The connected consumer: Osborne Clarke's key research findings on modern consumerism

Oct 12, 2018

Written By Article provided by Osborne Clarke

The advancement of technology together with increasing globalisation has changed the way we consume—which in turn is influencing the way businesses work. Osborne Clarke has chosen to focus its research efforts on this ever-relevant development. Here we take a look at the work done by Osborne Clarke, examining how the connected consumer is relevant to the legal sector.

Picture this. You’ve finished work for the day and you leave the office. You notice a bike as part of a ride-sharing service outside, and unlock it using your smartphone. As you cycle home, your wearable fitness monitor tracks your heart rate and calculates how many calories you’re burning. You stop on the way to get a ready meal, paying with your contactless card. At home, you reach for your virtual reality headset and indulge in an hour or so of gaming before turning on the news. You see that autonomous cars are being trialled in another city, and are struck by how futuristic this seems.

In reality, these technologically-reliant, convenience-boosting developments are sneaking into consumers’ daily lives across the globe—so much so that it’s become vital for businesses to recognise them and incorporate them into their strategies. Entire business models depend on the consumer’s desire to be connected to the world around them; from ride-share apps to fitness watches, new brands have sprung up to become household names.

Law firms have always been required to have a close understanding of the markets in which their clients sit, which means keeping track of any new developments. Osborne Clarke has put extensive effort into understanding the role of connectivity within the business world; the international law firm has researched topics such as augmented reality, VR therapy, self- driving cars and more. The firm has produced a report that maps the scope of connectivity across eight European markets.

“Research

Undoubtedly, businesses didn’t have to apply such a close focus to the connectivity needs of their consumers prior to the onset of technology. Now, lawyers need to be aware of these developments when providing advice to their clients—and also internally within their own businesses. For this reason, Osborne Clarke has made certain partners into experts within this particular field.

As much as the increasing elements of connectivity boost convenience for consumers and drive up profits for business, there’s still a lot of concern surrounding these new technologies. Osborne Clarke found that “balancing privacy and the provision of services or products is a challenge all organisations must face. Added to this, consumers are becoming more aware of the issues relating to business use of their data”.

In spite of what technological developments can offer, people still have their concerns about some new developments. Driverless cars, bike-sharing networks and contactless payments simply weren’t around ten years ago: that fact alone can be daunting for consumers.

With all of this in mind, potential business developments associated with connective consumerism all involve a degree of risk, which lawyers need to be aware of when advising their clients. It’s something that employees at all levels within Osborne Clarke need to understand—from those applying for training contracts with the firm, all the way up to partners.

“Areas

Artificial intelligence

Artificial intelligence may have started out as a novelty feature in sci-fi films, but it has evolved to become a normal feature of everyday life. From home digital assistants to data-crunching task assistants working in huge companies, you’re more likely than ever to rely on some sort of AI.

Statistics suggest that we’ve still got a long way to go before AI is a fully-accepted part of life: just 18% of Europeans use a personal digital assistant. On a wider scale, the advancement of AI in the workplace could lead to massive changes in job roles—with AI taking the bulk of repetitive tasks, employees will be granted more time to focus on complex matters. But such changes don’t happen overnight.

Payments

Cashless payments are fast becoming the norm. Contactless cards and smartphone payments have revolutionised how we pay—in fact, 50% of purchases at all of the World Cup stadiums in Russia were made using cashless technology, Visa found. Retailers have been compelled to respond to the contactless revolution by ensuring that customers can pay with a swipe of their card or phone.

The cashless society is an interesting phenomenon, particularly when different countries are embracing contactless technology at different rates. Yet it’s not one without its concerns. Osborne Clarke found that in 2018, 81% of Europeans consumers worry about fraud in a cashless society, a 12% increase since 2016. 76% of Europeans would be concerned about sharing too much personal data if mobile payments completely replaced cash in the future.

A global focus

Understanding the different strands that make up the connected consumer can be difficult, but it’s a lawyer’s responsibility to identify the benefits and risks involved for their clients. But if these technologies are harnessed correctly, they will allow for connectivity on a global scale. Multinational payments will become more seamless, vehicles will become smarter and health apps can help to fulfil medical needs in problem areas. Osborne Clarke’s decision to research this area demonstrates that technology is an ever-growing factor in the daily practice of international lawyers.

Osborne Clarke's report, “The European connected consumer: A life lived online”, can be read in full at connectedconsumer.osborneclarke.com

For opportunities at Osborne Clarke, visit the firm’s profile.

Commercial Insights