Global market research company Euromonitor International explores how commerce will evolve by 2040 in a new white paper launching on Oct. 22 at Money20/20 USA.
New commerce avenues and business models will emerge as technology transforms venues, homes and stores over the next 20 years. Commerce 2040: Revolutionary Tech Will Boost Consumer Engagement identifies tech-driven concepts and key features across these three environments that will redefine how consumers live, shop and play, creating new commerce occasions as a result.
The rise of digital commerce and delivery will lead to a remodel of storefronts. Retailers will carry less inventory, repurposing the space into experiential centres. Shoppers could test products in a virtual representation of where usage will take place. Facial recognition will personalise shopping trips, tailor offers and automate the checkout process.
Venues will integrate similar technologies to offer customised entertainment shifting from in-seat to choose-your-own. Optimised seating will offer selections based on preferences versus section. Versatile and flexible layouts will tailor the entertainment experience to the type of event and meet the need for food and delivery options.
With 65 percent of households expected to have access to broadband internet in 2030, up from 48 percent in 2018, out-of-home life will be brought into the home. Consumers will find fewer reasons to leave as consumption evolves. Connected appliances will monitor usage and automatically order replenishment products. Connected mirrors will serve as a personal stylist, purchase channel and social sharing tool.
To stay in business, companies must continue to reinvent themselves, Michelle Evans, head of digital consumer at Euromonitor International, said. Outlets, homes and venues will require a technological upgrade and redesign to prepare for the consumer in 2040.
Visualise venues, homes and stores of the future as well as next-gen commerce opportunities and challenges within these environments. Pre-register to receive Euromonitor Internationals white paper on Oct. 22 at http://bit.ly/2yax8fx.
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Euromonitor International is the worlds leading provider for global business intelligence and strategic market analysis. We have more than 40 years of experience publishing international market reports, business reference books and online databases on consumer markets.
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