How technology will shape future consumer experiences
Consumer experiences are changing and soon companies will need to meet the appetites of “super consumers”.
EY’s recent megatrends report predicts that “human augmentation” will change consumer’s expectation, and brands will need to reinvent themselves to meet these demands.
“The upside of disruption: megatrends shaping 2018 and beyond” observes that artificial intelligence (AI), robotics, and augmented and virtual reality (AR and VR) will transform every aspect of daily and business life.
For businesses, this means consumer behavior will change. “Super consumers” will be capable of making more informed decisions, with the help of AI, robotics, and AR/VR. This will create new ways of doing business, to keep up with the demands and increased expectations.
This will affect work and operations. The “super consumer” will expect things to be fast and sustainable. AI, robotics, and 3D printing will shorten the supply chain, making factories more productive to meet that demand. Verticals like food production will increasingly rely on a lab-grown approach to be more efficient and sustainable to the environment.
Besides catering to consumer demand, the way cities are built and how they operate will also change. Technologies such as autonomous driving will change mobility and commutes. Adoption of virtual work will lead to less congested cities and more productive workforce. Smaller cities could become hubs of innovation, as 3D printing, AR, and VR, Internet of Things (IoT) and AI decentralize innovation and production.
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However, the report highlights that consumers are increasingly more concerned about AI and autonomous vehicles being more life-like. Adopting technologies like AI, robotics, and AR/VR can be useful; but if companies want customers to use their product, they’d have to apply psychology and behavioral economics into their design.
Beyond companies, regulators also need to take steps to facilitate these changes. Although, the consulting giant believes new technologies built on real-time open data could help regulators adapt to the changing market conditions.
Uschi Schreiber, EY Global Vice Chair, Markets and Chair of Global Accounts Committee, says: “Today’s corporate leaders almost universally see disruption as both an opportunity and an existential threat. But to seize the opportunity and find the upside of disruption, leaders need to understand where disruption is coming from, where it’s headed and what it means for them.”
28 September 2021