For companies that cater to the end-consumer, the future is arriving more quickly than anyone imagined just a few short months ago, accelerating digital trends that had already been transforming consumer behaviour. The COVID-19 pandemic, for example, has expedited the pace of behavioural changes around the world in how people live their lives — how they work, eat, communicate, play and learn. And this extends to consumption patterns, too, in every category, including groceries, entertainment, healthcare and even data.
Businesses need to understand how this new world affects all of their touch points with the customer if they are to actively reinvent their own future and not be at the mercy of external events.
How robust will the market be for my goods or services?
What is the experience I'll need to offer to attract customers?
How will I engage with my customers?
What are the experiences and products I should be offering to keep customers?
In this year's research we polled city dwellers both before and after the coronavirus outbreak, in two separate studies. Why urban consumers? Because cities are vibrant centres of education and innovation, seedbeds and greenhouses for new ideas. We want to understand how the behaviour of these cutting-edge consumers' is changing due to COVID-19.
City dwellers might decide to get by with fewer discretionary purchases, suggesting a continuation of reduced spending in categories such as clothing and footwear, travel, and arts and cultural events.
Read our full report to find how companies can address these issues.
Companies with the technology and imagination to design great experiences for the home — or close to home — will have a huge advantage, at least in the near term. As more urban consumers begin to step out into their communities, there could be room for blended physical and virtual experiences, too, that make it possible for people to stay local.
Read our full report to find how businesses should be responsive to safety concerns and at-home interests
COVID-19 shutdowns have slicked the digital runway, and as some new virtual habits become ingrained, the shift to a more digital world for those who can afford its tools and experiences will become even more pronounced.
An unintended outcome is it will further polarise customer segments into those that have digital resources or aptitude and those who don't.
Read our full report to find how companies should take advantage of the convergence of digital tools
This phenomenon of a care-centric customer base and business culture could truly be a silver lining to the COVID-19 pandemic. In the near term, companies that offer healthy, nutritious products and high-end grocery chains that sell local and organic products will continue to thrive.
Different organisations will take a host of actions to improve customer well-being and foster a culture of innovation during this pandemic — and well after the crisis has passed.
Find out more details in our full report
