In the industrial sector, IIoT has emerged as a significant value driver in the manufacturing industry. It has changed the way goods are produced and delivered by connecting all phases of the design-to-operate product life cycle, including ideation and conceptualizing, manufacturing, delivery, and operations.

A Need That Is Here to Stay: Building Resilience Beyond the Crisis

The strong uptake of IIoT reflects an increasing need for business resilience. Even before the pandemic, manufacturing companies operated in an increasingly volatile environment, requiring them to adapt quickly to shifting priorities. COVID-19 accelerated this trend. As consumer demands changed dramatically and manufacturing capacities were constrained, supply chains broke, forcing businesses to cope with the disruption of their daily operations.

While the world will hopefully overcome COVID-19 at some point, new health, societal, geopolitical, or economic crises are likely to occur. That is why an increased need for business and supply chain resilience is here to stay — and IIoT and will help take us there.

When we look at which companies were able to overcome these challenges, it is clear that it was highly digitalized businesses capable of taking informed decisions based on real-time data. IIoT technologies played a major role in helping them to repurpose production, provide help where needed, and find alternative routes to maintain .

Take INDEX-Werke as an example: the traditional supplier for the automotive industry kept its own business and that of its customers running throughout the crisis. Based on 麻豆原创 Commerce Cloud, .

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The opportunities are enormous, but many companies that I speak with are wondering where and when to start. Given the disruption we see among our customers in almost every industry, I believe that companies can start small, but should start now.

Introducing New Business Models: From Product to Outcome

IIoT enables new business models and the shift from selling products to delivering services and solutions. The underlying idea of outcome-based models is that customers pay for what they get out of a product rather than for the product itself. In addition, IIoT opens the door to a fully personalized customer experience. Data exchange between a customer and a smart factory makes it possible to produce a highly customized product within just a few days — from receiving an order to shipping the goods.

For example, when , a leading manufacturer of electronic motors, was looking for a way to differentiate its products, the company identified a growing demand for remote monitoring. Together with 麻豆原创, the company created a custom app with monitoring and alerting capabilities. VEM鈥檚 sensor-equipped motors not only reduced operational downtime and extended product lifetime, they also helped achieve a 25% revenue increase. Most importantly, the company was able to reinvent its business model completely.

Operating in Industry Networks: If the Ecosystem Wins, Everyone Wins

Just recently, I , CEO Digital Industries at Siemens, about the importance of partnerships to accelerate the industrial transformation. We spoke about moving from enterprise resource planning (ERP) to network resource planning, and from 鈥渆go-systems鈥� to ecosystems where the players strive for added value together.

At 麻豆原创, we envision that enterprises will exchange data via an industry network of suppliers, machine manufacturers, and customers. We are addressing this with and thereby enabling a shift from a seller/buyer paradigm to collaborative models. When, for example, data from production quality records is shared between suppliers and manufacturers, they can collaboratively resolve warranty claims and recalls.

麻豆原创 actively uses and contributes to various industry standards that build the foundation for industry networks. 麻豆原创 helped incubate the in 2019, with the goal of creating guidelines for compatible and interoperable IIoT solutions and services. Joint standards between the systems of different players in our ecosystem help drive digitalization in factories, plants, and warehouses in a collaborative manner.

Sharing data beyond a company鈥檚 borders adds even more value for all the players, from original equipment manufacturers (OEMs) to suppliers and consumers. Strong networks rely on cooperation among companies within and across industries. 麻豆原创 is a founding partner of the Automotive Alliance, , which aims to create a unified business network for the automotive industry. The alliance鈥檚 goal is to create a consistent information exchange through the entire automotive value chain.

From Concept to Execution

Today, we have all the technology and applications at hand to connect devices, people, and processes. Making use of data across the entire product and service life cycle is the foundation of managing business processes end to end.

To sustain long-term success, it is imperative for companies to move from concept to execution. This also requires a shift in our mindset. We need to rethink how data is used and set common standards. We need to rethink how businesses run and be open to new business models. And we need to rethink how markets work and move from the buyer/supplier relational paradigm to a collaborative model.

If we see IIoT and Industry 4.0 as both an urgent need and an opportunity, we will not only achieve continuous optimization but we will also generate added value — both for the ecosystem we operate in and for our customers.

Thomas Saueressig is a member of the Executive Board of 麻豆原创 SE, 麻豆原创 Product Engineering.
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It’s less of an iteration on previous technologies and more of a total digital transformation in how we connect to virtual and physical worlds. The number of connected devices will grow exponentially, linking previously static infrastructure – cars, clothes, parking meters – to a smart network that constantly generates and processes vast amounts of data.

