Technological upgrade for consumers by 2040

KUALA LUMPUR: According to Euromonitor International, new commerce avenues and business models will emerge as technology transforms venues, homes and stores over the next 20 years.

Head of digital consumer at Euromonitor International, Michelle Evans said outlets, homes and venues will require a technological upgrade and redesign to prepare for the consumer in 2040.

The global market research company explores how commerce will evolve by 2040 in a new white paper – “Commerce 2040: Revolutionary Tech Will Boost Consumer Engagement”.

To be launched on Oct 22, the white paper identifies tech-driven concepts and key features across the three environments that will redefine how consumers live, shop and play, creating new commerce occasions as a result.

Based on the company’s statement, by 2040, retailers will carry less inventory, shoppers could test products in a virtual representation and facial recognition will personalise shopping trips, tailor offers and automate the checkout process.

Venues will integrate similar technologies to offer customised entertainment shifting from inseat to choose-your-own while consumers will find fewer reasons to leave as consumption evolves.

The company also said connected appliances will monitor usage and automatically order replenishment products as well as connected mirrors as a personal stylist, purchase channel and social sharing tool. — Bernama