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Retailers and goods services need to reinvest themselves for a new age of consumers because shopping needs are changing.
Retail and consumer goods companies could generate trillions more pounds in profit over the next decade by overhauling their business models and creating more personalised shopping experiences for customers.
New research by Accenture Strategy,?Painting the Digital Future of Retail and Consumer Goods Companies, found that 39pc of UK consumers would allow companies to collect their personal data via intelligent devices in return for a better experience or financial reward.
This would give retailers and consumer goods companies increased access to highly personal and valuable information that they could analyse to develop a deeper understanding of their customers’ purchasing behaviours and pre-empt their likely future needs. But are the traditional players in consumer industries ready to seize that opportunity?
“The next decade will be a golden age for consumers, with technology-enabled shopping experiences giving them the simplicity,jordan shoes,http://www.ics-spielplatz.de/index.php?site=news_comments&newsID=13cheapjordanshoesfreeshipping.com/bolg, convenience and excitement they crave,” says?Oliver Wright, managing director and global lead for consumer goods and services at Accenture Strategy. “But as consumers’ expectations of cost,cheap air jordans, choice, convenience and experience continue to increase, they will challenge the industry to evolve and innovate, which will drive huge growth in digital commerce.”
39pc of UK consumers would allow companies to collect their personal data in return for a better experience
He points out that the traditional giants of the retail and consumer goods industries have already been disrupted by “the tidal wave of digital technologies that are changing consumer preferences”. Digitisation has also paved the way for innovative disruptors – particularly online retailers – who “are nibbling away at the incumbents and stealing market share, while exciting consumers with new value and experiences”.
Accenture Strategy’s research found that UK consumers want retailers and consumer goods companies to improve their shopping experience in several key ways. More than a third (37pc) are interested in subscribing to a service that constantly looks for the best pricing deals on their behalf, while almost a quarter (24pc) like the idea of using sensor-based digital services that pre-emptively address their needs without human intervention. Just over a fifth (21pc) seem to want to give up the responsibility of shopping since they are attracted to the concept of subscription services that analyse their shopping history, and automatically order products and services on their behalf.
“Consumers are looking for greater convenience,” says Mr Wright. “They want services that help them save time and money, and they increasingly want to enjoy the experience of a product without having to actually own it. Also, they are looking for more meaningful brand experiences – experiences that provide them with value beyond the product or service they are buying.”
The report suggests that today’s retail and consumer goods companies should explore four “transformative business models” so that they can reinvent themselves for a new age of consumers. The first is the sharing or ‘‘rent-a-product’’ model, where businesses offer consumers the convenience and experience of ownership at a fraction of the price and cost. More than a third (36pc) of UK consumers said they would use this kind of service for clothing – renting an item for an occasion and returning it afterwards, instead of purchasing it outright.
Another model is the personalisation model, featuring ‘‘surprise me’’ subscriptions. This is where experts curate products tailored to the individual, and deliver them. Almost a third (29pc) of UK consumers said they would use this subscription for clothing.
Consumers want services that help them save time and money
Auto-replenishment is the third model. With this model, smart sensors detect when a product is running low, then automatically re-orders and delivers it to your door. Some 52pc of UK consumers would use auto-replenishment for household goods, such as detergent, while another 46pc would consider it for fresh food items.
Finally, there is the ‘‘do it for me’’ model. This is where routine activities are outsourced. More than a third (37pc) of UK consumers would use this service for their laundry if it was picked up, washed and folded,cheap jordans, and delivered back to their door.
“By investing in new, digitally driven business models,cheap retro jordans, retail and consumer goods companies can create profitable, differentiated experiences for their customers, giving them even greater choice around how they purchase goods and services,http://www.riji001.com/home.php?mod=space&uid=566389&do=blog&quickforward=1&id=1480997cheapjordanshoesfreeshipping.com/bolg,” says Mr Wright. “What’s more,jordans for cheap, our research suggests that UK consumers are open to, and excited by, these types of new purchasing experiences.”
Of course, there are consequences when an industry transforms itself, with implications for employees and for the environment and society. In its report, Accenture Strategy emphasises the need for businesses and policymakers to collaborate on economic development strategies that minimise the impact on local communities of retail stores downsizing.
It also highlights the importance of reskilling people and mitigating the environmental threats posed by consumers’ demand for rapid delivery, such as increased CO2 emissions and excessive packaging. Electric vehicles,cheap jordans for sale, load sharing and more innovative packaging design all have roles to play.
Ultimately, retail and consumer goods companies have no alternative but to embrace transformation. As Mr Wright concludes: “To thrive in the next decade, established retailers and consumer goods players must aggressively pursue innovation and be willing to disrupt themselves.”
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