Hey hey Flux fam!

Here's everything you need to know today - in under 3 minutes.

Today's big stories:

🍔 v2foods is knocking on China's door

🛋 IKEA is launching an online second-hand marketplace

👟 Nike could be entering the metaverse

Oh and get this...

Retailers reckon they're about to rake in a record $5.4 billion from the upcoming Black Friday and Cyber Monday sales.

Hold the meat: v2food is spreading the plant-based word in China

Background: Aussie plant-based meat company v2food launched back in 2019. It's famous for its vegan alternatives to mince, burger patties and sausages...and they reckon they're pretty close to the real thing.

What happened: Earlier this year, v2food raised a tonne of capital to help them push into China. We're talkin' $72 million buckaroos.

What else: Now, the crew have signed on some key partnerships with Chinese manufacturers to deliver 'culturally relevant' plant-based protein options to local consumers. This could be large.

So what's the key learning?

💡Selling consumer products often requires influencing consumer behaviours..and that comes in a bunch of different forms:

💡We've got:

1. Personal factors (aka your individual interests, opinions and culture - like when Biebs wears Crocs so you wear crocs)
2. Psychological factors (aka your individual response to a marketing message - like when you hear a familiar marketing jingle)
3. Social factors (your friends, family, education level, income and living standard - if they do it, you'll do it).

💡In China, the average person eats 63 kilograms of meat each year. So v2food is trying to play on their desire for meat...but making it plant-based.

One person's Malm bed is another's treasure so IKEA is launching a second-hand marketplace

Background: IKEA are the big blue and yellow furniture lords (with the one Allen key to rule them all). The first IKEA store landed in Oz back in 1975, bringing with it the mighty flat pack...and names like Malm and Holsund.

What happened: IKEA are launching a new platform for second hand goods called As Is. Shoppers can return their eligible second-hand goods to the physical store for a refund card...and others can pick up the unloved goodies online.

What else: You can browse the pre-loved goods, reserve the items you want, and head to the store to collect them from early next year.

So what's the key learning?

💡The circular economy is so hot right now. In fact, used furniture is set to be a $23 billion industry by 2025, and IKEA wants in.

💡Furniture can be pretty costly and it can often take months to arrive...particularly now with supply chain issues. But used furniture can kill two Swedish meatballs with one potato mash. Or so the saying goes.

💡Used furniture is at least 50% cheaper than new furniture, and it can be picked up immediately. And it's better for the environment, because it means producing less waste. So, it's not surprising that eco-friendly IKEA are facilitating the second-hand marketplace.

Scooch over fellas, experts reckon Nike's about to enter the metaverse

Background: We've heard a lot about the metaverse lately, but to recap, it's a 3D virtual environment where people log in with virtual reality headsets or smartphones, and hang out.

What happened: So far, Facebook's in it, Microsoft's in it, and now, it looks like Nike is getting into it.

What else: The sportswear company have filed over 6 trademarks in the US with the view to make and sell virtual footwear and apparel for use online and in online worlds...which sounds very metaverse-y.

So what's the key learning?

💡In order for the metaverse to work, it needs strong brands with loyal followings to jump on board.

💡Nike is the world's most valuable brand, and been ranked the most trustworthy fashion brand by Gen Z and millennials. This is largely because of its continued investment in new tech to stay ahead of the pack.

💡So, Nike may be using its massive brand reach to encourage wider adoption of the metaverse. Get your avatars ready, Flux fam.