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.
TopBackground: Industry 5.0
The evolving technologies have transformed different industrial eras, and the incremental process has been accelerated with transistors and microprocessors as Industry 3.0. Computer and communications technologies made it happen more quickly with the automation process as Industry 4.0. Thus, Industry 4.0 is well-known for innovative technologies, including Big Data, artificial intelligence, augmented and virtual realities, cloud computing, adaptive robotics, additive manufacturing, and the Internet of Things (Ustundag & Cevikcan, 2017; Frank et al., 2019; Krishnan, 2021). Also, the organisations of Industry 4.0 are flexible and make their decisions based on data. Industry 5.0 drives the future technology for the next generations that are designed by efficient and intelligent machines (Adel, 2022). The post-industrial society in the 1980s focused on the organisation of information and knowledge, guiding innovation and change, and acting as a social control agent that has been transformed with digitalisation (Mourtzis et al., 2022). The information society has been one of the results of the Industrial Revolution.
Key Terms in this Chapter
Consumer 5.0: Consumer 5.0 is new in Marketing 5.0, and they are well educated and trained to use digital technologies to plan and analyse their needs and meet their demands through the satisfaction of the consumers.
Marketing 5.0: Marketing 5.0 is a postmodern novel marketing approach that has three components, including data-driven marketing, agile marketing, predictive marketing, contextual marketing, and augmented marketing.
Digital Society: Digital society has been a progressive society created through the adoption and integration of ICT in every aspect of life.
Society 5.0: Society 5.0 is a human-centric society supported by digital transformations and aims to balance economic benefits with social welfare by integrating physical space and cyberspace.
Prosumer: Prosumers are the consumers that act as producers as well. They are more demanding, active and conscious consumers, contributing to designing novel products and services, improving materials and product durability reliability, and actively designing all the production and marketing processes.
Industry 5.0: Industry 5.0 has been a dynamic technological development process under construction.
Industrial Revolution: The Industrial Revolution transformed from a handicraft and agrarian economy to one industrial manufacturing and modern economy. The technological changes within Industrial Revolution introduced new ways of working and living and eventually transformed society.
Industry 4.0: Industry 4.0 focused on emerging technologies as tools for industrial flexibility and efficiency, maintaining welfare for workers and society.