Accenture, the main worldwide consulting firm, has launched findings of their newest analysis that states that consumer-centric corporations are repurposing bodily places, exploring new enterprise fashions, and quickly adopting superior analytics and “different disruptive applied sciences,” to find new sources of growth. The change in both consumer behaviour and business models are triggered by the ongoing COVID-19 pandemic worldwide. The findings from the ‘How consumer companies can innovate to grow’ report note that 95 percent of consumers have pledged at least one permanent change in their lifestyle since the outbreak of the pandemic. 79 percent of respondents said that they would like to work from a “third space” — a location aside from their house or office, whereas 46 % would like to not journey in any respect for work or scale back their enterprise journey by half following the pandemic. Accenture, in a press notice, additionally shared its India-centric findings primarily based on responses from 500 individuals. The firm notes that 98 % of respondents within the nation would change at the least one aspect of their way of life completely. 87 % of respondents mentioned they wish to work from a “third area” occasionally, and 57 percent of Indian respondents claimed they would cut previous business travel plans by half.
The Accenture findings highlight that aside from permanent changes in work-related habits and behaviour, consumers’ shopping habits may have also transformed for the long haul. The company says the latest research supports its previous findings, released in August 2020, that the dramatic rise in e-commerce is likely to remain or accelerate further. For instance, the report said the proportion of online purchases for products such as food, home decor, fashion, and luxury goods by previously infrequent e-commerce users — defined as those who used online channels for less than 25 percent of purchases prior to the outbreak — has increased 667 percent since the outbreak in India. Notably, leading international digital payments company Visa also pressured give attention to on-line funds safety as shopper behaviour continues to evolve in the course of the COVID-19 pandemic.
Speaking over the findings and changes triggered by the pandemic, Manish Gupta, managing director and lead for Products practice at Accenture in India, said companies need to digitally reinvent themselves and strategically invest in technology, people, and supply chains to succeed in a post-pandemic economy. “Adoption of digital technologies such as cloud, artificial intelligence, advanced analytics, combined with a well-defined purpose, can help companies to not only reach out to consumers in innovative ways but also adapt faster to the evolving market demands,” he added in a press release.
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