Digital is blurring the lines between buyer and seller says PWC
As power shifts to consumers the lines between the buyer and seller will start to blur, according to PriceWaterhouseCoopers partner David Doyle. “Everyone is connected to the Internet by smartphones. Everyone has expectations in terms of how they interact with consumer products, with retailers or with telecoms companies across multiple channels,” says Doyle, in a video posted to YouTube.
The implication for businesses is that they cannot compete without responding to the underlying changes in technology that are going on all the time.
Doyle describes three waves of technology which have wrought change in the digital era:
- The emergence of new channels such as Amazon and eBay — the ability to sell on the Internet;
- The beginning of “an economy of outcomes” where consumers and sellers partner to find an outcome — for instance groups of companies helping the consumer to live a healthier life;
- The shift of power from the producer to the consumer — “Consumers will be increasingly empowered by technology.”
Sustaining these waves are the IT megatrends of social, mobile, analytics and cloud computing.