Regardless of the challenges and provide chain disruptions triggered by the worldwide pandemic, researchers at Accenture assert that COVID-19 has “sparked a brand new wave of innovation” throughout the patron and retail trade. The evaluation relies on a survey of greater than 9,600 shoppers throughout 19 international locations.
Authors of the report, launched at present, mentioned, “Profitable consumer-facing corporations are repurposing bodily areas, exploring new enterprise fashions, and quickly adopting superior analytics and different disruptive applied sciences to seek out new sources of progress.” Accenture mentioned the pandemic has “modified the best way folks dwell, work and socialize, accelerating demand for innovation, as retailers, client items, and journey corporations shift from reacting to the disaster to reinventing services and products.”
Oliver Wright, senior managing director and head of Accenture’s world client items trade group, mentioned the “ripple results of the pandemic will probably be felt for a while and function a robust illustration of the necessity for consumer-facing corporations to be agile, resilient and responsive to alter.”
“Born out of catastrophe and necessity comes alternative; the pandemic has sparked a brand new wave of innovation,” Wright mentioned. “As corporations basically rethink methods of doing enterprise that ship progress, many are utilizing superior analytical capabilities to identify, reply and goal altering consumption traits. As an example, British beer firm, Brewdog responded with agility and creativity all through the disaster — shifting to provide hand sanitizer, creating digital bars, organising the Brewdog Drive-Via, and repurposing bodily areas to create coworking area with Desk Canine.”
Digging into the survey outcomes confirmed that 95 p.c of these polled mentioned they made “a minimum of one change to their life-style that they anticipate will probably be everlasting.”
“Working from residence, altering journey patterns, and a rising want to buy domestically are difficult industries to basically rethink how they cater to the pandemic-adapted client,” Accenture mentioned in a press release.
One notable development recognized within the report is the emergence of the “third area,” Accenture mentioned.
“The pandemic compelled a speedy shift to workers working from residence, with many expressing that they need flexibility in how and the place they work transferring ahead,” the authors of the report acknowledged. “Greater than three-quarters (79 p.c) of respondents mentioned they want to sometimes work from a ‘third area’ — a location aside from their residence or place of employment — and greater than half mentioned they’d be keen to pay as much as $100 per 30 days out of their very own pockets to work from a café, bar, lodge, or retailer with a devoted area. This highlights a possible alternative to develop income for the hospitality and retail industries.”
The thought of a 3rd area was pioneered on a big scale by Starbucks, which the corporate calls a “third place” the place patrons use the café to calm down, learn, work, meet and community. The “third place” is a part of the corporate’s guiding rules.
Accenture mentioned the will to work in a “third area” dovetails with a change in angle towards enterprise journey. Of these polled, 46 p.c mentioned they’ve “no enterprise journey plans post-pandemic, or they intend to chop earlier enterprise journey by half.”
“How lengthy this view will maintain agency stays to be seen, however the present outlook signifies that the return to journey will resume principally throughout the leisure market, pushing the trade to adapt and develop into much more environment friendly to make up for misplaced revenue,” Accenture acknowledged.
Emily Weiss, managing director and head of Accenture’s world journey trade group, mentioned the worldwide pandemic “has compelled ‘inventive pragmatism’, particularly for journey and hospitality corporations grappling to seek out further income streams in the course of the disaster.”
“Some motels turned rooms into pop-up eating places whereas others experimented with providing short-term workplace area to clients in search of a ‘third area’ to work,” Weiss mentioned. “Whereas there was experimentation with innovation in choose pockets, corporations must scale these new providers and tackle vacationers’ renewed deal with well being and security, for instance, by utilizing the cloud to assist allow totally contactless interactions.”
Most notable of all modifications in client habits has been on-line procuring. Accenture mentioned previous to the pandemic, 25 p.c of purchases of vogue attire, luxurious items, meals and residential décor had been made on-line. These classes at the moment are seeing triple-digit progress.
Jill Standish, senior managing director and head of Accenture’s world retail trade group, mentioned that main retailers and types “had been fast to adapt to the surge in e-commerce and are utilizing know-how to serve clients in new methods.”
“Many adopted disruptive applied sciences reminiscent of augmented actuality to recreate the bodily retailer expertise and assist consumers higher visualize a room of furnishings or an outfit, whereas others repurposed closed shops into native success facilities with choosing and packing know-how,” Standish defined. “Even in a post-pandemic world, corporations might want to fulfill shoppers’ urge for food for on-line procuring with quick supply and get extra intentional concerning the investments they’ll make of their folks, provide chains, bodily shops, and digital channels to be effectively positioned to drive progress.”