Industry 5.0 - The co-creator in marketing

Title

Industry 5.0 - The co-creator in marketing

Creator

Mansurali A.; Harish V.; Ramakrishnan S.

Description

The unavoidable connection between automation and digitalization is already in the business horizon in the name of Industry 5.0. Industry 4.0, the robotic and technological revolution were largely hit among the manufacturing industries, but Industry 5.0 is meant for all sectors across ranges from manufacturing to services. Evolution from the days of mechanization (Industry 1.0) to smart factory (Industry 4.0) witnessed the improvisation of metrics related to efficiency and optimization. And now its turn for the balance between optimization and efficiency with the support from robots in assisting the smarter generation's technologies and machineries and tools through Industry 5.0 in the domain of marketing too where the change is constant and dynamic would be more accommodative to opportunities and challenges through the next wave of 5.0. The disruption by Industry 5.0 will change existing nature of marketing in terms of customer experience, supply chain, procurement, product development, retail operations, etc. The market which predominantly flourishes with the help of customers in co-creation is going to have robot as bystander with the intervention of this Revolution 5.0 which will level up the existing customer experience. Marketing by its nature demands the cooperation at multiple levels and is becoming easier prey for the Industry 5.0 revolution as it's expected to create the cooperation between the humans and machines. Product development, customer engagement and customer experience will undergo the transformation due to this industry revolution and also there are other areas in the marketing domain to go through the impact are addressed in this chapter. 2023 by A. Mansurali, V. Harish and Swamynathan Ramakrishnan. All rights reserved.

Source

Transformation for Sustainable Business and Management Practices: Exploring the Spectrum of Industry 5.0, pp. 5-15.

Date

2023-01-01

Publisher

Emerald Group Publishing Ltd.

Subject

Co-creation; Customer experience; Digitalization; Industry 5.0; Marketing; Robots; Technology

Coverage

Mansurali A., Christ University, Bangalore, India; Harish V.; Ramakrishnan S., Amity School of Business, Amity University, Dubai, United Arab Emirates

Rights

Restricted Access

Relation

ISBN: 978-180262277-5; 978-180262278-2

Format

Online

Language

English

Type

Book chapter

Identifier

https://doi.org/10.1108/978-1-80262-277-520231002

https://www.scopus.com/inward/record.uri?eid=2-s2.0-85151386144&doi=10.1108%2f978-1-80262-277-520231002&partnerID=40&md5=eeae2370f4e153b4c3e0da6765e7e576