Successful retail organizations and brands will need to address changing customer expectations around consumption by focusing on the role they play beyond product sales. The future belongs to businesses offering honest products and enabling meaningful consumption.
Global consumers are more than ever looking for products that are good for or at least do no harm the society, environment and their health. As a result, successful business models of the future will not be about selling more products but about empowering consumers to lead better lives. They’ll focus on helping consumers make the right choices for themselves, the environment and the planet.
New technologies will play an important role in shaping the future of retail and consumer goods. Because neither industry has historically been a fast technology adopter, there is a gap to overcome. Just as virtual and online shopping experiences have become more customer-focused and efficient, technology also offers the possibility of enhancing the physical shopping experience and producing consumer goods at a personalized and sustainable level.
New technologies have fundamentally changed this concept, as they enable consumers to search, discover, evaluate and purchase products totally differently. Digitization has also resulted in consumers looking beyond the product and expecting the transaction to be not just about the product but about the experience.