{"id":91234,"date":"2017-01-18T09:20:14","date_gmt":"2017-01-18T14:20:14","guid":{"rendered":"http:\/\/www.ict-pulse.com\/?p=91234"},"modified":"2017-04-07T19:05:55","modified_gmt":"2017-04-08T00:05:55","slug":"8-technologies-shape-retail-consumer-industries-2026","status":"publish","type":"post","link":"https:\/\/ict-pulse.com\/2017\/01\/8-technologies-shape-retail-consumer-industries-2026\/","title":{"rendered":"8 technologies that will shape the retail and consumer industries by 2026"},"content":{"rendered":"
An outline of eight technologies that are expected to disrupt the retail and consumer packaged goods in the near future.<\/span><\/i><\/p>\n For those who are not familiar with the term, consumer packaged goods (CPG) are consumable products, such as food and beverages, footwear and apparel, tobacco, and cleaning products (Source: <\/span>TechTarget<\/span><\/a>). Hence, matters related to the supply chain for those goods is also expected to be change significantly in the next few years.<\/span><\/p>\n In addition to a more empowered consumer \u00a0and the implementation of transformative business models, the WEF identified disruptive technologies as factors that are going to change the retail and CPG industries. Below, we highlight those eight technologies, and verbatim from the WEF, some of the ways they will alter retail and CPG.<\/span><\/p>\n The Internet of things (IoT), which speaks to the interconnection of devices via the Internet, is not yet at a stage where it is expected to truly have the impact envisaged. However, in the next two to five \u00a0years below are a few of the ways IoT is expected to transform the retail and CPG industries:<\/span><\/p>\n Drones, also known as unmanned aerial vehicles, have become quite popular, both among individuals and businesses, and is being used in limited circumstances by select retailers. Autonomous vehicles, also know as self-driving cars, are currently being piloted in a few cities in some developed countries; but it is still years away from mainstream acceptance. However, in the next six to 10 years, the WEF predicts that autonomous vehicles and drones will be used to:<\/span><\/p>\n Although we have been hearing about artificial intelligence and machine learning for decades, according to the WEF, it will still be another two to five \u00a0years before the technology is at full readiness. However, below are some of the ways artificial intelligence and machine learning are expected to transform retail and CPG:<\/span><\/p>\n Similar to artificial intelligences, the existence of robots has been part of our psyche for decades. Although robots are being used extensively in manufacturing, they are expected to have an impact in the retail and CPG industries in the following ways:<\/span><\/p>\n Typically, digital traceability refers to the creation of a common digital language for supply chain traceability (Source: \u00a0<\/span>Global Food Safety Resource<\/span><\/a>). Although traceability is frequently mention with respect to food, for example farm-to-table, and fair trade produce, it also important in the production and supply of other products, especially in relation to quality control. At this point, the state of digital traceability is still two to five years away from being ready for the retail and CPG industries, at which point it is expected to have the following impact:<\/span><\/p>\n Over the past two years, 3D printing has been discussed extensively in the media. Currently, 3D printing machines are available, but not yet priced within the reach of the typical home or office. Accordingly it is expected to be another six to 10 year before 3D printing is used extensively in retail and CPG, and having the following impact: <\/span><\/p>\n Augmented reality (AR) and virtual reality (VR) was all the rage in 2016, with a few simple mass consumer devices being released, and more yet to come. However, within the next two to five years, AR and VR are expected to play an important role in retail and CPG in the following ways: <\/span><\/p>\n Blockchain might be new to most, but according to Don & Alex Tapscott, authors Blockchain Revolution (2016), \u201c<\/span>the blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value<\/span><\/i>\u201d (Source: <\/span>BlockGeeks<\/span><\/a>). As one of the newer technologies, it is still between six and 10 years from being fully developed, at which time it is expected to be used in retail and CPG in the following ways:<\/span><\/p>\n In summary, and according to the WEF, the above technologies are not only expected to disrupt the retail and CPG industries, but open up a broad range of opportunities. However, ultimately, they will \u201c<\/span>fundamentally change some aspect of the end-to-end value chain and redefine the core operations of the retail and CPG industries<\/span><\/i>\u201d (Source: \u00a0<\/span>WEF<\/span><\/a>).<\/span><\/p>\n <\/p>\n
\nIn the days leading up to the <\/span>World Economic Forum<\/span><\/a> (WEF) Annual Meeting, which began in Davos, Switzerland, yesterday, 17 January 2017, the WEF published a report, <\/span>Shaping the Future of Retail for Consumer Industries<\/span><\/i><\/a>. \u00a0The report seeks to highlight key forces that will shape the retail and consumer packaged goods into the future, specifically over the next 10 years.<\/span><\/p>\n1. Internet of Things<\/span><\/h3>\n
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2. Autonomous vehicles (AV)\/ drones<\/span><\/h3>\n
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3. Artificial intelligence (AI)\/ machine learning<\/span><\/h3>\n
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4. Robotics<\/span><\/h3>\n
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5. Digital traceability<\/span><\/h3>\n
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6. 3D printing<\/span><\/h3>\n
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7. Augmented reality\/virtual reality<\/span><\/h3>\n
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8. Blockchain<\/span><\/h3>\n
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