Product Code: K5AB-MT
New Customer Experiences Driven by Digitalization and Personalization Create Growth Opportunities
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.
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
Consumer Behavior Trends
- 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)
Consumer Experience Journey
- 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
Future Visioning Scenarios
- 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 Universe
- 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