It was an absolute pleasure to be joined by Nhung Mason, Accenture’s Managing Director – Client Account Lead in our latest webinar, who talked through the key findings in a recent consumer behaviour research study conducted by Accenture. In this session, Nhung highlighted key trends that have emerged throughout the COVID19 crisis and best practise around responding and maximising new opportunities.
What are some of the impacts of COVID19 on consumer behaviour?
- 160% expected increase in ecommerce purchases from new or low frequency users.
- 79% of consumers think the pandemic will increase the focus on health.
- 62% of consumers say the pandemic will increase their focus on the environment.
What are the implications for businesses?
- There is a need to redefine customer segments and reconsider buying behaviour in light of emotional, financial and personal impacts of COVID19.
- It is essential to create a strong digital presence and be able to conduct business online, or risk missing out on a huge segment of the market that now purchases solely online.
- Businesses need to adapt their offerings based on new ways of living which will continue into the future, as seen by people’s resistance to return to normal even as regulations have been relaxed.
How should businesses respond?
- Focus on shifting to e-commerce and digital offerings, conducting business online and operating remotely.
- Develop business strategies in consideration of your core purpose, embody it and develop your offerings based on it.
- Build trust through ensuring transparency and sensitivity both externally with customers and internally with employees.
Full research results and data from the Accenture study can be found below, along with key insights document and full transcript.