Shift in Consumer Perception
Skepticism and Savviness: Consumers are more skeptical and savvy, seeking authenticity and transparency.
Importance of Experience Over Image: Consumers prioritize product quality and service over brand marketing efforts.
Decline in Trust and Authenticity
Internet Brands and Trust Issues: Online brands are becoming increasingly less reliable and have eroded consumer trust.
Degraded Brand Meaning: Modern brands often rely on superficial attributes instead of building genuine connections.
Economic Factors
Cost-Effective Branding: Low cost of creating and promoting brands online has flooded the market, diluting brand landscape.
Consumer Choice Overload: Too many choices lead to decision fatigue and decreased brand loyalty.
Over-Saturation and Trendiness
Proliferation of Brands: Canva and similar tools have made brand creation significantly less complex, leading to market saturation.
Loss of Uniqueness: Similar-looking brands diminish uniqueness and distinctiveness, making it hard to stand out.