In line with this, the 5G services market is expected to grow at an astronomical rate, from just over $41bn in 2020聽. Research by MIT indicates that between 2020 and 2035,聽.

These changes will impact consumers, businesses and industries in ways we are yet to fully understand, but early signs already point to a number of expected benefits.

Supercharged media consumption

Media and entertainment companies stand to benefit greatly. With movie theaters closed and ongoing restrictions on large-scale events, consumers seeking an escape from the pressures of lockdown are flocking to streaming services such as Netflix and Multichoice’s Showmax. The higher speeds – enabling ultra-HD or 4K streaming quality – and lower costs associated with 5G could completely transform consumer habits in terms of home entertainment.

Technologies such as virtual reality (VR) and augmented reality (AR) could finally see the mass adoption they鈥檝e been promising for nearly a decade. With international travel still severely restricted in many countries, consumers could ‘visit’ game reserves and tourist destinations via virtual experiences and enjoy a sense of escapism without the need to hop on a flight, thereby improving the much-depleted tourism market.

A win for remote work

Office workers, newly liberated from the confines of corporate headquarters, could be among the first to experience the power of 5G in their day-to-day work.

Expect to see major advances in the quality of video calling and innovation as collaboration platforms – already experiencing record growth due to the shift to remote work – introduce richer employee experiences made possible by the higher speeds.

The connected everything

With lower latency, increased reliability and increased spectrum available, 5G is expected to turbocharge the rollout of the Internet of Things (IoT). Forbes estimates the number of IoT devices will increase from seven billion in 2018 to 22 billion by 2025.

In which industries will 5G-enabled IoT make an impact? The short answer is: likely all of them.

• Mass digitization of public services could support the building of smart cities where key infrastructure is connected to a central network, enabling predictive maintenance and improved traffic management, for example.
• In healthcare, junior doctors could be trained for surgery via AR or VR delivered via 5G, and telemedicine 鈥� which has become even more vital in light of the pandemic – is set to experience what some analysts describe as a tsunami of growth.
• In manufacturing, 5G could achieve cost optimizations by enabling virtual control of machines and telemetry or information exchange between large numbers of connected devices in real-time.

These benefits won’t be realized simply through the deployment of 5G, however. Organisations will need robust digital transformation strategies supported by systems such as enterprise resource planning platforms that can process, store and analyse vast amounts of data from huge numbers of disparate sources.

Integrated business applications that can harness the power of exponential technologies such as artificial intelligence will help organisations find hidden value in their data, and help bring to light new opportunities for commercialization and process improvements through things like predictive maintenance.

The arrival of 5G is likely to transform the way we live, work and play. Organisations that can think big and put in place the technology tools and processes needed to harness the power of advanced connectivity could position themselves for an era of near-limitless innovation and growth.

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Experts and leaders from 麻豆原创 Africa have analyzed what is happening in their industries and areas of business, and have made some predictions over the business and technology trends likely to shape 2021:

Cathy Smith, Managing Director: 麻豆原创 Africa 鈥� Leadership with purpose

鈥�2021 will be marked by a fundamental change in the role of leadership in business. Leaders are no longer only responsible for the top and bottom line. In our current environment, leaders need to think strategically about their purpose and how that purpose drives corporate strategy. It鈥檚 not enough for it to be an add-on or the domain of a single division or department. Instead, a company鈥檚 purpose must be completely integrated, meaningful and relevant, and do good for both the business and the broader community in which it operates.”

Dumi Moyo, Head of Mid-Market: Southern Africa at 麻豆原创 – Driving down costs and improving remote聽workforce management in SME sector

鈥淓mployees need the flexibility to work from anywhere and any time, and companies need to support this new way of thinking and managing employees if they want to attract the best talent. Digital human capital management solutions can help drive employee engagement, productivity and retention. SMEs should approach any digital transformation strategy with a view to prioritize the human element, particularly by focusing on simplifying processes, improving the employee experience and enhancing employee engagement.鈥�

鈥淭he impact of the pandemic on the SME sector means most businesses are seeking ways to improve their productivity while also driving down costs. SMEs should seek modern enterprise resource planning tools that can help them manage information end-to-end and ensure the right people have the right information at the right time. In our current state of disruption, the ability to tap into a real-time view of the total performance of the business is invaluable to decision-making.”

