TechEconomy
  • Privacy Policy
  • Manage Subscriptions
Wednesday, November 29, 2023
Advertisement
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Accessories
      • Phones
      • Gadgets and Appliances
      • Apps
      • Laptop
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
      • Broadband
    • Mobility
    • Environment
    • Travel
    • Commerce
    • StartUPs
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • Appointment
    • EventDIARY
    • Editorial
  • TECHECONOMY TV
No Result
View All Result
Podcast
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Accessories
      • Phones
      • Gadgets and Appliances
      • Apps
      • Laptop
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
      • Broadband
    • Mobility
    • Environment
    • Travel
    • Commerce
    • StartUPs
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • Appointment
    • EventDIARY
    • Editorial
  • TECHECONOMY TV
No Result
View All Result
Tech | Business | Economy
No Result
View All Result
Podcast

Home » 10 Key Tech Trends Driving the Transformation of Consumer Behavior, Markets

10 Key Tech Trends Driving the Transformation of Consumer Behavior, Markets

Yinka Okeowo by Yinka Okeowo
May 10, 2022
in News
0
Sifax
Advertisements

As digital transformation takes root across the consumer ecosystem, businesses must expand and deepen their relationships with consumers to better understand their wants, needs, and aspirations.

With its expanded Future Consumer research, International Data Corporation (IDC) is helping businesses – whether they serve consumers directly or indirectly – better align their products, services, and business strategies with a rapidly evolving consumer audience.

RelatedPosts

AVEVA

AVEVA Stresses Critical Role of Digitalization to Fast-track Industrial Decarbonization

November 29, 2023

NIICF 2023: Stakeholders Push for Localization of Data to Boost Economy

November 28, 2023

“Technology is causing massive shifts in the way consumers live their lives, and technology companies, from hardware vendors to software developers to service and infrastructure providers, must think hard about how these shifts will impact their future offerings,” said Tom Mainelli, group vice president, Devices and Consumer Research at IDC.

“IDC believes that organizations must redefine their mission to be more relevant to the individual to drive toward that successful future. This new approach requires rethinking company operating models and cross-industry business models with an eye toward better understanding and enabling cooperation and collaboration with adjacent companies and industries.”

Toward that end, IDC has identified 10 tech trends – plus a bonus 11th! – that are driving the transformation of consumer behavior and markets:

1. New Pricing and Business Models – Subscriptions, Bundling, and Loyalty:

Hardware products, in addition to media and services, are moving toward a subscription model.

2. On Body Ecosystems – Phone + Wrist/Hand + Ears:

Gradually, more people will use multiple devices that work as integrated ecosystems.

3. Wireless & Broadband Connectivity – 5G, Wi-Fi 6, Bluetooth, WANs, and more:

Digital connectivity will become more reliable, responsive, and seamless to enable more engaging and immersive experiences.

4. Augmented and Virtual Reality:

Vendors have struggled to develop AR and VR that consumers will embrace widely. Over the next five years, vendors will crack the code on augmented audio, improve AR for phones, smart glasses, and VR goggles.

5. A Growing Range of Digital Productivity Devices:

Many people start with a smartphone – and many will grow into using an integrated digital service platform across their PC, tablet, smart speaker, and virtual desktop service.

6. Consumers Are Blending Work & Personal Devices, Services, and Places:

The pandemic accelerated the consumerization trend, as work from home and touchless workflow drove greater use of personal technologies for work.

7. Smart Connected Products – Body, Home, Transportation, IoT:

IoT technology is enabling a wide range of smart, connected products that upgrade or transform many experiences, especially for well-being.

8. Personal Digital/Cloud Services for Life, Security, and Privacy:

Solutions will help consumers manage an unruly, messy combination of personal services and experiences by improving password management, financial monitoring, and security services.

9. Digital Media, Social Media, and Advertising Are Colliding:

Consumers are embracing digital streaming and the creator economy while dodging advertising, challenging business models.

10. Digital Money – Wallets, Payments, Currency, and Crypto:

Asian consumers are already deep into super apps for payment, while the pandemic pushed Western consumers away from currency to cards, tap-to-pay, and digital wallets, but not into super apps. Much more change is on the horizon.

  1. AI and ML Infrastructure Will Enable New Consumer Services:

Consumers don’t use artificial intelligence and machine learning, but they do embrace compelling experiences that those technologies enable.

Advances will enable experiences such as selective listening and highly personalized media.

IDC’s Future Consumer framework focuses on eight consumer segments – entertainment, housing, travel and dining, personal mobility, money, shopping, lifelong learning, and well-being. Unlike traditional consumer research, IDC employs a more holistic approach, providing clients with access to three distinct research services:

Consumer Pulse Service: A primary research program that surveys consumers in seven countries to monitor attitudes, mindsets, spending, and brand perceptions across the eight Future Consumer segments.

Consumer Market Model: An extensive worldwide data set that includes historical data and five-year forecasts of consumer digital activity and spending across a wide range of technologies, broken out for 8 regions and 51 countries.

Future Consumer Agenda: Thought leadership program that articulates a broad, long-term view of the technology and society shifts that will impact consumers and the companies, organizations, and governments that serve them.

IDC recently hired Frank Gillett to lead the Future Consumer Agenda service. In addition to establishing the direction of the Future Consumer research agenda, he will collaborate with analysts from across IDC to illustrate how changes across the consumer landscape will affect consumer-facing companies, tech vendors, and other organizations and shape future business and societal outcomes. Gillett has 26 years of experience as an industry analyst, most recently as VP & Principal Analyst at Forrester Research.

