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The week in charts
The Week in Charts
Gen Z and ESG, credit unions, and more Share these insights
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by "McKinsey Week in Charts" <publishing@email.mckinsey.com> - 03:59 - 13 Jul 2024 -
Your meetings are ineffective. Here’s how to plan a better one.
And make better decisions to boot A leader’s guide to planning effective meetings
We’ve all suffered through unproductive meetings—ones with too many people, too little useful information, and, ultimately, too few decisions being made during or immediately after them. (You’ve likely already had one of those kinds of meetings today.) And though it might seem tempting to simply hit “decline” the next time a meeting invite shows up in your inbox, you’d be better served by accepting the invitation—and attending a better-planned meeting. Here’s how to make that happen.
Start by clarifying the meeting’s goal. This may seem obvious, but it’s an important line that often gets blurred once a meeting begins. Determine whether the goal of the call is to share information, discuss it, or make a decision. Likewise, clarifying roles ahead of the start time will help attendees know what they should be doing during the meeting and boost the odds of achieving the meeting’s goal.
Decision making is paramount for any company, and productive meetings are where some of the best decisions happen. To help make sure your next meeting is meaningful, read Aaron De Smet, Gregor Jost, and Leigh Weiss’s 2019 McKinsey Quarterly classic, “Want a better decision? Plan a better meeting.”Make the most of your meetings Author Talks: Charles Duhigg on how the best communicators ‘click’
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by "McKinsey Classics" <publishing@email.mckinsey.com> - 12:37 - 13 Jul 2024 -
EP120: What do version numbers mean?
EP120: What do version numbers mean?
This week’s system design refresher: Concurrency Vs Parallelism! (Youtube video) What do version numbers mean? Looking for a Job? This Free AI Tool Can Get You More Interviews! Cybersecurity 101 in one picture What is k8s (Kubernetes)? SPONSOR US ✂️Cut your QA cycles down to minutes with automated testing (Sponsored)͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ Forwarded this email? Subscribe here for moreThis week’s system design refresher:
Concurrency Vs Parallelism! (Youtube video)
What do version numbers mean?
Looking for a Job? This Free AI Tool Can Get You More Interviews!
Cybersecurity 101 in one picture
What is k8s (Kubernetes)?
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Concurrency Vs Parallelism!
What do version numbers mean?
Semantic Versioning (SemVer) is a versioning scheme for software that aims to convey meaning about the underlying changes in a release.
SemVer uses a three-part version number: MAJOR.MINOR.PATCH.
MAJOR version: Incremented when there are incompatible API changes.
MINOR version: Incremented when functionality is added in a backward-compatible manner.
PATCH version: Incremented when backward-compatible bug fixes are made.
Example Workflow
1 - Initial Development Phase
Start with version 0.1.0.
2 - First Stable Release
Reach a stable release: 1.0.0.
3 - Subsequent Changes
Patch Release: A bug fix is needed for 1.0.0. Update to 1.0.1.
Minor Release: A new, backward-compatible feature is added to 1.0.3. Update to 1.1.0.
Major Release: A significant change that is not backward-compatible is introduced in 1.2.2. Update to 2.0.0.
4 - Special Versions and Pre-releases
Pre-release Versions: 1.0.0-alpha, 1.0.0-beta, 1.0.0-rc.1.
Build Metadata: 1.0.0+20130313144700.
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Cybersecurity 101 in one picture
Introduction to Cybersecurity
The CIA Triad
Common Cybersecurity Threats
Basic Defense Mechanisms
To combat these threats, several basic defense mechanisms are employed:Firewalls: Network security devices that monitor and control incoming and outgoing network traffic.
Antivirus Software: Programs designed to detect and remove malware.
Encryption: The process of converting information into a code to prevent unauthorized access.
Cybersecurity Frameworks
What is k8s (Kubernetes)?
k8s is a container orchestration system. It is used for container deployment and management. Its design is greatly impacted by Google’s internal system Borg.
