What: Accenture reviews the main trends for 2024 and what could be done to be fully prepared.

Why it is important: Many aspects of their predictions are related to how humans will adapt to new norms, technologies and processes affecting their place in society and ultimately their consumer behaviour. As such, retailers need to think outside of the box to be fully prepared.

Accenture discusses the various layers that mediate between people and their lives, influencing their thoughts, interactions, and emotions. The document highlights the changing relationships between people and these influences, which is putting society into a state of flux. The five trends described in the document are as follows:

1. “Where’s the love?” - This trend focuses on the impact of economic considerations on customer experience. It discusses how cost-cutting measures have led to dissatisfaction among customers, emphasizing the need for brands to balance cost and profit without compromising customer experience.

1. “The great interface shift” - This trend explores the upgrade of people’s experience on the internet through generative AI. It explains how generative AI is transforming the internet from transactional to personal, enabling deeper understanding and relevance. Conversational AI and large language models are identified as opportunities for enhanced customer engagement and personalization.

1. “Meh-diocrity” - This trend examines the declining trust and satisfaction levels of customers due to declining product quality and poor customer service. It highlights the need for brands to deliver exceptional experiences to maintain customer loyalty.

1. “Error 429: Human request limit reached” - This trend focuses on the overwhelming amount of information and choices available to consumers, leading to decision fatigue and a desire for simplified experiences. It suggests the need for brands to provide curated and personalized recommendations to alleviate decision-making burdens.

1. “Decade of deconstruction” - This trend reflects society’s reevaluation of norms, milestones, expectations, and political legacies. It emphasizes the importance of embracing disruption and adapting to new paths driven by necessity and opportunity.Overall, the document emphasizes the importance of customer experience and the need for brands to adapt to changing customer expectations. It highlights the significance of balancing cost-cutting measures with maintaining high-quality experiences to retain customer loyalty. Additionally, it explores the potential of generative AI in enhancing the digital experience for customers.

Accenture Life Trends 2024 Report