The advent of Digital is causing a fundamental and global restructuring of markets. While for some economies, Digital only represents a fraction of GDP, in others it is reaching double digits and the gap is widening.
With Digital in play, we need to reinvent the theories behind markets and begin to leverage platform data to inform decision making. As Digital brings about the inevitable disintermediation of the middleman, markets will become more fluid and frictionless as the economy transitions towards more high-value products and services, flipping vertical industries on their head in the process.
Instead of markets being segmented by broad statistical data in relation to demographics and social-economic status, markets are shifting towards networks of people, glued together more by common interests, aspirations, and generational identity than by geography, age or nationality. This will enable better-targeted products and services to the market, and reward brands who build deeper trust with their customers. This trust will become ‘the new currency’ in the marketplace and reward brands who are honest and transparent about how they do business.
Engagement and participation will become paramount to any brand’s strategy, as we shift away from commoditized products and services delivered by global behemoths towards bespoke experiences that enrich our lives.
Payments will soon become instantaneous across multiple medium, creating a new retail experience where the boundaries between physical and digital will merge. Supply chains will be radically reinvented by the blockchain, paving the way for real ‘collaborative commerce’ and a future of trust between suppliers and producers.
Tied together, we envision The Shift reinspiring trust and connectivity between people and brands. Growth will be restored to the global economy by a new layer of essential goods and services that have been repressed due to old economic models and an archaic financial system. And Digital will create massive opportunities for new brands, in markets across the world, to make bigger ripples with less resources than any point in history.