Investments into digital technologies and industry 4.0 are transforming economies and consumer behaviour. The briefing examines how digitalisation manifests in manufacturing, mobility, education and consumer lifestyles to improve business efficiencies, laying the foundations for a digital economy.
The digital transformation is rewiring retail, challenging long-held beliefs in the industry, including the role of the store in the path to purchase. While the digital transformation was the driver behind such change, it also could be the solution.
Retailers and consumer brands have long had a symbiotic relationship. Continued tensions over profit margins and who owns the consumer relationship have led both to increase their exploration of new business models that reduce interdependence.
Although 76% of all products are expected to be purchased in store come 2025, more purchases will likely be digitally influenced. Consumers will become more reliant on the online channel to discover, research and purchase goods.
More than half of absolute value in the global retail sector over 2020-2025 will come from e-commerce. In value terms, this expansion equates to the total amount of products sold across online just five years ago.
Success hinges on reducing the time from when a need is identified and fulfilled. In practical terms, this is about positioning goods closer to customers before an order, but also generically means serving them up with what they want when they want it.
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