Covid-19 has sparked a new wave of innovation across consumer industries: Accenture Research

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The Covid-19 pandemic has changed the way people live, work and socialise, accelerating demand for innovation, as retailers, consumer goods, and travel companies shift from reacting to the crisis to reinventing products and services, according to findings of a new global survey from Accenture.

After a year of lockdowns, 98 per cent of survey respondents in India said they made at least one change to their lifestyle that they expect will be permanent. Working from home, changing travel patterns, and a growing desire to shop locally are challenging industries to fundamentally rethink how they cater to the pandemic-adapted consumer. The latest survey of more than 9,650 people in 19 countries including more than 500 people in India, supports Accenture’s previous findings that many changes in behaviour will likely be long-term.

“The past year has been a tough one for consumers and consumer-facing industries. Evolving consumer preferences and behaviours have led to huge demand fluctuation, making it imperative for consumer goods and retail companies to stay agile and resilient. As companies shift from reaction to reinvention, they need to harness digital’s full potential across the value chain at speed and scale,” said Anurag Gupta, Managing Director and Lead, Strategy and Consulting, Accenture, India.

Covid-19 has led to compressed transformation, with companies simultaneously transforming multiple parts of the enterprise and reskilling people in what previously would have been longer-term step-by-step programs. Many consumer-facing companies have re-platformed their businesses in the cloud, addressed cost pressures, and continued to build resilience and security, putting the infrastructure in place to enable innovation and position them for future success.

Manish Gupta, Managing Director, Lead Products Practice, Accenture, India said, “To succeed in a post-pandemic economy, companies need to digitally reinvent themselves and strategically invest in technology, people and supply chains. 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.”


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