• by Sarah Mahoney  @mahoney_sarah, June 6, 2017

Bad news dominates the retail industry lately, with brick-and-mortar retailers closing hundreds of stores, and malls struggling with declining traffic. But a new report from Accenture Strategy says those willing to lean into digital transformation could potentially unlock $2.95 trillion in value in the next 10 years — much of it in terms of time-saving value for consumers.

The consulting company says U.S. consumers are eager for new customer experiences, particularly those in four key areas:

* Sharing, with 37% saying they would use rental subscriptions for clothing instead of purchasing it outright.

* Personalization, with 32% saying they would use “surprise me” subscriptions for clothing

* Replenishment economy, with 47% open to the ideas of sensors that detect when they are running low on items like detergent, and 43% would like that service for fresh foods.

* Services, with 35% saying they would use such services for services that would pick up, wash, fold and deliver their laundry. 

Many of these changes are already available, with early adopters clamoring about such brands as Rent the Runway, Stitch Fix and Amazon’s Dash buttons. “But what was remarkable was the sheer pace of change among consumers, and how many of the retailers are grappling with trying to keep up,” says Chris Donnelly, senior managing director and global retail lead. And while the researchers expected to find a gap between what consumers want and what retailers currently offer, “there is a true sense of urgency that is greater than we had imagined.”

The consulting company included 25,426 consumers in 33 countries in its research, including more than 2,500 in the United States

These changes certainly don’t have to spell doom for old-school retail brands, he tells Marketing Daily, “but it is clear the traditional department-store experience is on its last legs. Some brick-and-mortar stores will still be important, but not all of them. Mall traffic is down, and retailers need to create unique, compelling customer experiences. They need to make stores someplace people want to go.”

Companies investing in these digitally driven business models will be able to give people more choices, and more avenues to buy goods and services. He says these opportunities represent a potential Golden Age, offering consumers simplicity, convenience or excitement.

He also says consumer interest in sustainability is intensifying as ecommerce continues to grow, with consumers concerned about excessive packaging and unnecessary deliveries. “Often, consumers don’t want something the next day — they don’t mind waiting a few days and would prefer deliveries come in more environmentally friendly batches. Retailers need to do a better job of consolidating shipments.”