How Tech Will Transform Commerce and Consumer Experiences by 2040

By PRNewswire On Oct 12, 2018

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 @euromonitor report shows how #technology will transform commerce and consumer experiences by 2040 #tech #mrx #report

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.

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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.

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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.”