Revolution 4.0 and its implications for consumer behaviour

Objective: The authors attempted to analyze how the achievements of Revolution 4.0 enable the modification of consumers' decision-making process by means of profiling algorithms. The authors indicate their potential impact, manifested, for example, in micro-targeting, price discrimination and filter bubbles and conclude with a description of radicalization of views. Research Design & Methods: The paper represents a theoretical study supported by reference to empirical data, the purpose of which is to determine the scale of the impact of IT sector companies on the economy. Findings: IT tools, available mainly thanks to the achievements of revolution 4.0, allow to modify the content of information at the level of an individual consumer, thus determining their decision-making process. This may entail a new phenomenon of the individualization of mass consumption. Implications & Recommendations: The benefits of profiling algorithms largely contribute to the improvement of market efficiencies. Nevertheless, the threats accompanying them should be clearly articulated and noticed by policy makers. High-tech enterprises, on the other hand, should assume responsibility for the fair and transparent use of profiling algorithms. Consumers' awareness of the use of this technology should also be raised. Contribution & Value Added: The article constitutes an original analysis of the approach related to the history of economic theory and the analysis of the most recent events and developments of the current fourth industrial revolution. It examines and shows a holistic approach to the concept of "rationality" from the beginnings of economics as a science until today, along with factors influencing its perception.