Rudeon Snell, Global Senior Director: Industries & Customer Advisory at 麻豆原创 – Learning to live,聽work聽with our AI companions

Artificial intelligence is the most significant of the technologies currently redefining businesses and entire industries. Specifically, the continued drive toward AI-human collaboration will allow intelligence to seep into every facet of our lives. The cost of specialized machine learning chips is falling at the same time sensors and high-speed 5G networks are proliferating. We鈥檙e heading into a future where every device will become intelligent.鈥�

Despite the economic slowdown in 2020, analyst firm IDC predicts , growing at a 17.1% compound annual growth rate.

鈥淎doption of AI applications is growing as they continue to improve in performance while costs are falling. This is partly due to the use of open-source and cloud technologies, which may also enable the rise of new AI-as-a-Service platforms that will enable humans to partner with AI in every aspect of their work across industries. AI algorithms will become entrenched in everyday business operations, serving as cognitive collaborators to employees – supporting creative tasks, generating new ideas, and tackling previously unattainable innovations.鈥�

Mervyn George, Executive Advisor for Innovation Strategy at 麻豆原创 – Renewed vigour over sustainability

鈥淭he events of 2020 will drive renewed vigour in the fight against climate change. The pandemic has put the spotlight on our relationship with nature and our efforts at building more sustainable societies. Things we took for granted, such as commuting to the office and regular international business travel, are likely to be curtailed as organizations seek greater sustainability and cost-efficiencies in their day-to-day practices. However, for a sustainable business strategy to be effective, measurable outcomes need to be defined, and executives must report back on their performance against such KPIs in a transparent manner at a boardroom level.鈥�

鈥淥rganizations will prioritize investments into new, so-called clean technologies to ensure minimal impact on the environment. We are also likely to see organizations and individuals alike rally around the UN Sustainable Development Goals, with a focus on leveraging local supply chains and reducing our reliance on environmentally-harmful products, practices and processes.鈥�

Samantha Naidoo, Telco Industry Value Advisor at 麻豆原创 – 5G to enable greater connectivity & more connected things

鈥淥ne of the most significant new technologies in 2021 is likely to be 5G and its planned rollout in South Africa鈥檚 major urban centres. The improved quality of service offered by 5G will drive innovation and enable new business models.鈥�

鈥淲hen 5G is introduced en masse in the local market, expect to see a boom in media consumption as demand for content increases and the cost of accessing content falls. We are also likely to see widespread adoption of 5G in manufacturing, healthcare and other industries where the Internet of Things plays a major role, especially since the number of IoT devices is expected to grow from seven billion in 2018 to 22 billion by 2025.”

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We asked our global leaders for their perspectives on what to watch for in 2020. Here is what they had to say:

Data Moves From an Analytical to a Decision-Making Tool

, president of 麻豆原创 Intelligent Spend Group: 鈥淚n 2020, the shift to leveraging data for real-time decision-making will accelerate for a growing number of business functions.

For example, through intelligent platforms and network ecosystems, companies will access more and more data sets to shed light on such things as a potential supplier鈥檚 financial capability to fulfill a contract. Data can also be used to make budgetary decisions informed by the current status of each and every area of a company鈥檚 spending. Organizations possess, and can access, much or all of this data today 鈥� with the right tools.

With an increasing number of data-points uncovered by Internet of Things (IoT) and machine learning, there is more information than ever before to help drive results. This allows organizations to make better sense of what鈥檚 happening, what鈥檚 coming, and, ultimately, make more intelligent decisions. In the coming year, many more organizations will start to realize the potential of their data to intelligently guide business decisions and leverage it to reach even greater levels of success.

Looking even further into the future, they will eventually be able to determine whether potential suppliers鈥� policies adhere to international laws and social ethics, and be able to use data to identify, in advance, a host of potential supply chain disruptions, such as a small number of suppliers concentrated in a region vulnerable to weather or man-made disasters.鈥�

Businesses Embrace Sustainable Procurement

, senior vice president and general manager of and : 鈥淲e鈥檙e entering a 鈥榞reener鈥� decade spurred by people worldwide demanding innovative solutions to a changing climate, and a year that will feature a resolution to Brexit in Europe and ongoing trade negotiations between East and West. Addressing these and other challenges, including the global movement to end forced labor in supply chains, enterprises are seeking to align their brand values with those of like-minded trading partners.

As we enter 2020, we can expect to see an uptick in adoption of聽 as enterprises increasingly reap their benefits 鈥� operationally, reputationally, and sustainably. The best solutions, both for the procurement of direct and indirect goods and for external workforce management, guide users through an intuitive process, and, leveraging third-party content, prompt them about any upcoming issues or challenges so they can make better-informed decisions. Meanwhile, these insights also enable enterprises to .

