Euromonitor analyst talks on the changes that caused the consumer to become increasingly more demanding
When we talk about the future, it is common for us to think of something far from our reality. However, Marilia Borges, Senior Analyst of Euromonitor International, invited us to look towards a shorter horizon, until 2023, in her presentation at the APAS Show 2019 Management Congress.
One of the main changes for which the planet will go through, will be the growth of the number of senior inhabitants, the age bracket that grows more according to Euromonitor’s estimations. Not only any older population profile, but a group of people who are already accustomed to the use of the internet and with a greater awareness with respect to healthiness. Another factor that comprises this scenario is the urban development of the population and the demographic growth, which will lead the globe to have 2.3 billion homes, 1.4 billion automobiles, 1.6 billion smartphones and 79 million wearables.
All presented elements which were previously cited, in accordance with speed and convenience of the internet, created a consumer that wants immediate satisfaction of his desires. “The consumer wants to live a smooth-flowing experience, with no conflicts, regardless of where the shopping day starts, whether through off-line or on-line channels. They are also willing to pay more for the added value,” Marilia explains.
The Euromonitor analyst cites further two interesting examples of how consumers can be engaged in innovative experiences and event to provide data that will be used for their own good. One of them is Facenote, a facial recognition platform where, from a “selfie”, the customer begins to have right to benefits. For retail, it is the opportunity of delivering to this consumer a completely personalized (tailored) experience when entering the store, allowing for attention to have total awareness on the customer’s behavior and to deliver an experience really relevant for him.
Another example of how this behavior is shaping retail is that of the NTUC Fair Price chain, of Singapore. To speed up the delivery of orders made through the application, the company adopted the AutoStore technology, which uses robots to dispense the orders that will be sent to the customers of the chain in less than 24 hours.
When the theme is experience, another example cited is Fico Eatly World, a real gastronomical park of Italy, maintained under the partnership of local producers who offers diverse classes, most especially, directed towards children – an example of creation of future demand. Although it may be a tourist attraction in the city of Bologna, the most part of the flow of visitors is of Italians interested in expanding their repertory on cooking.
The examples cited by Marilia indicate that technology will have a fundamental role in satisfying these consumption drives, but they are not the end activity. “It is necessary to make it clear that consumption and technology will be the means to place the consumer as an absolute lead role in this new moment,” the analyst sums up.