Industry 5.0, Digital Society, and Consumer 5.0

Abstract

Emerging technologies have transformed different industrial eras. Recent Industry 5.0 has created various innovative technologies, including big data, artificial intelligence (AI), the internet of things (IoT), virtual reality, cloud computing, and cobots. Industry 5.0 encompasses three core values: human centricity, resilience, and sustainability. Industry 5.0 has various enabling technologies supporting the industrial transformation, including digital twins, cobots, mass customisation, and hyper-personalisation. Digital transformation has affected all areas, including business organisations with all functions and marketing. Marketers have created different and innovative strategies using technological supports stemming from Industrial and societal revolutions. Industry 5.0 proposes a new marketing paradigm with mass customisation, and in this process, a new type of “super-empowered customer” or “consumer 5.0” has been created.