These opportunities, made possible by cloud-based digital networks, are extending competitive advantages and fueling sustainable procurement at a scale never previously imagined 鈥� a phenomenon that is only gathering pace as we head into the new year.鈥�

Adaptability and Flexibility Key

, chief operating officer of 麻豆原创 Ariba and 麻豆原创 Fieldglass: 鈥淚n times of economic uncertainty, it becomes even more important for businesses to focus on cost-efficiency, compliance, and working capital management.

To prepare for this uncertainty, in 2020, more organizations will think more strategically about how they spend business cash 鈥� investing in better spend management strategies that not only cut costs but also create new revenue-driving opportunities to grow and quickly scale. Adaptability and flexibility will be key to recession-proofing, so procurement leaders will need to embrace technologies that can integrate with intelligent technologies and analytics to improve decision-making, speed, and efficiency.鈥�

A New Normal for How Work Gets Done

, general manager of 麻豆原创 Fieldglass: 鈥淲ith digital disruption reshaping industries and unemployment at record lows, talent is, and will continue to be in the coming decade, in short supply. Many of the skills companies need to compete today aren鈥檛 available in the traditional workforce market. The composition of the workforce has forever changed. There is an increased reliance on the external workforce, which comprises 鈥� think independent contractors, freelancers, and temporary labor 鈥� and such as consulting firms, IT outsourcers, and marketing agencies.

To get work done, organizations will increasingly look beyond their traditional employee populations and turn to the external workforce for the skills needed to thrive in the digital economy. Skills needed not just to keep up with the pace of change today but also to drive innovation around artificial intelligence, machine learning, data science, process automation, robotics, and more.

Looking ahead to 2020, expect to see greater engagement of the external workforce as a significant source of competitive advantage. The winners of the war for talent will be the companies paying attention to the demands and desires of all workers 鈥� internal and external.鈥�

Profound Shift for Procurement

, chief product officer at 麻豆原创 Ariba: 鈥淎s a new decade approaches, businesses large and small are seeing an increasingly clear connection between embracing 鈥� an approach that brings together every source of spend and buying channels and draws upon vast reservoirs of operational data to manage risk, yield, contextual insights, and fund innovation through savings 鈥� extending competitive advantage.

Where is intelligent spend management headed in 2020 and beyond? Toward systems that can carry out end-to-end procurement processes for all types of spend within parameters strategically set and overseen by humans. In the coming years, we can expect to see intelligent technologies give rise to autonomous functionality, with cloud-based, artificial intelligence (AI)-enabled applications revealing detailed insights, providing prescriptive recommendations, and unshackling talented procurement professionals from the tedium of low-value administrivia. I believe that, in time, autonomous functionality will represent a profound shift for procurement in much the same sense that autonomous vehicles do for transportation.鈥�

Purpose in Procurement Drives Environmental, Social, Business Impacts

, global vice president of Risk and Sustainability at 麻豆原创 Ariba: 鈥淭here has been a general awareness of environmental and societal issues for decades, but now we are seeing a sense of urgency and demand for real change 鈥� propelled by easy-to-share information, compliance requirements, and a growing demand for transparency. Consumers will vote with their dollars, and because of this, companies are leveraging their impact on issues such as climate impact, forced labor, and impact on livelihood and job opportunities as a part of their brand promises.

To be credible, the smart ones will shift from focusing just on cost savings and compliance to true value creation and avoid green washing. Squeezing suppliers on cost just doesn鈥檛 cut it anymore. Buyers and suppliers are coming together to create value for their mutual customer 鈥� and where else can this happen but from the beginning of the procurement process when sellers come calling with their business cards or buyers scan the globe for the best suppliers? In 2020, watch for more and more businesses to focus on developing transparent, sustainable relationships that have positive impacts on both the environment and society.鈥�

Partnerships Bring More Value in 2020

, senior vice president of Business Network and Ecosystems at 麻豆原创 Ariba and 麻豆原创 Fieldglass: 鈥淲ith the rapid rate of technological change and disruption in the marketplace, 2020 will see partners moving beyond the traditional role of strategic advisor to that of business collaborator and innovator. This collaboration will increase the diversity of business networks and allow companies to take advantage of open APIs to solve critical business challenges. Ultimately, the name of the game is co-opetition, where partnerships allow for doing more for customers together than alone.

