We believe consumer-facing industries will change beyond recognition over the next 10 years. Our FutureConsumer.Now program has identified eight hypotheses about the forces that will drive this change and transform the way companies create and capture value.
These are the kind of disruptive paradigm shifts that characterize the transformative age we are living in. Each has the potential to suddenly take an exponential growth path, where change becomes bewilderingly fast and powerfully disruptive.
Underpinning our hypotheses is the emergence of what we call “The Smart Consumer.” People are already analyzing their personal data to improve their lives and become better versions of themselves. Half of all developed-country employees use a wearable device or other technology to track their fitness and sleep patterns.[i] As the technology evolves and data becomes ubiquitous, The Smart Consumer will fine-tune everything they do.
Artificial intelligence will nudge and guide them through this process of life-enhancement. Their super-intelligent AI ”companion” will be at their command and with them everywhere. AI will help The Smart Consumer to optimize everything – from what they eat and how they feel, to how they spend their social time and progress their careers. It will even help them manage their personal relationships.
Companies that want to serve these future consumers and build profitable relationships with them will have to reinvent themselves.
Our eight hypotheses describe deep changes that will fundamentally reshape the lives of future consumers. Exponential changes, by their nature, follow a timeline that is impossible to predict. But the direction of travel is clear. New ways of creating and capturing value will emerge, and companies that get ahead of the curve now will have a clear advantage. How is your organization going to change?