Industry Futures: Retail and CPG by 2030

Wipro's Industry Futures report for the retail and consumer packaged goods sectors emphasizes a transition towards sustainable and experiential retail. The report also explores emerging technologies, including AI, AR/VR, and advanced analytics in retail, essential for autonomous operations, a unified retail ecosystem, and intelligent product design. It highlights key use cases and strategies to drive growth and enhance competitive advantage.

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Experiential Retail

The future of customer experience will be revolutionized by hyper-personalization and immersive experiences. AI in retail will deliver tailored promotions and communications based on real-time customer activity and preferences. Shoppers will engage with interactive product demos, virtually try on clothing, or use AR to visualize furniture in their homes. Social and live commerce will enhance engagement by facilitating instant purchases during livestreams. Meanwhile, virtual shopping agents will guide customers throughout their buying journey, offering expert advice and personalized recommendations, transforming shopping into a seamless, intelligent, and highly customized experience.

Unified ecosystem

The future of retail will focus on a unified omnichannel retail ecosystem driven by a hybrid retail model that integrates physical and digital shopping, enabling customers to transition seamlessly between online and in-store shopping channels without interruption. Virtual stores will become increasingly prevalent, offering immersive shopping environments. This integration will foster a cohesive and engaging retail environment. Furthermore, investments in composable commerce capabilities are expected to increase, which is essential for quickly responding to fast-changing customer expectations. Biometric payments will provide secure and seamless transactions, enhancing customer convenience and reducing checkout times.

NextGen Products

Next-gen products will focus on personalization through AI and advanced analytics, tailoring items to individual preferences and needs. Health and wellness will be core design principles, reflecting the growing consumer emphasis on proactive health management and holistic well-being. Additionally, autonomous product design will utilize generative AI to adapt based on real-time feedback and market trends, enhancing relevance and appeal. Smart product packaging will integrate technologies like sensors and digital interfaces, improving loss prevention and recovery capabilities, providing accurate inventory data, and enhancing customer engagement with real-time information.

Intelligent Operations

The retail sector is moving towards intelligent operations to boost efficiency and profitability. This transformation includes autonomous stores utilizing automation and AI in retail for faster shopping and real-time inventory management. The integration of in-store robots addresses staffing shortages, while smart shelves equipped with sensors provide real-time stock monitoring, minimizing stockouts and theft through automated alerts. Increased adoption of micro-fulfilment centers to meet the rising demand for quicker deliveries and lower operational costs.

Green Commerce

As consumers increasingly prioritize a brand's sustainability record as a key factor in their purchasing decisions, the sector will experience a profound shift towards sustainability. Eco-friendly products will become integral, incorporating biodegradable materials and minimal-waste designs while recyclable and reusable solutions for packaging. Responsible sourcing will ensure ethical supply chains and lower carbon footprints. Additionally, digital product passports (DPP) will improve traceability, quality assurance, and sustainability tracking, ensuring compliance and promoting ethical consumer choices. These advancements will collectively drive a more circular and responsible retail ecosystem.

By 2030, the retail and consumer packaged goods sector will experience significant technological disruption, leading to opportunities and challenges. To remain competitive and integrate emerging retail IT solutions, organizations must focus on innovation and establish partnerships with technology leaders, such as Wipro, to adopt technological advancements such as AI, AR/VR, smart packaging, DPP, and advanced analytics in retail.

About the Author

Varun Dube

Varun Dube is the Head of Tech Strategy at Wipro. He is a seasoned technology consultant, advising CXOs on transformative business outcomes. With a deep understanding of emerging technologies and their potential to disrupt industries, Varun drives innovation and digital transformation for Wipro clients. His expertise in crafting and executing technology strategies, combined with his focus on emerging tech and co-innovation, helps organizations achieve sustainable growth and competitive advantage.