Digital Technologies and Consumption: How to Shape the Unknown?

Abstract

The advent of industry 4.0, accompanied by game-changing digital technologies, is transmuting the consumption patterns by creating value generation opportunities. Notably, three types of digitalization-data-driven, platform-based, and groundbreaking-provide the basis for present-day innovation and influence the consumption patterns drastically. In this context, this chapter describes how adopting disruptive digital technologies can shape future consumption patterns. In doing so, we highlight the three major issues that are essential for directing the technological revolution toward sustainable future consumption. The first issue in this regard is the consumers’ wellbeing. The second is the consumers’ trust and transparency. The third is environmental sustainability, one of the most significant challenges humanity is facing now. Our analysis concludes that the digital technologies-environmental paradox needs to be taken up at the highest forums. In fact, for directing the technologies toward a sustainable future, it should be added to SDGs. This chapter also illustrates that the data-driven, platform-based, and groundbreaking digital innovations will have a radical effect on future consumption patterns. Society needs to ensure consumers’ wellbeing, transparency, and trust to direct this revolution toward a sustainable future.