A k8s cluster consists of a set of worker machines, called nodes, that run containerized applications. Every cluster has at least one worker node.
The worker node(s) host the Pods that are the components of the application workload. The control plane manages the worker nodes and the Pods in the cluster. In production environments, the control plane usually runs across multiple computers and a cluster usually runs multiple nodes, providing fault-tolerance and high availability.
Control Plane Components
1. API Server
The API server talks to all the components in the k8s cluster. All the operations on pods are executed by talking to the API server.
2. Scheduler
The scheduler watches the workloads on pods and assigns loads on newly created pods.
3. Controller Manager
The controller manager runs the controllers, including Node Controller, Job Controller, EndpointSlice Controller, and ServiceAccount Controller.
4. etcd
etcd is a key-value store used as Kubernetes' backing store for all cluster data.\Nodes
1. Pods
A pod is a group of containers and is the smallest unit that k8s administers. Pods have a single IP address applied to every container within the pod.
2. Kubelet
An agent that runs on each node in the cluster. It ensures containers are running in a Pod.
3. Kube Proxy
kube-proxy is a network proxy that runs on each node in your cluster. It routes traffic coming into a node from the service. It forwards requests for work to the correct containers.
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by "ByteByteGo" <bytebytego@substack.com> - 11:36 - 13 Jul 2024 -
El potencial revolucionario de la IA generativa
Además, nueve tendencias que definen el mercado de consumo global
by "Destacados de McKinsey" <publishing@email.mckinsey.com> - 08:43 - 13 Jul 2024 -
Managing data better to unlock value from gen AI
Three actions to scale gen AI This week’s headline findings
Do these insights resonate with you? What else should we be writing about now? Tell us by emailing insightstoimpact@mckinsey.com.
Poor-quality data can lead to inaccurate outputs, costly fixes, and a loss of user trust. Organizations struggle to process unstructured data sets, and that increases the chance of errors. In a recent McKinsey survey, 70 percent of top performers said they had difficulties integrating data into AI models. Senior partner Kayvaun Rowshankish and coauthors say moves that can help organizations remedy these problems, and scale generative AI (gen AI), include improving the quality and readiness of data for gen AI use cases; utilizing gen AI to build better data products, such as a 360-degree view of a customer; and safeguarding data at every step to mitigate risk and maintain high standards.
Productivity has slowed over the past decade or so, but AI could be a game changer in reviving it, Chad Syverson, an economist at the University of Chicago Booth School of Business, explains in an episode of the McKinsey Global Institute’s Forward Thinking podcast. Why does the slowdown matter? Because if productivity growth had remained high, US GDP would be up roughly 35 percent from current levels, Syverson says. But there are glimmers of a potential turnaround: since the end of the COVID-19 pandemic, labor market dynamism and business formation have picked up, and Syverson says optimism about new technologies such as AI and biotech could be part of the reason.
The world needs to shift its thinking on populations getting older, moving from the idea of an aging society to that of a longevity society, economist, author, and longevity expert Andrew J. Scott tells Ellen Feehan, a McKinsey partner and coleader of the McKinsey Health Institute’s healthy longevity team. Remarkably, in high-income countries, half of all children are likely to live into their late 80s or early 90s—but it’s important to make sure people remain productive and engaged as they age, Scott says. Businesses should recognize older workers as important contributors and find ways to retain them, a strategy that will yield benefits for the whole company, he explains. People also should strive to keep their biological age as low as possible by living a full, healthy life, no matter their chronological age.OTHER FINDINGS OF NOTE
•
Senior partner Tomas Nauclér and coauthors say climate technology can help cut global carbon emissions, but the key is to lower costs enough so that companies don’t have to add a “green premium” to the price of their products. Such cost cutting was the focus of McKinsey’s recent Green Business Building Global Summit in Stockholm.
