![]() ![]() McKinsey analysis shows that fashion companies that now embed AI into their businesses models could see a 118 percent cumulative increase in cash flow by 2030. The operational potential of technology is becoming ever more apparent. enabling, among other things, faster connectivity and data transfer across Internet of Things devices. For Cisco’s 2022 projection, see “Cisco Visual Networking Index: Global mobile data traffic forecast update, 2017-2022,” Cisco, February 2019. McKinsey estimate based on Cisco’s projections through 2022 and extended to 2030. By 2030, more than 80 percent of the global population is expected to have access to 5G networks, 5 “ Connected world: An evolution in connectivity beyond the 5G revolution,” February 20, 2020. This offers a more flexible, scaleable foundation on which brands can potentially build their tech offerings. 4 Kasey Panetta, “Gartner top strategic technology trends for 2021,” Gartner, October 19, 2020. Soon after, more than 75 percent of enterprise-generated data could be processed by cloud or edge computing. By 2024, AI-generated speech could power more than half of human interactions with computers, McKinsey analysis shows. Looking ahead, the impact of technology on people’s lives may accelerate. 3 McKinsey Global Digital Sentiment Insight Survey, 2021. ![]() In the year ahead, as restrictions ease in some geographic areas, digital interactions will likely stabilize at about 66 percent on average. The pandemic also boosted digital brand relationships, with 72 percent of customers reporting they interacted with brands online in 2021. 2 McKinsey Global Digital Sentiment Insight Survey, 2021. Of the fashion customers who made the move to online-shopping channels in 2021, 48 percent said the pandemic was the reason, 27 percent cited convenience, and 11 percent cited product availability and promotions. the rest of the world,” Comparitech, March 21, 2022. 1 Rebecca Moody, “Screen time statistics: Average screen time in US vs. In 2021, people spent on average just below four hours on their mobile phones, which includes about two and a half hours of scrolling though social media. This report is a collaborative effort by Imran Amed, Anita Balchandani, Achim Berg, Holger Harreis, Manuel Hurtado, Saga af Petersens, Roger Roberts, and Carlos Sanchez Altable, representing views from the Apparel, Fashion & Luxury Practice.Ĭonsumer digital engagement rose sharply during the COVID-19 pandemic, as a result of more hours spent online, new shopping habits, and rising interest in gaming and virtual worlds. ![]()
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