The Consumer of the Future: An Interplay of Emerging Technologies and Innovative Models
Apple’s Vision Pro combines and blends together an array of innovative technologies and concepts, marking an undeniable paradigm shift in device design and functionality. Whether you’re a fanboy or a hater, the Vision Pro is undeniably reshaping our technological landscape. This then begs the question — what does this mean for the future consumer? Moreover, can we use existing models to discern the pathway forward?
The following thoughts are an exploration of this idea. In the future, consumers will live in a world that is an intricate fusion of advanced technologies and innovative (adaptive) business models. The implications of this paradigm shift, driven by concepts such as Moore’s Law and Schumpeter’s Innovation Cycles, will rewire our socio-economic fabric, and redefine the boundaries of what is possible.
Emerging Technologies Transforming the Future
Artificial Intelligence (AI), the Internet of Things (IoT), 5G and 6G connectivity, Virtual Reality (VR), Augmented Reality (AR), Blockchain, Quantum Computing, LiDAR, Autonomous Vehicles, Edge Computing, Drones, and Hydrogen Fuel Cells are no longer distant dreams, but rapidly maturing realities.
AI and IoT are weaving a world interconnected at a scale we’ve never seen before, streamlining our lives and enhancing our decision-making capabilities. The upcoming 6G will expand the horizon of high-speed connectivity, providing a data transmission backbone for emerging technologies. Meanwhile, VR and AR are poised to revolutionise our interactions with the digital world, fostering immersive experiences that blend reality and digital augmentation. Creating new ways to work and play.
Blockchain promises to redefine trust in the digital realm, enabling decentralised and secure transactions. Quantum Computing, with its superior computational power, is poised to tackle complex problems that currently seem unsolvable. LiDAR and autonomous vehicles hint at a future where manual driving is the exception rather than the rule, while drones and hydrogen fuel cells suggest an energy-efficient future with unmanned aerial systems playing an integral role.
Moore’s Law, Schumpeter’s Innovation Cycles, and the Evolution of Technology
Moore’s Law, the prediction that the number of transistors on an integrated circuit (and consequently processing power) doubles approximately every two years, has been a guiding principle for technological development for decades. However, as we approach the physical limits of silicon-based computing, it’s becoming clear that maintaining this pace of progress will require shifts to new computing paradigms — such as Quantum Computing.
Complementing this is Schumpeter’s concept of Innovation Cycles, which posits that innovation and technological change occur in cyclical patterns through a process of “creative destruction”. This indicates that new technologies, such as those listed above, will not just augment but will replace existing systems, creating new industries and economic landscapes.
Shaping the Future Consumer Experience
As these technologies evolve, businesses must leverage innovative problem-solving tools and principles to transform their operations. The Lego® Serious Play (LSP) method and the Design Council’s Double Diamond model provide innovative problem-solving strategies that can help businesses navigate the complexity of integrating these technologies.
The Double Diamond model emphasises the importance of identifying problems before finding solutions. In the context of the rapidly advancing technological landscape, businesses must constantly redefine their problems and solutions to stay ahead.
Functional integration, driven by the seven principles for business transformation, presents an ideal framework to navigate this change. It advocates for a cohesive approach, aligning all aspects of a business — from supply chain and operations to customer experience — towards shared objectives. This ensures that as businesses adopt new technologies, they do so in a way that creates value across all stakeholders.
The Consumer of the Future
Consumers will likely be far more digitally literate and technologically integrated than today. They will navigate seamlessly through digital and physical spaces, with AR and VR augmenting their interactions. They will expect instantaneous, high-speed data access, facilitated by 5G and 6G connectivity, and unprecedented customisation and automation enabled by AI and IoT. They will participate in decentralised digital economies driven by blockchain and have their lives enriched by autonomous vehicles, drones, and energy-efficient technologies.
Consumer Privacy and Security: As technology becomes more ingrained in consumers’ lives, privacy and security concerns will increasingly come to the fore. Businesses must prioritise these aspects, ensuring their technologies protect user data and meet regulatory standards. Additionally, with the advent of decentralised technologies like blockchain, consumers will increasingly demand transparency and control over their data.
Technological Accessibility and Digital Literacy: As technology advances, there’s a risk of leaving behind those who lack the resources or skills to keep up. Businesses need to ensure their products and services are accessible and usable by a wide range of consumers. This involves investing in user-friendly design, providing education and support, and considering affordability.
Sustainability: With growing awareness of environmental issues and a shift towards sustainable practices, businesses need to consider the environmental impact of their technologies. This ranges from the energy efficiency of their products and services to the sustainability of their supply chains. Consumers of the future will likely favor businesses that demonstrate a commitment to environmental responsibility.
Ethics, purpose and cheap phones
Ethical concerns around manufacturing processes, including labour practices and environmental impact, are increasingly coming to the fore in public consciousness. This trend is expected to continue in the future, driving significant changes in how goods are produced and where production takes place.
Automation and Robotics: With the advancement of AI, robotics, and automation technologies, we can expect these to play an even larger role in manufacturing in the future. Robots can potentially take over some of the more repetitive and labour-intensive tasks in factories. This could alleviate some of the ethical concerns related to labour practices, as well as increase efficiency and reduce costs. However, it’s important to note that this could also lead to job displacement, creating new social and economic challenges that need to be addressed.
Re-shoring and Near-shoring: Another trend that could reshape the manufacturing landscape is the move towards re-shoring and near-shoring — that is, bringing manufacturing processes closer to home or to countries with stricter labour laws and standards. This is partly driven by a desire to have more control over supply chains, reduce transport-related carbon emissions, and ensure better labour practices.
3D Printing and Additive Manufacturing: These technologies are already changing how and where goods are produced. As these technologies mature, we may see more localised, on-demand manufacturing, reducing the need for large-scale, centralised factories.
Circular Economy and Sustainability: There is a growing emphasis on creating manufacturing processes that are sustainable and minimise waste. This involves adopting a circular economy model where resources are reused and recycled as much as possible, rather than the traditional linear model where resources are used once and then discarded.
While these changes are promising, it’s important to recognise that transitioning to these new models will take time and require overcoming significant challenges. Businesses, governments, and consumers all have a role to play in driving these changes and ensuring that the goods we consume are produced in a way that is ethical, sustainable, and fair.
As consumers’ expectations evolve, businesses will need to create models that are adaptive and can flex to meet consumer needs and values.