•
Activist investors tend to boost a company’s stock price for a few years, but often not in the long term, partner Joseph Cyriac and coauthors explain, based on an examination of about 170 shareholder activist campaigns over the past ten years.
•
Partners Federico Berrutti and Oana Cheta explain how advanced digital technologies, including AI, could allow companies to offer better customer experiences at lower costs.
WHAT WE’RE READING
A recent edition of Author Talks, currently exclusive to the McKinsey Insights app, features Aram Sinnreich discussing the new book he cowrote with Jesse Gilbert, The Secret Life of Data: Navigating Hype and Uncertainty in the Age of Algorithmic Surveillance (MIT Press, April 2024). Sinnreich, a professor at American University, explains one of the book’s central tenets: data is not inherently neutral or objective, as all data systems contain flaws or biases. Data surveillance, AI, and algorithms are taking on ever more importance, with potentially ominous implications. The interviews and research got so heavy that he and his coauthor “experienced depression and paranoia,” Sinnreich says—but they came out of the process optimistic about humanity’s resilience in a data-obsessed world.
The case study collection Rewired in Action illuminates companies that have launched digital transformations to build value. Supported by technical and industry expertise from McKinsey, these organizations have changed their trajectories through the integration of digital and AI.— Edited by Jana Zabkova, senior editor, New York
Subscribe to Insights to Impact with one click to make sure you keep receiving it, and forward this issue to friends or colleagues who might be interested. Our rolling weekly updates can also be found online.
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by "McKinsey Insights to Impact" <publishing@email.mckinsey.com> - 12:14 - 12 Jul 2024 -
Our biggest ideas in 2023–24
The Shortlist
4 new insights Curated by Liz Hilton Segel, chief client officer and managing partner, global industry practices & Homayoun Hatami, managing partner, global client capabilities
This is our last voyage at the helm of the good ship CEO Shortlist. We’re very pleased to turn the newsletter over to two new leaders at McKinsey. Alex Panas is our new global leader of industry sectors. He previously led our Advanced Industries and Private Capital Practices and was a member of our board. Axel Karlsson is the new global leader of functional practices and a senior partner in the Stockholm office. For many years, he led our Technology, Media & Telecommunications and Operations Practices.
In this edition, we’re sharing four of our most popular articles from the past two years. These takes are aging pretty well, we’re pleased to say. For us, they have been the highlights of an amazing journey. We’ve so enjoyed bringing you the best of McKinsey’s ideas and hearing from you about what you liked—and didn’t. We’re really looking forward to seeing where Alex and Axel take us. And we’re confident you’ll continue to enjoy the read.
—Liz and Homayoun
What will gen AI be worth to business? It’s the question of the day, or maybe of a generation. The McKinsey Global Institute took a crack at some answers, and readers have responded—this is McKinsey’s most popular report of the past two years.
Find out what gen AI can do for your bottom line in The economic potential of generative AI: The next productivity frontier, by Michael Chui and coauthors.Gen AI has crashed the party. That was one of the first findings of the McKinsey Technology Council’s 2023 roundup of trends in tech. The council then estimated the potential for value creation in applied AI, advanced connectivity, green technologies, and many other arenas—and laid out some strategies for how to achieve it. Watch for the 2024 edition of our Technology Trends Outlook, publishing this month.
In the meantime, get a reminder of gen AI’s potential with McKinsey Technology Trends Outlook 2023, by Michael Chui and coauthors.Can gen AI play a role in building the organization? You better believe it. That’s one of ten seismic shifts we explored in our State of Organizations 2023 report. Companies are already using AI to create sustainable talent pipelines, drastically improve ways of working, and make faster, data-driven structural changes. What’s next?
Get smart about the companies of today and tomorrow with The State of Organizations 2023, by Dana Maor and coauthors.What matters most? Every year, we talk with hundreds of CEOs about their plans and priorities, successes and struggles. And every year, we collect the wisdom of that illustrious crowd in an article (here are the 2021 and 2022 editions). At the end of 2023, CEOs were thinking about gen AI, superpowers, geopolitics, and more. Halfway through 2024, CEOs tell us these are the topics they’re still thinking about—and acting on.
