Retail and consumer goods companies are entering into a technological innovation and development phase with considering smart automation at its core. The consequences are profound, offering a host of previously unimaginable capabilities from automatically rerouting shipments to bypass bad weather and initialing in-store services based on customer's facial expressions analysis. According to the IDM survey, it is seen that two in five retailers and brands are already using next-gen technologies based on smart automation, and it will be doubled in number within the next three years. The future of next-gen technologies adoption seems to be far more extensive than many customer products and retail companies currently realize.

79% of consumer and 85% of retail product companies plan to be using next-gen technologies for supply chain strategic planning by 2021
79% of retail and consumer products companies suppose to be incorporate next-gen technologies for customer intelligence by 2021
Retail and consumer products executives plan that smart automation capabilities could benefit in increasing annual revenue growth by up to 10%
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Focus on Internally Today to Lead Externally Tomorrow

The retail and consumer products companies use next-gen technologies such as AI-based automation to perform distinct internal processes that rely on existing high volume datasets, such as customer intelligence and demand forecasting. However, the official are aiming to use intelligent automation into complex operational processes that need broader datasets, external collaboration, and additional system integrations within the next three years. Simultaneously, the projected penetration is expected to increase to over 70% across organizational areas that value chain span.

Considering the current market scenarios, the retailers and consumer goods industry incorporating next-gen technologies is rapidly changing. It may expect that the highest growth is not necessarily in the areas one would expect. In the next three years, it may anticipate seeing a surge in adoption across different industry operations compared to those with the highest penetration in the current market. Besides, the projected adoption rates vary between retail and consumer goods companies based on each industry's unique business requirements.

Conclusion

The research and quantitative valuation underpin that there is rapid growth in next-gen technologies consumption across retailers and the consumer goods industry from the next decade due to pandemic situations.

Consumers will be central to shaping the future direction of the industry. As their expectations around cost, choice, convenience, control, and experience continue to climb, they will challenge the industry to keep up. Simultaneously, new and disruptive technologies will fundamentally impact the end-to-end industry value chain, benefitting both the industry and consumers.

In an increasingly competitive environment, the use of next-gen technologies will be real. It will introduce the matter of survival for retailers and brands, which are increasingly willing to invest more in next-gen technologies in the retailers and consumer goods industry.

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