Voice of the Industry: Digital Consumer

March 2020

New technologies are creating massive upheaval, with companies embarking on digital transformations in order to maintain relevancy. In order to better understand how companies are responding to this epochal shift, Euromonitor conducted a Digital Consumer Voice of the Industry Survey of 840 industry professionals globally in November 2019. The survey asks industry professionals what technologies they see being important and for what particular use case today and in the future.

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Key Findings

Digital Consumer Voice of the Industry snapshot

This report highlights the results of Euromonitor International’s Digital Consumer Voice of the Industry survey fielded in November 2019. The top findings  from the survey include:

Half of respondents agree that being digital is important, but the majority do not see themselves as leaders. These results have remained unchanged across the three times this survey has been fielded, indicating that companies are not making progress on their digital journey.

Cloud, artificial intelligence and the Internet of Things (IoT) are the top three technologies that companies are planning to make investments in over the next five years. AI is expected to be the most impactful in the next five years.

The development of these technologies from a commerce perspective will be a multi-year process. More than 70% of the 26 use cases explored in this survey are not expected to take off for at least five years, which underscores how much of this is a long-term proposition.

Scope of the Digital Consumer
Digital Consumer Voice of the Industry snapshot
Staying relevant in the face of societal shifts remains a challenge
Digital presence viewed as key but most do not see themselves as leaders
Fewer respondents say company is exploring emerging business models
Lack of needed skills surfaced as key hurdle to digital effectiveness
Digital transformation is reshuffling seats among senior executives
Digital engagement is a by-product of the overall digital transformation
Improving the consumer journey is the top concern for business leaders
New technologies continue to reshape consumer-facing industries
Cloud selected as the most impactful technology of last 12 months
AI is expected to impact business the most in the next five years
Cloud remains top tech for planned investments in next five years
Lack of clear business use case slows adoption of new technologies (1)
Lack of clear business use case slows adoption of new technologies (2)
Digital Consumer Voice of the Industry Survey spotlights five technologies
Spotlight technology: artificial intelligence
Artificial intelligence is umbrella term for several popular technologies
Impact of artificial intelligence on commerce
AI expected to lead to improved customer engagement in near term
Spotlight technology: augmented reality/virtual reality
Impacts of augmented reality/virtual reality on commerce
AR/VR expected to most impact shopping experience long term
Spotlight technology: Internet of Things
Impact of the Internet of Things on commerce
IoT is expected to most impact customer engagement in near term
Spotlight technology: 5G
Impact of 5G on commerce
Expected impact of 5G likely to evolve as networks are upgraded
Spotlight technology: blockchain
Impact of blockchain on commerce
In time, blockchain expected to help decentralised data management
Biggest challenge with new tech is not getting caught up in the hype
Expected take-off of various commerce use cases by different tech
Key takeaways: what to expect from new tech
About Euromonitor’s Voice of the Industry survey series
Industry of focus within company of Voice of the Industry respondents
Geographic focus of Voice of the Industry respondents
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