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COVID-19 will Influence Consumption Behavior, Hyper-personalization, and Emphasis on Digital Health
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As people learn to embrace uncertainty, the top trends outlined at the beginning of 2021 will bring about significant changes in the way societies work and live. Changes in user behavior patterns will trigger major growth opportunities influenced by changes in consumption and business models.Emerging advancements in technologies, such as AI and automation, will lead the way as countries and businesses continue to fight COVID-19 globally. Connectivity and flexibility in work structures will blur the physical boundaries between workplaces, cities, and homes. In 2021, limits will be pushed in healthcare innovation as nations consistently strive to fight COVID-19 and protect their citizens.The Top 8 trends outlined at the beginning of 2021 include the following:• The Trust Paradox: Disinformation and Lack of Data Privacy• The Automation Wave• Resilience and Risk Proofing• Trade Decoupling• Sustainability and Circular Economy• Anywhere-Health• Workforce in Transition• Corporate ConsciousnessAs industries shift to the ‘new normal,’ companies must lead a smooth transition toward a secure, multi-channel, work-from-anywhere, and connected workspace; embrace automation; adopt a ‘digital-first’ approach; and build a clear ‘circular strategy’ and encourage corporate consciousness. By adopting these pivotal positions, companies can capitalize on opportunities and drive growth.The following are the key growth opportunities that will emerge from top trends in 2021:Behavioral analytics for the hyper-personalization of the consumer journey: As consumers worldwide try to adjust to the new normal, consumption patterns and behavioral sentiments have significantly shifted, permanently impacting global markets. Identifying key data points to navigate this change can help companies reduce new consumer acquisition costs and improve lead generation costs.New health, wellness, and well-being (HWW) solutions embedded in vehicles post COVID-19: Changing purchasing priorities amidst the socio-economic downturn caused by the pandemic will drive the shift toward HWW components inside the vehicle. Healthcare digitalization and the emergence of mHealth apps and their integration in the vehicle for a clean and pathogen-free interior, driver monitoring, and health diagnosis are expected to gain a strong foothold in the industry.Consumerization of digital mental health: The COVID-19 pandemic and the subsequent uncertainty have negatively affected mental health and have widened the barriers for people already suffering from illnesses. Digital technologies will play an important role in supporting and treating mental health conditions, thus driving the decentralization and democratization of mental care services.Internet of homes: The future home will become the ‘central hub’ for connected living. COVID-19 has accelerated the need for homes to evolve into on-demand workspaces, entertainment centers, fitness spaces, and telehealth centers. Seamless connectivity will facilitate the standardization of platforms across the intelligent device ecosystem.
Key Issues Addressed
Author: Vinay Venkatesan
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