Retailers, consumer goods firms can unlock US $2.95 tn in value: Report

Over the next one decade, retailers and consumer goods companies have the potential to unlock US $2.95 trillion in value for the industry by accelerating digital transformation, a report said on Thursday.
According to management consulting company Accenture, investments in digitally-driven business models will offer consumers more choices in how they purchase goods and services, and enable companies to deliver profitable experiences.
“Globally as well as in India, technology has disrupted many facets of the customer’s life. As consumers crave for their own unique experiences, companies will have to re-visit their business models and continuously innovate,” said Managing Director, Accenture Strategy India, Anurag Gupta in a statement.
“Leveraging advanced data sciences to mine for deeper insights is no-longer an option but a necessity,” Gupta added.
The report revealed that 51 per cent of Indian consumers would allow companies to collect their personal data through intelligent devices in return for a better experience or financial reward.
“Another 65 per cent would subscribe to a service that constantly looks for the best pricing deals on their behalf, and actively recommends which company to switch to, and when,” the report added.
Seventy-seven per cent of Indian consumers said they would use a rental subscription for clothing, renting an item for an occasion and returning it after, instead of purchasing it outright.
“In a rapidly evolving environment where customers demand for better products and experience is on rise, organisations would need to be ready to unlearn and continue to innovate. Collaborating with relevant partners to offer customers increased value at a fast pace would be a key mantra for winning them over,” said Gupta.