The COVID-19 pandemic has raged on for almost a year and continues to create significant challenges for a variety of business sectors. At the beginning of the crisis, many industry trends accelerated as people rapidly adapted their behaviours to meet health and safety requirements. Consumers, many of whom had already embraced e-commerce, jumped onto the Internet in even greater numbers, buying more groceries and other goods online and selecting from an array of outside-the-store fulfilment options, such as curbside pickup and home delivery.
Now, many months after consumers have settled into these and other behaviours, we are seeing the future of consumer markets more clearly.
In our latest report, we outline the five consumer trends that are already shaping tomorrow, and give a plan for overcoming uncertainty and challenges in order to capitalise on opportunities.
As difficult as disruption can be, it often nudges us—or thrusts us, in the case of the pandemic—into a future state. Click on any of the 5 trends below to learn more.
The COVID-19 crisis is not yet over, let alone its long-term effects. As you look to regain equilibrium and propel yourself into the future we’ve described, here are some suggestions for ways that you might repair, rethink and reconfigure your business.
Identify operational weaknesses that have surfaced.
Accelerate trust-building activities with customers and employees.
Adjust strategic direction as needed.
Evaluate your brand portfolio through a new lens.
Improve the fulfilment experience through complementary partnerships and rethinking other actions.
Evolve your concept of the physical store to provide best customer experiences.
Establish priorities for ESG initiatives.
Make needed technology investments to address deficiencies.
Improve supply chain flexibility and resiliency via digital transformation.
Update your channel strategy.