The most influential Megatrends set to shape the world through 2030, identified by Euromonitor International, help businesses better anticipate market developments and lead change for their industries.Learn More
Technology is one of the key drivers reshaping the world and will likely continue as one of the most important factors creating future upheavals. The home, in particular, will be one consumer-facing environment most impacted by the arrival of the Internet of Things era.
Over the next twenty years, connected appliances will be mainstream, especially in developed markets. Consumers will have access to more services, including commerce ones. In order to fully realise the commercial opportunity, the next stage of development requires the industry to connect the value of these tech developments to consumer needs.
Today’s consumers are redefining their values and priorities. In this fast-paced world, consumers are looking to buy more time in order to reduce stress. Even more prominent is their desire to simplify life. Two-thirds of connected consumers globally value it. Simplicity is an antidote to consumerism, endless choice and constantly updated products and services. The desire for simplicity is an opportunity for both the goods and services sectors to provide a light-weight experience for their customers. Technology integrated into the home will enable consumers to meet those needs.
Consumption is on the cusp of transitioning from being active to passive. Some commerce sectors will become almost entirely automated in the future home, giving way to machine-aided commerce. Goods, such as home care products, require continuous replenishment, creating an opportunity to automate the ordering process. However, a number of challenges will slow this transition to passive consumption, including connectivity quality, consumer privacy concerns and long replacement cycles of durable goods.
The innovators of next-generation commerce of 2040 will require more changes to infrastructure than what was previously required. The connected home will need consumers to upgrade to connected appliances and interactive screens. To stay in business, companies must continue to reinvent themselves to meet consumer needs.
To learn more about how commerce might evolve over the next 20 years, download ‘Commerce 2040: Revolutionary Tech Will Boost Consumer Engagement’.