#ECO19: Is your mobile commerce strategy excluding the mass market? The Fourth Industrial Revolution is synonymous with uncharted growth in digitisation and internet connectivity. Bizcommunity.com will disclose authors' IP addresses to authorities if compelled to do so by a court of law. : +41 (0)22 869 1212 Fax: +41 (0)22 786 2744 Email: contact@weforum.org Another benefit of digitization in retail is the adoption of a data-driven approach that has given rise to consumer-centric product strategies. Already, Africa’s working population is becoming better educated a… The easiest to predict, and most widely discussed impact of the fourth industrial revolution, is its potential to increase unemployment. Businesses utilising 4IR in the food and drink industry Posted on 28 Aug 2018 by Maddy White Ahead of the return of the nation's favourite show, The Great British Bake Off, and as food and drink exports reached a record high earlier this year, TM looks at businesses who are utilising 4IR technologies in the food and drink industry. 2. Most banking services have been digitalised, and more will soon migrate to digital. The Fourth Industrial Revolution: Digital Disruption in Retail September 5, 2018 By Gray Taylor, Executive Director, Conexus, Inc. As a society, we are unprepared for the changes coming our way in the Fourth Industrial Revolution (4IR). A key facet of 4IR is a shift towards digitisation, and the vulnerable communities across the globe find themselves trailing even further behind in their endeavour for financial equity as a result. 4IR could do the opposite and create alternative, non-pharmaceutical means of treating patients as well reducing the involvement in medicines supply. The maintainer does retain the right to remove any message posts for whatever reasons. People that post messages to this forum are not to libel/slander nor in any other way depict a company, entity, individual(s), or service in a false light; should they do so, the legal consequences are theirs alone. Explain how customer expectations are shifting in response to the Fourth Industrial Revolution. A hallmark of the Fourth Industrial Revolution (4IR) is the convergence of the digital and physical worlds, which is in turn blurring traditional boundaries throughout the value chain. Some opportunities in 4IR. Previous industrial revolutions destroyed jobs, but also created new jobs and industries. 4IR technology sector 1: the core technology areas. The physical store is still vital to retail – watch the full infographic on SlideShare Digital transformation in the retail industry: technologies. Working together, the public and private sectors have the opportunity to nurture 4IR technology development while mitigating the risks of unethical or malicious uses. (Click to Tweet!) In an era of rapid technological change, and with the Fourth Industrial Revolution (4IR) on everybody's lips, I ask the question: "But what about lower-income retail shoppers in emerging markets like South Africa?" How governments and other stakeholders approach the governance of 4IR technologies will play an important role in how we reset society, the economy, and the business environment. h�b```f``jf`a`�Lc`@ �+sl`�Z�gx4 �c���㌖������������bvF�: ��B`C� ؚ�����>0�d��4��(c?�.��_@��np΃����hH320��i&��q�!�qFe� � Context: The UK has a … h�bbd``b`:$g��f �~ H�� �b��r> �Dv ��@ڔ�W��\���� R���H��3@� �. Research by OVUM (PDF opens) indicated that managing customer engagement is the biggest challenge for retailers and shows how technology is changing the way we shop.. IRL: AI powers Walmart's store of the future. World Economic Forum 91-93 route de la Capite CH-1223 Cologny/Geneva Switzerland Tel. LEGAL DISCLAIMER: This Message Board accepts no liability of legal consequences that arise from the Message Boards (e.g. All posted messages are the sole property of their respective authors. Republication of selected Bizcommunity content for non-commercial purposes is allowed if the original article is linked to with "Source: There needs to be more diversity in digital and technology-related roles, Covid-19 pandemic: How UbuntuCare is helping women in impoverished areas earn an income, Severe Covid may be caused by 'autoantibodies' - here is what that means, Metropolitan invites South Africans to join together by sharing their losses from 2020, and start 2021 stronger, Brand South Africa urges citizens to exercise caution and vigilance as we brave the second wave of Covid-19, Govt introduces tighter restrictions on alcohol sales, Bizcommunity's festive thank you to the SA business community, Lockdown has expanded the data universe for South African marketers, Social media, the overall preferred medium for the younger generation, Dress pants optional: How retailers are dealing with changing consumer habits, Take small baking businesses to the next level with Sasko Top Bakers Search, YouTube's top-performing advertisements in SA for 2020, Automation and data-driven decision-making to power retail in 2021, The rise and fall of Tab - after surviving the sweetener scares, the iconic diet soda gets canned, African entrepreneurs called to enter sustainable fashion competition. It has the potential to drive Africa forward like never before, enabling innovation, spurring new business models and improving the delivery of public services. endstream endobj startxref Don't mistake having an online store for true omnichannel retailing, Beyond discounts: How tech can help keep customers happy all year round, Pick n Pay introduces digital receipts for Smart Shoppers, more information and to request permission. The Fourth Industrial Revolution in retail and the low-income consumer • Virtual change-rooms: Consumers can enter a change-room and use the interactive mirror to reflect an outfit they want... • In-store robots: Robots are used in-store to replace human staff. South Africa Prepares For 4IR And "More Entrepreneurial" Govt. For that to happen, the utilities must deploy 4IR technology both upstream on the grid and at every customer interface. The first three revolutions created the pharmaceutical industry and gave pharmacists a near-monopoly over drug supply. When you design for mobile, consider who you're building for. Why Salesforce Launching Revenue Cloud Now Is What Sales Leaders Need. defamation, slander, or other such crimes). %%EOF This effort, called Industry 4.0, was widely discussed at this week’s ProMat conference in Chicago, with several experts arguing that the disruption smart machines will cause to jobs in those supply chains needs to … 4IR refers to the latest technologies which are building on the digital revolution that commenced in the second half of the 20 th Century. The Fourth Industrial Revolution (and Industry 4.0) will dramatically change the way we work, interact with each other and live our lives. In 2016, Klaus Schwab, the Executive Chairman of the World Economic Forum wrote that we are currently experiencing the fourth industrial revolution. After completing this module, you’ll be able to: 1. Are retailers embracing technology in this latest industrial revolution to serve the lower-income segments, or are they being forgotten? 4IR and its impact in the workplace Feb 14, 2019 Groundbreaking technological advancements are disrupting almost every industry across the globe, and the extent of these changes bring with them the transformation of entire systems of production, management and governance. Thus, the retail industry is witnessing a shift in the work culture with the help of retail 4.0, giving rise to innovative business models. Both retailers and suppliers are moving to a new era of intelligent machines designed to eliminate waste in supply chains and update old business models. It's also become clear that while most of the jobs lost require lower-skilled physical or administrative back-office work, the job… 3D printing, for example, can help companies meet the growing consumer demand for product personalization. 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