Weekly Business Insights from Top Ten Business Magazines | Week 305 | Shaping | 2

Extractive summaries and key takeaways from the articles curated from TOP TEN BUSINESS MAGAZINES to promote informed business decision-making | Week 305 | July 14-20, 2023

Could this be a glimpse into life in the 2030s?

McKinsey & Company | July 2023

Listen to the Extractive Summary of the Article

For many companies—and many industries—the COVID-19 pandemic set off a period of head-spinning change. They realized they were capable of moving faster than they ever thought possible. They went digital in a matter of days, not years. They offered new services almost overnight. If companies sustain this newfound speed and agility, it’s conceivable that more innovation will happen in the next ten years than in any previous decade in modern history. Life in the 2030s could be vastly different from today.

In 2019, McKinsey launched a multimedia series in which business leaders and McKinsey experts describe what the 2030s might look like. McKinsey called the series The Next Normal, to refer to things that experts say could become commonplace in a few years but today are cutting-edge or even nonexistent:  Could these experts’ prognostications be wrong? Of course. But chances are, in 2035 or thereabouts, much of what’s described below will indeed just be … normal.

1. In out-of-this-world vacation won’t be out of the question. A short stay at a space hotel? A weekend on the moon? An entire summer on Mars? Sure. Because rocket launches will have become so much less expensive, many more people will venture into outer space.
2. Electric flying vehicles will be commonplace—and quiet. Riding in electric air taxis won’t cost much more than taking regular taxis, and they’ll be nowhere near as loud as helicopters, so you might take an eVTOL a few times a week. An eVTOL (pronounced “ee-vee-tol”) is an electric vertical takeoff and landing aircraft. In the 2030s, eVTOLs will routinely transport people and cargo within a 100-mile radius. Some eVTOLs will be flown by pilots sitting in the cockpits; others will fly semi-autonomously, with pilots controlling them from the ground.
3. Boxes, bottles, and bags will be ‘smart’ and sustainable. In the future, if you want to make a cocktail that you know you’ll like, you’ll just scan your beverage bottle to get personalized recipe recommendations. Yogurt containers will have sensors that tell you when the yogurt has gone bad. The bag of chips in your pantry? After you eat the chips, you’ll either reuse the bag or eat it—it’ll be vegetable-based and actually pretty tasty.
4. You can buy a car—or you can buy access to many cars. Instead of owning one specific vehicle, you might buy a subscription package that gives you options: a compact car on weekdays, a bigger car for weekend getaways, a convertible in the summer, an SUV for winter trips to the mountains. 
5. Movies will be interactive and immersive. You’ll be able to watch a movie and play a game with your friends at the same time—because the movie will be a game. You can enjoy the movie with your friends even if you’re at home and they’re at a movie theater. If there’s a wintry scene on screen, you’ll all feel cold wind blowing on your faces. 

The others are

Connected devices will track your health and wellness. 

The high-rise of the future will be a mixed-use building. 

The in-store shopping experience will be highly personalized.

Drones will deliver your packages.

2 key takeaways from the article

1. For many companies—and many industries—the COVID-19 pandemic set off a period of head-spinning change. If companies sustain this newfound speed and agility, it’s conceivable that more innovation will happen in the next ten years than in any previous decade in modern history. 
2. What business leaders and McKinsey experts describe what the 2030s might look like referred as The Next Normal: In out-of-this-world vacation won’t be out of the question; electric flying vehicles will be commonplace—and quiet; boxes, bottles, and bags will be ‘smart’ and sustainable; drones will deliver your packages; movies will be interactive and immersive; connected devices will track your health and wellness; the high-rise of the future will be a mixed-use building; the in-store shopping experience will be highly personalized; and you can buy a car—or you can buy access to many cars.

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Topics:  Technology, Business, Commerce