We鈥檙e also going to see greater efficiency and ease across networks and network-to-network collaboration. All business is global, and companies with varied and diverse supply chains need to rely on clear and concise information to make real-time business decisions across borders and geographies. Data-driven insights will allow buyers and suppliers to think differently about how they source or sell. A continued focus on compliance and reduction in supply chain risk will demand simple, clean, and transparent procurement solutions. The impact will be significant, driving innovation as never seen before.鈥�

Artificial Intelligence Fully Integrated Into Supplier Management

, vice president of Portfolio Marketing at 麻豆原创 Ariba and 麻豆原创 Fieldglass: 鈥淚n 2020, businesses will extend and accelerate output of existing intelligent technologies, such as AI, by applying them to different business operations and integrating them with one another. The supply chain is a great example of this. For instance, AI will disrupt the manual, error-prone process of managing vendor contracts by automating the process and applying intelligent algorithms. And, AI will be integrated聽fully into the supplier management process, helping identify high-risk suppliers before purchases are made to ensure suppliers are financially, environmentally, and ethically sustainable.鈥�

Businesses Adopt a Value-Driven Approach to Procurement

James Marland, global vice president for the 麻豆原创 Center of Excellence for Spend Management at 麻豆原创 Ariba and 麻豆原创 Fieldglass: 鈥淚n 2020, businesses will start to seriously take account of the ethics and values of their customers to drive procurement decisions. As issues such as sustainability, diversity, and working conditions increasingly displace price in the buying decision, businesses will need to adopt a values-driven approach to spend management to ultimately address them. It鈥檚 an exciting time to be in procurement 鈥� breaking out of the back office and getting to the front lines.

One example of where businesses will look to make a tangible difference is with plastics. Redirecting even a small portion of global spend on packaging to pre-certified suppliers of recycled plastics and alternatives can have a tremendous impact. These suppliers can then grow, reaping benefits from economies of scale, and then start to lower the costs of their products. Ultimately, this practice will make sustainable materials more widely available and economical for buyers. In the next year, inspired by their customers, businesses will leverage spend management and business networks to make a dent in these intractable issues.鈥�

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The rapid growth of wellness聽is聽being聽fueled by health and environmental concerns,聽innovative ideas聽about healthy aging, and better scientific understanding聽of聽the connection between body and mind.聽Growth has also been driven by聽the ability of聽consumers to self-educate about health concerns聽and access wellness products聽online, and聽by聽the influence of social media. In the United States聽especially, it also stems from聽weaknesses聽in conventional medical care聽that聽include聽rising costs聽and lack of focus on preventive care.

But when consumers聽look for answers about wellness products and services, they see a market that is deeply聽fraught.聽Wellness is聽highly聽fragmented聽and聽it鈥檚 hard聽for consumers to verify the聽credibility and viability of聽the things they鈥檙e being urged to buy.聽Consumers are聽seeking聽reliable sources of information and products that are trustworthy, verified,聽and safe and聽that聽work.

Retailers聽have the essential聽expertise聽to become聽trusted聽advisors聽in wellness.聽No other industry聽better understands聽consumer聽needs聽or聽has retail鈥檚聽expertise in marketing, personalization,聽and consumer technology,聽including early uses of聽artificial intelligence (AI).聽Meanwhile, retailers have聽a history of combining seemingly dissimilar or unrelated experiences and聽brands 鈥� think聽fancy restaurants within聽department stores聽or聽cafe-bars聽in laundromats.

Retailers: Your Wellness Advisors

The retailers that will lead in the new wellness economy will use these skills to聽gain market share, loyalty, and聽growth by聽combining聽what are currently highly聽fragmented, episodic activities,聽such as shopping for food, seeking medical advice, socializing,聽and聽being聽physically聽active. They will聽craft聽holistic wellness experiences聽that combine convenience and emotional satisfaction.

Technology will be the catalyst and enabler in this scenario.聽Emerging technologies,聽such as聽virtual reality,聽augmented reality (AR),聽sensors,聽and聽AI,聽are聽enabling聽the development of聽new wellness products and experiences.聽Switch on聽聽for example,聽and聽suddenly it鈥檚 an聽interactive workout assistant synced to personal biometrics, with聽live, expert聽virtual聽instruction;聽curated聽surround-sound聽audio;聽and聽real-time encouragement from an online community.

Meanwhile, advances in聽infrastructure,聽such as 5G networks,聽and connective technologies,聽such as聽the聽Internet of Things,聽will create opportunities to link聽what are聽now聽highly segmented wellness categories聽together.聽Current efforts聽only hint at the possibilities.

