Retailers and Consumer Goods Companies Could Unlock $2.95 Trillion in Value Over the Next Decade, Accenture Strategy Study Fi...
June 06 2017 - 7:58AM
Business Wire
U.S. consumer attitudes shift as many become
open to intelligent technologies taking an active role in
purchasing decisions
Retailers and consumer goods companies could unlock $2.95
trillion in value for the industry and consumers over the next
decade by accelerating digital transformation, according to a new
report by Accenture Strategy. Investments in new, digitally-driven
business models will give consumers greater choice around how they
purchase goods and services, and enable companies to deliver
profitable, differentiated experiences.
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Accenture Strategy’s ‘Painting the Digital Future of Retail and
Consumer Goods Companies’ report, based on analysis for the World
Economic Forum, quantified the impact of digital transformation on
consumer industries over the next decade. The study identified
current consumer appetite for new purchasing experiences, the
business models that have the highest potential to unlock new
value, and how organizations and policymakers can prepare
themselves.
“The next decade will be a golden age for consumers, with
technological innovation creating a variety of shopping experiences
that will give consumers the simplicity, convenience or excitement
they crave,” said Chris Donnelly, senior managing director, global
retail lead, Accenture Strategy. “Out of the $2.95 trillion in
value the report identified, consumers have the most to gain – just
over $2 trillion – through cost and time savings. The success of
retailers and consumer goods companies to unlock value will be
dependent on their ability to gain a deep understanding of
consumers, embrace disruptive technologies and adopt innovative
business models.”
Consumer appetite for new purchasing experiences
Today, 37 percent of U.S. consumers would allow companies to
collect their personal data via intelligent devices in return for a
better experience or financial reward. Another 37 percent would
subscribe to a service that constantly looks for the best pricing
deals on their behalf, and actively recommends which company to
switch to, and when.
Over a quarter (26 percent) of U.S. consumers would use
sensor-based digital services that pre-emptively address their
needs without human intervention. Another 24 percent would
subscribe to brands that analyze their shopping history to select
products especially for them, and orders them automatically.
“The retail and consumer goods industries will change more in
the next 10 years than they have over the past 40,” said Oliver
Wright, managing director, global consumer goods lead, Accenture
Strategy. “As expectations around cost, choice, convenience and
experience continue to increase, consumers will challenge the
industry to evolve and innovate which will drive huge growth in
digital commerce.”
Industry transformation
To reach the next frontier of digital commerce, retailers and
consumer goods companies need to explore the following
transformative business models which are already being welcomed by
U.S. consumers:
Societal implications
As a by-product of industry transformation, there is potential
disruption for people and society which companies, policymakers and
regulators need to actively address to:
- Minimize impact on local
communities – With an increasing number of retail stores
downsizing or closing due to the rise of digital commerce, local
communities need to respond by businesses and government
establishing economic development strategies and partnering with
communities to repurpose physical space as hubs for experiences,
leisure and lifestyle activities.
- Reskill the workforce – Emerging
technologies will drive a range of efficiencies which will
significantly change the nature of the industry’s workforce.
Business leaders and policymakers must focus on accelerating
reskilling people, creating partnerships with educational
institutions, and influencing public policy to meet the needs of
the future workforce.
- Ensure sustainability – Meeting
consumer demand for rapid delivery needs to be achieved in parallel
to minimizing environmental impact. Shifting to electric vehicles
and exploring load-sharing can help while also enhancing delivery
efficiency. Furthermore, innovation in packaging design and
supporting recycling infrastructure is also critical, helping to
build a more circular economy.
“To thrive in the next decade, organizations must aggressively
pursue innovation and be willing to disrupt themselves. The winners
will be those organizations that prioritize adopting a partnership
mindset to offer customers new value, innovatively meet consumer
demand for new services, and implement advanced data sciences to
derive deeper customer insight to enable better decision-making,”
said Donnelly.
To find out more information about the report, please visit
www.accenture.com/futureretailcpg. Join the conversation at
@AccentureStrat #Retailers #CPG.
About the research
Accenture Strategy created a value-at-stake methodology for the
World Economic Forum to quantify the impact of digital
transformation on the retail and consumer goods industries, and
consumers, in digitally developed economies over the next decade.
Consumer insights were taken from Accenture Strategy’s latest
Global Consumer Pulse Research which surveyed 25,426 consumers
across 33 countries during July and August 2016,
including 2,532 U.S. consumers.
About Accenture
Accenture (NYSE:ACN) is a leading global professional services
company, providing a broad range of services and solutions in
strategy, consulting, digital, technology and operations. Combining
unmatched experience and specialized skills across more than 40
industries and all business functions – underpinned by the world’s
largest delivery network – Accenture works at the intersection of
business and technology to help clients improve their performance
and create sustainable value for their stakeholders. With
approximately 401,000 people serving clients in more than 120
countries, Accenture drives innovation to improve the way the world
works and lives. Visit us at www.accenture.com.
Accenture Strategy operates at the intersection of business and
technology. We bring together our capabilities in business,
technology, operations and function strategy to help our clients
envision and execute industry-specific strategies that support
enterprise wide transformation. Our focus on issues related to
digital disruption, competitiveness, global operating models,
talent and leadership help drive both efficiencies and growth. For
more information, follow @AccentureStrat or visit
www.accenture.com/strategy.
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AccentureLucy Davies, + 44 777 3044
808lucy.d.davies@accenture.com
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