How are Emerging Technologies Reforming our Lives and Ushering in New Business Models?

Euromonitor explains how technology will transform commerce and consumer experiences by 2040 at the 2019 Blackhawk Network Summit

Emerging technologies are redefining consumer experiences today at an unprecedented speed.

A walk into the future through a presentation by Euromonitor at the 2019 Blackhawk Network Summit in San Antonio, Texas, gave us a glimpse into how these technologies are revolutionizing what it means to live, work, shop and play over the next 20 years.  

With the rise of digital commerce and delivery solutions, according to Euromonitor, retail space will be free of inventory that will be repurposed into micro-experiential centers where, as a shopper, you can have a feel of the products in a virtual context. It gets better: your shopping experience will be personalized by the use of facial recognition and automated checkouts. 

At home, Euromonitor predicts that your fridge will be able to order replenishment of food items automatically and, though begrudgingly, have it monitor your eating habits to keep your calorie intake in check! Your kids will have robots to keep them company when playdates are a hassle to plan and your appliances will have the ability to monitor energy consumption to keep your bills down.  

As emerging technologies continue to accelerate the rate of change, it is evident that current norms are soon to be outmoded. 

Euromonitor’s preview into the future highlighted that business models of today will find it hard to stay relevant tomorrow. Companies must continue to reinvent themselves so as to be able to stay in business, explained Michelle Evans, head of digital consumer at Euromonitor International. She also noted that outlets, homes and venues will require a technological upgrade and redesign to prepare for the consumer in 2040. 

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