Is it really The End of Consumption?

The retail industry may face pulverization. Stores are about to become entertainment centres enabled by technology. In a study published in 2019, the GDI in cooperation with KPMG outlines The End of Consumption as We Know It. The report outlines a threefold revolution driven by the power of data and analytics, the Internet of Things (IoT), as well as artificial intelligence or even neurotechnology.

"Banking is necessary. Banks are not." Bill Gates’ prediction for the financial industry in 1994 is prescient for the retail industry 25 years later.

According to the GDI’s provocative report, the music industry is a case study for the future of the retail industry. It has basically been wiped out by services such as Spotify or iTunes. Consumers do not see themselves any longer as owners, but as users. This pattern can be applied to other industries, notably department store retail.

Of course, people will still have basic physical needs to be satisfied by commodities. But how desire for these goods is triggered, how the supply chain delivers these products and how they get into the hands of the consumer are changing radically.

The session was moderated by Chris Luebkeman, Advisor to the President and Executive Board of ETH Zurich.

Discussion Leaders:
Monique Morrow, Founder and President, The Humanized Internet; President of the VETRI Foundation; CTO, Cisco (2012-2016)
Stephan Fetsch, Partner, Deal Advisory, Head of Retail, Head of Consumer Goods, KPMG AG
Dr. David Bosshart, CEO, GDI Gottlieb Duttweiler Institute