Reorder your world with “What matters most? Eight CEO priorities for 2024,” by Homayoun Hatami and Liz Hilton Segel.We hope you find these ideas inspiring and helpful. See you next time with four more McKinsey ideas for the CEO and others in the C-suite.
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by "McKinsey CEO Shortlist" <publishing@email.mckinsey.com> - 04:32 - 12 Jul 2024 -
What four industries could realize early value from quantum tech?
Only McKinsey
McKinsey’s Quantum Technology Monitor •
Trillions in value. There’s growing momentum in quantum tech, underscored by a year of strong funding and significant advances, McKinsey senior partner Rodney Zemmel, global leader of McKinsey Digital and firmwide AI transformation, and coauthors share. Quantum computing is likely to have an early effect on four sectors: chemicals, life sciences, finance, and mobility. Together, these industries could gain up to $2 trillion by 2035, reveals updated McKinsey analysis for the third annual Quantum Technology Monitor.
—Edited by Belinda Yu, editor, Atlanta
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by "Only McKinsey" <publishing@email.mckinsey.com> - 01:08 - 12 Jul 2024 -
Unpacking the mysteries of productivity
The secret sauce New from McKinsey Global Institute
Unpacking the mysteries of productivity
Leading economist Chad Syverson speculates about the ingredients in productivity’s secret sauce.
The secret sauce Prefer audio? Listen to the podcast, and explore past episodes of the The Forward Thinking Podcast. Subscribe via Apple Podcasts or Spotify.
Help wanted: Charting the challenge of tight labor markets in advanced economies
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by "McKinsey & Company" <publishing@email.mckinsey.com> - 12:15 - 11 Jul 2024 -
A Crash Course on Distributed Systems
A Crash Course on Distributed Systems
A distributed system is a collection of computers, also known as nodes, that collaborate to perform a specific task or provide a service. These nodes are physically separate and communicate with each other by passing messages over a network. Distributed systems can span geographical boundaries, enabling them to utilize resources from different locations.͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ Forwarded this email? Subscribe here for moreLatest articles
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A distributed system is a collection of computers, also known as nodes, that collaborate to perform a specific task or provide a service.
These nodes are physically separate and communicate with each other by passing messages over a network. Distributed systems can span geographical boundaries, enabling them to utilize resources from different locations.
Distributed systems have several characteristics that distinguish them from traditional centralized systems:
The computers in a distributed system are physically separate and connected via a network. They do not share a memory or a common clock.
From an external perspective, a distributed system appears as a single, unified entity to the end user.
Distributed systems offer the flexibility to add or remove computers from the system.
The nodes in a distributed system need to coordinate and agree with each other to perform actions consistently.
Nodes in a distributed system can fail independently, and messages can be lost or delayed over the network.
Distributed systems are ubiquitous in our daily lives. Examples include large web applications like Google Search, online banking systems, multiplayer games, etc. These systems leverage the power of multiple computers working together to provide a seamless and responsive user experience.
In this post, we’ll explore the benefits and challenges of distributed systems. We will also discuss common approaches and techniques used to address these challenges and ensure the reliable operation of distributed systems.
Understanding Distributed Systems
The term “distributed systems” can sometimes confuse developers. ...
Unlock this post for free, courtesy of Alex Xu.
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by "ByteByteGo" <bytebytego@substack.com> - 11:36 - 11 Jul 2024 -
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by "OneAdvanced Care" <socialcare@oneadvanced.com> - 05:49 - 11 Jul 2024 -
Does your government meet your customer service expectations?
