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, says a report by Accenture Strategy.
According to the report, the retail and consumer goods industries will change more in the next 10 years than they have over the past 40.
The report said eight technologies are expected to play a key role through 2025, impacting all major areas of the value chain: like Internet of Things, Autonomous Vehicles/Drones, Artificial Intelligence/Machine Learning, Robotics, Digital Traceability, 3D Printing, Augmented Reality/Virtual Reality and Blockchain.
"Adapting business models to accommodate these new trends could be highly profitable, with $2.95 trillion of potential value for the industry and consumers," the report said.
The study identified current consumer appetite for new purchasing experiences, the business models that have the highest potential to unlock new value, and how organisations and policymakers can prepare themselves.
"Globally as well as in India, technology has disrupted many facets of the customer's life. As consumers crave for their own unique experiences, companies will have to re-visit their business models and continuously innovate," Anurag Gupta, Managing Director and Lead - Consumer Goods and Retail, Accenture Strategy, India said.
The report said retailers and consumer goods companies need to explore the transformative business models which are already being welcomed by Indian consumers.
These business models include - sharing economy (renting an item and returning it, instead of purchasing it outright), personalisation economy (expert curated products tailored to the individual and automatically delivered), replenishment economy (smart sensors detect when a product is running low and automatically re-orders and delivers it) and services economy (services are outsourced so someone else).
"In a rapidly evolving environment where customers demand better products and experience is on rise, organisations would need to be ready to unlearn and continue to innovate," Gupta said.