Deloitte believes that consumers and consumer companies are moving towards a more utopian future, despite the dystopian impacts that exist today. Consumers are demanding reliable, safe, convenient, sustainable, socially just, and personalized goods and services, and companies are responding by leveraging technology to build more powerful and relevant consumer connections while making commitments to a broader set of stakeholders. Together, they are "buying into better," which means fusing profit with purpose and addressing all of the things that are important, including impacts on the environment and society.

Deloitte's approach to understanding the future of the consumer industry involved engaging individuals and having over a thousand conversations to identify the market shifts that will have consequences on businesses in the next five to ten years. Instead of taking a crystal ball approach, they focused on the next five to ten years and identified three primary business dimensions impacted by six forces with nine implications. Deloitte recognizes that human centricity is critically important, and that a lot of what's important to humans goes beyond the products and services provided. The impact that companies make on the environment and society is also important to consumers, who are looking to place their dollars where they can have an impact on change.

The framework for thinking about the future across three business dimensions: markets, models, and mechanics has been developed. The six forces impacting markets, models, and mechanics are shifting and broadening consumer bases, diversifying life journeys, exponential technology and AI, everything-as-a-service climate change, and geopolitical turmoil. Models and mechanics serve the market by delivering the unique customer experience or the unique product. The three Msms have emerged as an easy way to engage client executives and identify opportunities. The implications of the three business dimensions, buried throughout the three dimensions, affect organizations. Mass-to-micro is an example of how the three Msms are related.

The report emphasizes the importance of organizations outsourcing parts of their business to increase efficiency and meet demand. It also highlights the need for long-term strategic plans as current business models may not work in the future. The six forces in the marketplace are rapidly changing and converging, creating new risks and opportunities for organizations. Digital goods and services are growing exponentially, and organizations must be mindful of these changes to take advantage of growth opportunities. The report suggests that organizations need to focus on the markets, models, and mechanics of their business to respond effectively to the changes in the marketplace.

https://www.youtube.com/watch?v=DJt2wp2C09Y&t=1s

Open Air with Cheri Huber - November 8, 2016