Only McKinsey
3 priorities for civil servants •
Improving engagement. Today’s civil servants face a growing burden of challenges, including declining trust in government. Against this backdrop, many government agencies are straining to deliver program benefits and meet the public’s rising expectations of customer service. The good news is that systematically tackling shortcomings in customer and citizen experience can help increase trust in government and reduce costs, with technology platforms being a key enabler, McKinsey senior partner Andrew Pickersgill and coauthors explain.
—Edited by Belinda Yu, editor, Atlanta
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by "Only McKinsey" <publishing@email.mckinsey.com> - 01:24 - 11 Jul 2024 -
Technology can make work more interesting
Re:think
How companies can support workers to propel productivity FRESH TAKES ON BIG IDEAS
ON PRODUCTIVITY
Work is going to get harder. But it will also be more fun.Aaron De Smet
The US productivity rate jumped in the fourth quarter of 2023, creating a little buzz about whether AI, and specifically generative AI (gen AI), is showing up in the output numbers. Then, the rate slowed sharply in the first quarter of 2024, suggesting that it might be too soon to see dramatic productivity gains from AI and gen AI.
While there isn’t a clear trend yet, it’s likely that a mix of technology—from old-fashioned analysis of high-quality data to machine learning and other large language models—is positive for productivity. Tech can help workers achieve better results in the same or less amount of time, and, yes, gen AI has been powering automation gains for some time.
That’s one part of a more robust productivity scenario. The other is that companies are figuring out the postpandemic hybrid model that works best for them. It’s typically a flexible model whereby people can be in the office working with colleagues in person some of the time and be remote other times. When done correctly, this model typically results in higher productivity than would a mandate that forces employees to always be on-site or never on-site, McKinsey research shows. Some leaders are still uncomfortable with the hybrid model, but they’ve accepted that they’re likely never going back to the prepandemic way of working.
Higher productivity would certainly be welcome news for corporate leaders. But there’s an even bigger picture. Gen AI is more than an output enhancer; it’s going to reshape all kinds of jobs as more repetitive tasks and some knowledge work tasks are done by machines or large language models. Of course, many people will still do jobs that involve physical labor, though they too will likely be assisted by gen AI.
In this new reality, employees across industries and roles—not just tech workers but also healthcare workers, educators, and middle managers—can be freed up to focus on work that involves the human-centric skills of judgment, innovation, creativity, and collaboration. Workers who are creators and heavy users of gen AI, in fact, told us in a recent survey that they need to build higher-level cognitive and social–emotional skills to do their jobs, more than they need to build technological skills.
.“This moment is both exciting and a little scary for everyone. People are on a journey, moving to a place where they may no longer do the easy tasks at work.”
This moment is both exciting and a little scary for everyone. People are on a journey, moving to a place where they may no longer do the easy tasks at work. Humans will be doing the challenging work, the fun work, and the interesting work. But because it’s going to be harder, people need to thrive and not just feel an absence of burnout.
To be clear, hard work doesn’t necessarily take more hours or lead to more stress. Perhaps it can be done in less time, with more flexibility. How to make that happen is a big challenge for organizations, which face head-spinning demands to innovate, adapt to volatility, respond to disruptions, and simply move faster.
Traditionally, companies have cared about employees’ ability to thrive only when the flashing red light of burnout starts to affect safety, absenteeism, or attrition. But now, as work becomes more innovative and collaborative, organizations can be more proactive in attracting and retaining the best people. We’ve found that an organizational culture of thriving inspires people to be more creative in their problem-solving and that it benefits performance writ large.
Thriving organizations focus on ways to maximize healthy work environments, team effectiveness, and well-being. To do so, they move away from traditional practices of measuring productivity by inputs, outputs, and activities and toward supporting outcomes and results. The brute-force tactic of having employees grind it out or muddle through work as a proxy for value is not going to cut it anymore. These companies also shift performance management away from corrective action and toward actions that improve performance, such as coaching top performers as well as those who need more help.