He has extensive experience investigating, predicting, and advising on tech-driven innovation that drives new business strategies, service-based products, customer behaviors, and consumer trends.

“Digital transformation is happening across the consumer economy, which is two thirds of all global economic activity. This transformation is creating more and deeper relationships with consumers, resulting in disruption and change that ripples across markets and up supply chains,” said Frank Gillet t, research vice president, Future Consumer at IDC. “To understand consumer transformation, IDC will use a holistic approach to go beyond technologies and markets. The Future Consumerservices will use a shared framework focused on eight consumer activities. With this framework, we’ll tell comprehensive stories about the future consumer and how they’re using technology to transform life’s activities.”

Share this:

  • X
  • More
  • Email
  • WhatsApp
Tags: consumerConsumer behavioursForrester ResearchFrank GillettFuture Consumer AgendaIDC
Previous Post

Worldwide Telecoms Services Market Exceeded 2021 Projections, But IDC Foresees Challenges Ahead

Next Post

Nigeria Will Hit 85% Financial Inclusion Soon – Emefiele

Yinka Okeowo

Yinka Okeowo

Related Posts

AVEVA
News

AVEVA Stresses Critical Role of Digitalization to Fast-track Industrial Decarbonization

by Techeconomy
November 29, 2023
0

Digital innovation is driving acceleration of decarbonization strategies worldwide in everything from bioplastics to new sources of energy. With a...

Read more
NIICT 2023

NIICF 2023: Stakeholders Push for Localization of Data to Boost Economy

November 28, 2023
Idaraesit Michael, President JCI Lagos Corel

JCI Lagos Coral Commemorates a Year of Championing Youth Leadership

November 28, 2023
Mitchell Elegbe, Interswitch founder, #IFIC2023

Mitchell Elegbe Clinches 2023 Lifetime Achievement Award at CIO Awards Africa

November 28, 2023
Quomodo Systems at IMC Conference

Quomodo Systems Africa Demonstrates Commitment to Youth Development IMC Conference

November 27, 2023
Imohimi Aig-Imoukhuede Fiducia

Fiducia Becomes a Partner of Factors Chain International (FCI)

November 27, 2023
Next Post

Nigeria Will Hit 85% Financial Inclusion Soon - Emefiele

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

TECHECONOMY PODCAST

Techeconomy Podcast
Techeconomy Podcast

Techeconomy Podcast is brought to you by TechEconomy. Every week we will bring new stories from startups and influencers who are shaping and changing the world we live in. We’ll also bring you reports on topics you should know.

Follow us @techeconomyng for more.

Listen OnSpotify
The Role of Ed-tech in Life Long Learning and Continuous Education
byTecheconomy

In this episode, we embark on a profound exploration of Ed-tech's integral role in lifelong learning and continuous education.

Our esteemed guest, Oluwatobi Adekunle, Co-founder of Growthskool, brings a wealth of insight to the discussion. As a visionary in the Ed-tech realm, he shares experiences, challenges, and triumphs from the forefront of Growthskool's transformative journey.

Join us in unraveling the ways in which Ed-tech is reshaping traditional education paradigms and fostering a culture of continuous learning. Oluwatobi's perspective offers a unique lens into the transformative power of technology in the realm of education.

At Techeconomy, our commitment lies in delivering nuanced coverage at the crossroads of Technology, Business, and the Economy. Our content is designed to empower decision-making and explore the transformative potential of innovative technologies.

—

Send in a voice message: https://podcasters.spotify.com/pod/show/techeconomy/message

The Role of Ed-tech in Life Long Learning and Continuous Education
The Role of Ed-tech in Life Long Learning and Continuous Education
October 19, 2023
Techeconomy
Filmmaking and Technology: A chat with Micheal Chineme Ike
June 7, 2023
Techeconomy
Search Results placeholder

NEWSLETTER

Subscribe

* indicates required
Techeconomy

Follow Us

MarkTECH

Gamification and Customer experience
MarkTECH

Gamifying Customer Engagement for Success 

by Techeconomy
November 13, 2023
0

Writer: ADEOLA ADEJOKUN Let's talk about the addictive nature of video games for a second. What keeps players glued to...

Read more

WomenPreneurs

Rukayat Alabi - RKY Group of Companies
WomenPreneurs

Rukayat Alabi: Empowering Lives and Businesses Through Tech

by Joan Aimuengheuwa
October 29, 2023
0

Rukayat Alabi, the CEO of RKY Group of Companies, a visionary entrepreneur who is revolutionizing the way people transition into...

Read more

BusinesSENSE For SMEs

Managing Difficult Customer
BusinesSENSE For SMEs

Five Keys to Managing Difficult Customers

by Techeconomy
August 23, 2023
0

You will at one point in your business be confronted with dealing with difficult customers. So, mastering the right strategies...

Read more
  • About Us
  • Career
  • Contact Us
  • Policy

© 2023 Techeconomy - Designed by Opimedia.

No Result
View All Result
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Accessories
      • Phones
      • Gadgets and Appliances
      • Apps
      • Laptop
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
      • Broadband
    • Mobility
    • Environment
    • Travel
    • Commerce
    • StartUPs
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • Appointment
    • EventDIARY
    • Editorial
  • TECHECONOMY TV

© 2023 Techeconomy - Designed by Opimedia.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.