This article was first published on Ubex - Medium
According to The Demand Institute, omnichannel consumers, or the so-called economically active consumers who have access to the internet and manage free cash, are responsible for one third of all consumer spending in the world, and by 2025 this figure will exceed 50%. Changing the habits and demands of the buyer with a smartphone in hand is one of the forces that adjusts the strategies of retailers and manufacturers of consumer goods.
Over the next five years, $6 trillion will be spent on the purchase of Internet of Things technologies (according to Forbes), and 10 million self-driving cars will be assembled (according to Business Insider).
Among all the relevant trends, four will have the most noticeable impact on consumer markets in the next five years: accelerating the penetration of the existing technological infrastructure (internet, smartphones), the development of artificial intelligence based on big data, machine learning, and innovation in the forms of payment.
Accelerating the penetration of the existing infrastructure sets the stage for technology development in the consumer sector. Today, the Internet covers 47% of the world’s population, and just three years ago, this figure was at 40%. The LTE network covers almost 4 billion people (53% of the global population), and the prices for mobile internet, as well as for smartphones, are declining in all regions of the world, especially in less developed countries with growing consumer potential.
The UK’s leading online retailer, Shop Direct, uses the power of artificial intelligence to select the most effective frequency and channel of communication with the consumer, as well as predictive modeling of when and for what reasons a particular person will stop contacting that store. Tesco also relies on the analysis of a huge array of data about its customers. It studies customer behavior before visiting the point of sale of the ...
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