Gen AI is ushering in a huge shift, along the lines of the Industrial Revolution. The challenge for companies is to figure out how to make this technology work for their employees, guiding them toward good outcomes and managing the downside risks.
Organizations can’t ignore change, slow it down, or pretend it’s not happening. If your strategy is to slow down the pace of change in the world, good luck. I want a company that says, “Boy, changes are coming fast and furious. We better learn to be more nimble, adaptable, innovative, and creative.”
.ABOUT THIS AUTHOR
Aaron De Smet is a senior partner in McKinsey’s New Jersey office.
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Winning the consumer of the future: A leader’s guide
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When it comes to shoppers in 2024, many long-held truisms about consumer behavior are being upended. Older customers are splurging while also exploring new brands; younger consumers in Asia and the Middle East are more likely to opt for higher-priced brands than their peers in developed economies. In their “State of the Consumer 2024” article, McKinsey’s Christina Adams, Kari Alldredge, and Sajal Kohli say consumer companies must take a detailed, nuanced approach to understanding what shoppers across age groups and geographies really want. How can these businesses make sense of the current moment? One imperative is building their microtargeting capabilities. Companies can use consumer data to fine-tune their outreach to specific segments—yes, generative AI (gen AI) can help—and provide personalized experiences to encourage loyalty. Also on the to-do list: investing in the development of wellness products, engaging more meaningfully with consumers on social and digital channels, and offering premium products in the categories where consumers are likely to splurge.
That’s the share of Gen Z consumers in Europe that plan to splurge during the summer months. In their latest ConsumerWise research on consumer sentiment in Europe, senior partner Jessica Moulton and colleagues found that Gen Zers are the most likely age group to say they will make more expensive purchases this summer—and more likely than others to plan to splurge on apparel. And somewhat to the contrary, Gen Zers are also more likely than other groups (millennials, Gen Xers, and baby boomers) to report trading down to lower-priced brands or retailers in recent months.
That’s McKinsey senior partner Becca Coggins on the importance of meeting customers wherever they, and their needs, are. Along with partner Steven Begley, Coggins unpacks the massive changes under way in the retail industry and points to what retail companies can do to succeed. One suggestion: seek a greater “share of life”—that is, creating new reasons and opportunities for a consumer to incorporate a company into their day-to-day lives. Increasingly, two concepts that are working well are subscription and membership models, but Coggins says some retailers are already going further. “Those companies are saying, ‘This is not about a category. It’s about the relationship we have with the consumer—and we can extend that relationship into automotive services, into travel. We can extend it into categories that are beyond the four walls of our store.’”
“Optichanneling.” “Webrooming.” “Humbitious.” These are just some of the newfangled words that the authors of Redefining Retail: 10 Guiding Principles for a Post-Digital World use to explain retail’s current, disruption-filled moment. Philip Kotler, professor emeritus of marketing at Northwestern University’s Kellogg School of Management, and Giuseppe Stigliano, global CEO of Spring Studios, say the industry is in the midst of an “exponential transformation, rather than an evolution.” In their research for the book, Kotler and Stigliano found that retailers and experts agree on the problems at hand, but the plans to solve them vary greatly—in no small part because different industries, geographies, and consumer segments have different needs and preferences. While the authors say there are no one-size-fits-all solutions for retail, they assert that understanding the customer is an essential starting point. Other words of wisdom for retailers: get a firm grasp on the financial implications of the investments made to reach your customers and optimize the mix of channels where consumers can reach you, in the ways that suit best, rather than an omnichannel approach that may induce decision paralysis.
When people think of aging gracefully, foot health may not be the first thing that comes to mind. Yet a recent study of adults 65 and older found that stronger feet support better overall strength and mobility and can even reduce the risk of falls. Luckily, there’s a product for that: the toe spacer, a humble item that’s having a moment with consumers of all ages and levels of athleticism, including the pros. With healthy aging and longevity on this year’s list of wellness trends to watch, it’s never too late for a new flex.
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