5 TECHNOLOGY TRENDS FOR THE CONSUMER INDUSTRY IN 2024

Entering the digital technology era, businesses are harnessing the power of digital transformation as a tool to handle heavy workloads as well as keep up with the market and expand business market share.

The consumer industry, in particular, has also shifted its focus from a product-centric business model along the supply chain to a customer-centric business model, relying on digital chain data.

Join HQSOFT to learn about 5 technology trends for the consumer industry in 2024!

Overview of digital transformation in the consumer industry

Digital transformation in the consumer industry signifies a shift from a business model focused on products along the supply chain to one centered on customers, based on data from the digital chain…

Digital transformation in businesses is the process of changing mindsets and applying technology and digital solutions to improve production efficiency, increase revenue, and enhance business competitiveness. Including the use of software, applications, information systems, artificial intelligence (AI), Internet of Things (IoT), cloud computing,… to collect, analyze data, and automate business and management processes.

Entering the digital technology era, businesses are leveraging the power of digital transformation as a tool to handle heavy workloads as well as keep up with the market and expand business market share.

5 technology trends for the consumer industry in 2024

 E-commerce and online shopping

The development of online shopping and e-commerce platforms has revolutionized consumer behavior. Being able to shop from anywhere and at any time offers convenience and diversity in product selection.

 Artificial intelligence and machine learning

Artificial intelligence (AI) technology and machine learning are being integrated into products and services to improve user experience. Personalization, demand prediction, and smart recommendations are ways in which AI influences shopping decisions.

 In the consumer goods sector, the rapid increase in sales is leading to businesses pouring more money into strategic investments in innovations such as AI to drive closer connections and interactions with consumers… Today, many businesses are boosting their frontline services by exploring AI-driven chatbots that can fulfill more complex requests, recognize individual preferences, or perform parts of the process. implementation. By embedding AI into communications, data collected during interactions can then be converted into demand predictions or timely product recommendations to buyers.

Internet of Things (IoT)

The connection of smart devices via the Internet of Things (IoT) creates a smart consumer environment.

From smart homes to wearables like smartwatches, consumers can interact with and control their surroundings.

Mobile technology

The popularity of mobile devices and applications opens a new channel of interaction between businesses and consumers. Mobile shopping, mobile payments, and app notifications all impact the shopping experience.

All of the above factors create a significant transformation in how consumers shop and interact with the market. The integration of technology into everyday life opens up many new opportunities and challenges for businesses to remain flexible and respond quickly to change.

Virtual reality (VR) and augmented reality (AR) shopping experiences

This is a consumer trend that applies high technology to bring a new, convenient, and personalized shopping experience to consumers. Consumers engage in virtual shopping experiences where they can try on products and interact with sellers and other consumers through apps and online platforms.

Virtual shopping using AR and VR technology provides an immersive experience for online consumers. The combination of online shopping and in-person shopping, allows consumers to see, feel, and try on items without directly touching the product.

This form of shopping is practical, interesting, and convenient. In 2024, virtual shopping is predicted to grow strongly and attract many more consumers.

Applying technology to distribution channel management in the consumer industry

To keep up with current developments, applying technology to management is a decisive factor to have breakthroughs in business. Technology helps solve problems quickly and improve competitiveness.

For businesses in the consumer industry, distribution channel management is extremely important. When distribution channels are optimally managed, products reach customers more quickly. Besides, distribution channels are also an important factor for investors or partners to evaluate a business’s position in the market.

HQSOFT, with over 18 years of operation in the field of consulting and providing retail and distribution system management solutions, has affirmed its position as a leading expert in the industry. HQSOFT is also a leading enterprise in solution technology trends, as well as bringing high applicability and many benefits to businesses in improving management efficiency.

HQSOFT has created a solution ecosystem for distributors and retailers. Distribution system management solutions have specialized features, helping to solve difficult problems in distribution management operations, increasing competitive advantage and effective business management. In addition, HQSOFT also provides solutions to support and monitor market sales staff, delivery team, marketing team,… In particular, to meet business flexibility, HQSOFT also has additional solutions on mobile platforms, helping to eliminate manual operations and solve tasks effectively anytime, anywhere.

The consumer market is a field full of challenges and opportunities for businesses producing consumer goods. To be successful in this market, businesses need to grasp and meet the new consumption trends of Vietnamese people. At the same time, coordinate appropriate strategies and technology applications to create high-quality products and services.