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Transformative Mega Trends Shaping Post-COVID Consumer Behavior
Transformative Mega Trends Shaping Post-COVID Consumer Behavior
New Customer Experiences Driven by Digitalization and Personalization Create Growth Opportunities
30-Apr-2021
Global
Megatrends
Description
COVID-19 has impacted the way we work, make purchases, and spend our free time. Some consumption patterns and behaviors will have a lasting impact on economies around the world. Frost & Sullivan has mapped 5 critical areas of influences that will shape consumer behavior.
• Home: The pandemic has compelled consumers to interact with technology, and embrace contactless technologies because of concerns
about health and hygiene. The home will be a center of work, entertainment, and wellness.
• Work: Workplace bonding has the potential to dissolve as many people continue to work from home and express reluctance to return to an
office. Employees will demand more visibility and transparency in this environment through digital collaboration. Talent pools will become
global.
• Healthcare: Many aspects of the healthcare journey will become inherently data-based. Consumers will demand control over their personal
health data to manage their health and wellness and make better-informed decisions.
• Leisure: Price-sensitive consumers are pivoting to marketplaces (e.g., Amazon) from individual brands. Targeted outreach will be a must in
spreading awareness about products and service to smaller audiences with similar values and traits on social platforms. Virtual entertainment
will be in demand.
• Mobility: Enabled by new connectivity technologies, cars will become points of health, wellness, and well-being with end-to-end, omnichannel
experiences. With an emphasis on health and safety, shared mobility will be on the decline.
Companies will have to reimagine customer experiences to cater to the new consumer through behavioral analytics for hyperpersonalization of the consumer journey; seamless interoperability among appliances, personal devices, and other products in the home regardless of brand; and healthcare consumerization and patient-centric models. Competitive intensity will hinge on disruptive technologies and innovative business models.
RESEARCH: INFOGRAPHIC
This infographic presents a brief overview of the research, and highlights the key topics discussed in it.Click image to view it in full size
Table of Contents
Why Is It Increasingly Difficult to Grow?
The Strategic Imperative 8™
The Top Three Strategic Imperatives Driving Post-COVID-19 Pandemic Transformation
Growth Opportunities Fuel the Growth Pipeline Engine™
Key Takeaways
Post-COVID-19 Consumer Behavior Shifts
Post-COVID-19 Consumer Behavior Shifts (continued)
Home will Become the Hub of Health, Entertainment, and Work
Home will Become the Hub of Health, Entertainment, and Work (continued)
Reimagine Communication Boundaries to Fit Hybrid Work Settings
Reimagine Communication Boundaries to Fit Hybrid Work Settings (continued)
Virtual-first Approach to Healthcare Interactions
Virtual-first Approach to Healthcare Interactions (continued)
Consumer Spending Focusing on Value-driven Activities
Consumer Spending Focusing on Value-driven Activities (continued)
Emphasis on Health, Safety, and Reliability for Mobility
Emphasis on Health, Safety, and Reliability for Mobility (continued)
Shifts in Consumer Behavior Across 5 Key Areas
Personalization will be Key for the Post-pandemic Customer Experience Journey
Adapting to Post-pandemic Customer Experience Mindset
Infusing AI into the Retail Customer Experience for End-to-End Digitization
New Consumer Behavior will Influence Health and Wellness
New Consumer Behavior will Influence Retail
New Consumer Behavior will Influence Mobility
New Consumer Behavior will Influence Smart Cities
Growth Opportunity 1—Behavioral Analytics for Hyperpersonalization of the Consumer Journey
Growth Opportunity 1—Behavioral Analytics for Hyperpersonalization of the Consumer Journey (continued)
Growth Opportunity 2—Internet of Home
Growth Opportunity 2—Internet of Home (continued)
Growth Opportunity 3—Consumerization of Digital Mental Health Care
Growth Opportunity 3—Consumerization of Digital Mental Health Care (continued)
Critical Success Factors for Growth
Identifying Your Company’s Growth Zone
Your Next Steps
Why Frost, Why Now?
List of Exhibits
List of Exhibits (continued)
Legal Disclaimer
Growth dialog™
A tailored session with you where we identify the:- Strategic Imperatives
- Growth Opportunities
- Best Practices
- Companies to Action
Impacting your company's future growth potential.
| Deliverable Type | Megatrends |
|---|---|
| No Index | No |
| Podcast | No |
| Author | Chaitanya Habib |
| Industries | Cross Industries |
| WIP Number | K5AB-01-00-00-00 |
| Is Prebook | No |
| GPS Codes | 9A3B |