The Death Of Shaving... An Opportunity For A Shaving Company?
IDENTIFYING EMERGING TRENDS AND CONSUMER NEEDS IN ORDER TO INVEST IN THE RIGHT TECHNOLOGIES TODAY
Service: Future, Opportunity
Industry: Consumer Goods & Textiles
Edgewell (Schick) has long been a leading force in personal care products and is driven to remain so in the minds of future generations.
Despite being a well-known brand, their share of the market was headed for a pivot point. Proliferation of e-commerce startups such as Dollar Shave Club and Harry’s were causing severe disruption, forcing historical brands to revisit their long-term growth strategies. In addition, Edgewell had struggled to establish a clear point of view and was fearful that imminent technological advancements would soon outstrip their core capabilities.
The pace of change in the industry was rapidly increasing and they realized that there was an urgent need to identify and invest in emerging technologies to remain relevant.
\ Our Approach
First, we took a deep look at the key aspects of Edgewell’s business and crafted their essences – what they do, and how they create value. Then, we mapped trends onto each essence, creating a futuristic perspective relative to their organization. Next, we explored unmet consumer needs leveraging the ecosystem to further stretch our understanding. In a twoday working session, we explored the future and collaboratively determined how Edgewell would leverage emerging technologies to address consumer needs in the next 10-15 years.
What we discovered was the need for a paradigm shift. Despite advances in convenience (ex: online ordering) and enhanced experience (ex: state-of-theart devices), consumers really wished for the death of shaving. Although this could, if the brand remained the same, make Schick obsolete… it illuminated many unique opportunitiess.
Even if wet-shaving is eliminated in the future, consumers will continue to engage in other grooming activities that require devices. Because Schick already understands the space and has a solid position in the mind of the consumer, they are uniquely suited to make the transition from hair maintenance to lifestyle maintenance, ultimately shifting their focus to a more holistic consumer grooming experience in the future.
While the future of shaving appears dim, the expanded opportunities for grooming created a solid technology roadmap for Edgewell to pursue, unifying their vision and creating a plan for maintaining relevance in the bathroom for years to come.