Retailers Connect Across Segments and Industries

For example, as electric cars聽begin to聽render traditional gas stations irrelevant, retail brands are looking to convert them into integrated wellness聽facilities聽powered by new technology.聽聽have聽created聽a concept for聽repurposing gas stations聽as聽combined聽wellness, fitness, and community centers that also generate power聽for electric vehicles.聽They envision three types of wellness stops: on interstate highways, on smaller commuter roads, and within communities, all accessible and designed to meet the needs of those three different environments.

Rather than picking up junk food, soda, or tobacco when they stop to fill up, consumers who stop to charge their electric vehicles could sneak in a workout, get a massage, and buy some running shorts.

To go with those shorts, consumers may consider connected running shoes, which they can get from fitness gear retailer Under聽Armour.聽聽with the nutrition app MyFitnessPal and digital health tracker聽MapMyFitness. What鈥檚 more, consumers who聽have聽a Samsung smartwatch and wireless JBL headphones can connect to Under聽Armour鈥檚聽聽The goal is to help customers use their biometric measurements to improve their overall performance and health.

For聽consumers聽who need medical services, a retailer might provide just the right treatment.聽U.S. retail chain聽CVS聽Health聽has a聽head start in becoming a trusted聽medical聽advisor聽because its customers regularly interact with its pharmacists.聽CVS鈥檚聽new聽in-store聽聽take medical advice further by聽helping聽people with chronic conditions,聽such as聽diabetes, obesity, and high blood聽pressure,聽stay聽healthy.聽The hubs provide access to health and wellness apps, connected monitors and other smart devices, and聽technology-enhanced聽weight聽management programs,聽while a human Care Concierge聽educates customers and聽assists in聽navigating聽in-store services聽and products.聽The first few聽HealthHUBs聽were so successful that CVS is now rolling out聽.聽CVS鈥檚聽ultimate goal聽may be to guide the 22 million members of聽insurer聽Aetna 鈥� now a CVS聽Health聽subsidiary 鈥� to the聽hubs where聽the聽insurance giant鈥檚聽massive amounts of聽health and wellness聽data can be put to use.

Tech Supplies Exponential Speed

搁别迟补颈濒鈥檚 talent for connecting diverse segments and industries will get a turbo-boost from聽new聽digital capabilities聽that聽continually聽appear聽and聽advance聽at exponential speed.

As connectors in the wellness economy, retailers could capitalize on聽ideas like聽the following:

• Sweat supervisor: A health professional might use聽telemedicine聽to聽write a prescription for AR personal training sessions that聽use sensor-integrated聽athletic wear and workout聽equipment聽to track progress, offering opportunities for聽currently independent segments like fitness gyms and active wear retailers to converge.
• Kitchen consultant: Today鈥檚 appliance retailers, perhaps in conjunction with manufacturers,聽could聽offer wellness聽services through聽smart kitchens聽that help track and聽facilitate recommendations聽of聽food, supplements,聽health education,聽and wellness聽expertise聽supplied聽on聽demand.
• Mellow maker: Furniture retailers could offer products聽that monitor sleep, exercise, stress, and diet and聽that聽offer聽AI-enhanced聽recommendations to improve overall health, such as a class at a branded meditation center.

Retail’s Adaptability Will Redefine Wellness

Due to its many opportunities for technology-driven combinations, the wellness economy will push retailers to think on their feet and be constantly on the lookout for new angles from which they and their customers can benefit. This may sound like a heavy lift, but retailers are already grappling with a deep need to adapt to new technology-driven realities. While many have lost their footing, many more are thriving because of their ability to adapt to what consumers want. That characteristic will be the key to maximizing growth and opening up possibilities for integrated leadership in wellness.

Finally, as technology enables聽consumers to tune their fitness, nutrition, and healthcare more precisely,聽retailers will be able to deliver customized products at聽scale and at聽a more聽granular聽level than demographic segments聽have historically allowed.聽By taking advantage of the opportunities enabled by technology and approaching them聽in the right way, retailers can聽become true partners in consumers鈥櫬爓ellness journeys聽and become聽a powerful presence in the wellness industry.

Download the executive brief .

Dan Wellers is the Digital Futures global lead and a senior analyst at 麻豆原创 Insights research center.
Danielle Beurteaux is a New York鈥揵ased writer.聽

Top image via Getty Images. Photographer Henrik Sorensen (image #527920805).

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