The ‘Shaping the future of consumption’ session was a strategic review of the industries, institutions and initiatives driving systemic change.
Heavy hitters on the panel
Moderated by Punit Renjen, Global CEO of Deloitte Global, ‘Shaping the future of consumption’ debated the changing role of the consumption industry and shared best practices for outcome-based consumer products .
Key speakers included some of the best-known and most respected figures in global retail, including:
(From left to right) Punit Renjen (Deloitte Global CEO), Judith McKenna (Walmart President & CEO), Xu Lei (JD Retail CEO), Carlos Brito (Anheuser-Busch InBev NV CEO) and Jeffrey Lu (Mengniu Group CEO) on the panel for ‘Shaping the Future of Consumption’
Businesses tackling critical world challenges
A challenge handled particularly adroitly by the panel (especially by Judith McKenna, President and CEO of Walmart), was: “What role will businesses play in addressing climate change, economic equality and the health and wellbeing of consumers?”.
This is especially important in relation to consumer convenience and the demand from consumers to be able to do things like grocery shopping quickly (for instance, online and ultimately on their mobile devices), so that they have more time to do the things they enjoy.
As Xu Lei, CEO of JD Retail, pointed out, 38 percent of the Chinese population now shop online. He also predicted that new technologies like 5G will impact upon eCommerce so profoundly that businesses which do not keep pace through digital transformation or embrace the omnichannel simply won’t be able to compete because they will not be able to reach customers in traditional ways.
Thanks in no small part to the groundswell of support that has built up behind climate change activist Greta Thunberg, sustainable living is now high on the agendas of everyday consumers.
Greta Thunberg has told world leaders at Davos 2020 that nothing has really been done to tackle climate change, despite the warnings from scientists
Consumer choice has the power to disrupt industries, not least one like retail, where transport, packaging and ethical sourcing of products have such a huge part to play .
And technology is allowing retail businesses to get closer to those values and understand them more fully.
The panel highlighted the huge rise in popularity of veganism (to which you can also add ‘flexitarianism’) . Food producers, brands and retailers should see these ‘movements’ as fantastic long-term growth opportunities rather than as short-term fads or threats.
Adapting to a changing landscape
eBusiness Institute is proven to be a leader in helping companies adapt to change in order to remain relevant and competitive in the long-run.
eBusiness Institute helps businesses adapt to and thrive in an ever-changing retail landscape Image source: eBusiness Institute
This article was written and created by the eBusiness Institute Team.
Would you like to benefit from eBusiness Institute’s expertise?
eBusiness Institute focuses on the integration between marketing and sales to drive business results online and offline.
We provide business leaders with the know-how and the tools they need to transform business and operational models, step-changing capabilities, processes and integrating technologies in an environment that has been well-prepared to change.
Please contact us if you would like to learn more about how the eBusiness Institute could help your organisation with its expertise in digital transformation, eCommerce and harnessing digital consumer trends.
Privacy & Cookies Policy
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.