New Customer Experiences Driven by Digitalization and Personalization Create Growth Opportunities
COVID-19 has impacted the way we work, make purchases, and spend our free time. Some consumption patterns and behaviors will have a lasting impact on economies around the world. The publisher has mapped 5 critical areas of influences that will shape consumer behavior.
Home:
The pandemic has compelled consumers to interact with technology, and embrace contactless technologies because of concerns
about health and hygiene. The home will be a center of work, entertainment, and wellness.
Work:
Workplace bonding has the potential to dissolve as many people continue to work from home and express reluctance to return to an
office. Employees will demand more visibility and transparency in this environment through digital collaboration. Talent pools will become
global.
Healthcare:
Many aspects of the healthcare journey will become inherently data-based. Consumers will demand control over their personal
health data to manage their health and wellness and make better-informed decisions.
Leisure:
Price-sensitive consumers are pivoting to marketplaces (e.g., Amazon) from individual brands. Targeted outreach will be a must in
spreading awareness about products and service to smaller audiences with similar values and traits on social platforms. Virtual entertainment
will be in demand.
Mobility:
Enabled by new connectivity technologies, cars will become points of health, wellness, and well-being with end-to-end, omnichannel
experiences. With an emphasis on health and safety, shared mobility will be on the decline.
Companies will have to reimagine customer experiences to cater to the new consumer through behavioral analytics for hyperpersonalization of the consumer journey; seamless interoperability among appliances, personal devices, and other products in the home regardless of brand; and healthcare consumerization and patient-centric models. Competitive intensity will hinge on disruptive technologies and innovative business models.
