Retailing will change more in the next 10 years than in the past 40, according to new research from Accenture, led by digitalisation.
The digital wave, could bring a cumulative $2.95 trillion (€2.5 trillion) in value to the retail industry as quickly as 2025, according to the research. And Ireland will not be immune to the global movement.
Accenture found that Irish consumers are increasingly open to so-called intelligent technologies taking an active role in purchasing decisions.
Over a fifth of Irish consumers said they would use sensor-based digital services that pre-empt their needs without human intervention – including automatic orders placed on their behalf.
As consumers shift more of their lives online, Accenture said Irish buyers are willing to compromise on privacy to benefit from better shopping experiences or for financial rewards.
Four out of 10 consumers here would allow retail and fast-moving consumer goods (FMCG) firms to collect their personal data via intelligent devices in return for a better shopping experience or financial reward.
But consumers were more cautious about brands looking into their shopping history to pre-select products. Just one in five saying that they would be willing to subscribe to this.
Accenture said sharing – of cars, clothes and other products, replenishment of products including automatically, product personalisation and personal services – are the key trends as retail shifts to digital.
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