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 releaased few weeks ago. 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.

 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.”
 


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.”