Accenture, the leading international consulting company, has released findings of their latest research that states that consumer-centric companies are repurposing physical locations, exploring new business models, and rapidly adopting advanced analytics and “other disruptive technologies,” 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 other than their home or workplace, while 46 percent would prefer to not travel at all for work or reduce their business travel by half following the pandemic. Accenture, in a press note, also shared its India-centric findings based on responses from 500 participants. The company notes that 98 percent of respondents in the country would change at least one element in their lifestyle permanently. 87 percent of respondents said they would like to work from a “third space” 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 stressed focus on online payments security as consumer behaviour continues to evolve during 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 statement.
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