The pillars of personalization and customization will result in a complete reversal of where customers fit into the retail landscape
Today’s emphasis on personalization and customization will undoubtedly evolve into a complete consumer role reversal, where the consumer controls the supply chain. In 2016, we saw more options to fill our social media feeds with content than we might want to see. New smartphone updates have brought intuitive thinking and the power of AI to better suit our needs on the fly. But as we lead into the year 2020, consumers will want to assume the creator’s role even more, purchasing technology and products that give them the keys to the ignition.
As tech continues to focus on user-friendly interfaces and accessibility, it will be easier for individuals to assume control of production. At-home production allows more opportunities for consumers to dictate how and when they purchase goods or services. These technologies are also becoming cheaper for anybody to buy. It might even be more cost-effective for consumers to buy their own routes to manufacturing, as opposed to buying item by item.
Home growing systems, like Click & Grow and LEAF, are automating and leveraging digital tools to make it easy to grow plants in homes by optimizing light, soil nutrients and water suitable for plant growth. Advances in 3D printing and biological printing are letting consumers make their own textiles, products and food in their homes. This not only reduces costs, but it prevents tampering and ensures consistency.
The home as the center of production means that consumers can control when and how they want their services. This is a huge power shift for companies and services who normally control customers’ paths to purchase. But this power shift is not something to be feared—customers will still need guidance, resources and tools from figures of higher authority. As the supply chain grows shorter, brands need to remember that the consumer wants to access production themselves, often more than they want the products.
The PSFK 2020 Forecast strategizes how brands and organizations can remain relevant as the power of choice grows in the hands of the individual. By analyzing important shifts over the past year, PSFK’s research team has studied how consumers are increasingly tailoring information and products to their own needs. The full report is designed as a roadmap for brands, retailers and organizations to reestablish themselves as platforms for guidance and encouragement. Download the full report here, and learn more about PSFK’s Intelligence Platform.
PSFK is proud to host a special half-day conference around the findings in of our latest report on innovation and opportunity in retail
At PSFK 2017, Peloton Co-Founder and COO Tom Cortese discussed how the company aims to utilize the power of Web 2.0 to marry the comfort of home fitness to the high-energy engagement of celebrity-run classes.