Not long back, it was possible for the top brands to collaborate with the giant retailers to ensure a near stranglehold in their respective industries. But now this is reducing thanks to the presence of fleet-footed digital upstarts who are cutting into the shares of these leading brands, by altogether bypassing the retailers. The Dollar Shave’s impact on P&G’s Gillette brand is one such example. The likes of Uber, Airbnb and Facebook have set the trend for the digital age where platforms are leading businesses rather than owners of physical products or content. These companies have taken advantage of social media to tune up their digital marketing strategies and take on many of the legacy companies. A recent study was conducted by the Euromonitor International titled Digital Consumer Industry Insights Survey to gauge what companies feel about the ongoing digitization and its impacts till 2040. Most respondents feel that improving the customer journey will remain of paramount importance. For this customer insights will need to be acquired using business analytics. Remote monitoring and predictive maintenance will increasingly be used by manufacturing firms. The subscription modelwill also gain further in adoption rates.

Source:https://www.forbes.com/sites/michelleevans1/2018/10/22/what-it-will-take-to-be-competitive-in-2040/#3a0ddc9c1735

Uploaded Date:31st October 2018