTok’s great and good pulled off a stellar prank by artificially inflating the number of people registered to attend a Trump rally In Tulsa. TikTok users spread the idea of registering for tickets - with no intention of showing up. The result? A brilliantly lacklustre turnout. Here at Etch, we’re fascinated to see entertainment platforms support grassroots political activism, from AOC’s Animal Crossing campaigning to the TikTok Tulsa stunt.

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