Use of smart tech becomes more about lifestyle than function
Implications - Social media has ushered the world into an age of consumercentricity where lifestyle reigns supreme. This lifestyle-focused approach has changed consumer expectations of businesses across industries and is impacting the way they view technology. The question of how dense technologies such as blockchain or IoT will enter into people's everyday lives is answered in more consumercentric applications that enhance natural consumer behavior, as opposed to serving pragmatic functionalities.
Workshop Question - What is one part of your product or service that could be simplified?
Trend Themes
1. Consumercentricity - The shift towards lifestyle-focused consumercentricity is driving the development of more consumer-enhancing technologies.
2. Blockchain Integration - The integration of blockchain technology into various industries is disrupting the traditional business models and creating opportunities for more P2P interactions.
3. Personalization - Advancements in machine learning, IoT, and the cloud are enabling more personalized experiences for consumers, from dynamic pricing to tailored product interactions.
Industry Implications
1. Marketing and Advertising - Consumercentricity and personalization trends offer opportunities for businesses in the marketing and advertising industry to create tailored experiences for customers.
2. Travel and Tourism - The integration of blockchain technology into the travel industry offers opportunities for disruptive innovation in P2P travel services.
3. Package Design and Labeling - Technological advancements in smart packaging and labeling, such as responsive beer labels and personalized product codes, offer opportunities for enhancing customer engagement and retention.
