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How Consumer Insights Is Boosting Innovation Exponentially Post Covid-19

 In the post-pandemic world, businesses will have to satisfy consumers' appetite for online shopping, faster delivery, and deliberate investments in their people, supply chains, physical stores, and digital channels to spur growth. In just a few months, the COVID 19 crisis has led to a year of change in the way companies, sectors, regions, and companies do everything.

Some reports with feasible revenue in recent years confirmed that they were ahead of their peers in the use of digital technologies, and they had already made significant changes to their strategies before the crisis, other executives reported.

How do consumer insights significantly impact the future of business?

  1. Changing the way businesses innovate

Though the idea of a turning point between technology adoption and the digital revolution is not new, the survey data suggests that COVID-19 would be a "turning point" due to the historical share of further changes needed as the economic and human situation evolves. The speed with which respondents say their businesses are replying to several COVID-19-related changes is greater than their business digitization.

  1. Emphasizing the urge for innovation

The outbreak of the COVID-19 pandemic has forced many companies to close, leading to unprecedented disruption of trade in most sectors and industries. Many consumer-oriented companies are repositioning their business to the cloud to meet cost pressures, building resilience and security, and developing infrastructure to enable innovation and position their businesses for the future. As the pandemic has forced a rapid shift of workers from home to work, many operators express a desire for flexibility to do their work on the move. Accenture Covid-19 Consumer Research has tracked changes in consumer attitudes, behaviors, and habits as they adapt to the new reality of the outbreak.

The concepts of convergence and innovation are catalysts for coping with the current COVID-19 pandemic, tracing a post-crisis path, and helping organizations implement effective value-added and agility strategies.

  1. Scrutinizing the context of COVID-19

Abstract The COVID-19 outbreak is a stark reminder that pandemics, like other natural disasters in the past, will continue to occur in the future. Many negative aspects of the Covid-19 pandemic have influenced consumer behavior. The Covid crisis demonstrates the need for a real-time intelligence approach that changes the underlying technological ideas, knowledge, and solutions.

In this special issue, we invite scientists from various fields of business and management to write short essays on various aspects and impacts of the COVID 19 pandemic. Consumers react, manage, and adapt to the behavior of the pandemic and examine numerous consumer insights during the severe pandemic outbreak.

  1. Adopting new technology for new solutions

 

Key technologies were already available before the COVID Crisis in some areas, but the pandemic brought new extremes and the need for new solutions.

Many reports explain the academic literature on the technological innovations that occurred during the COVID 19 crisis. The reallocation of innovation and technological convergence during the current Covid 19 pandemic has created the need for faster solutions to new problems. Once we leave behind the COVID 19 pandemic, we will emerge into a different world than before the outbreak.

The scenario created by the COVID 19 crisis shows the need for rapid technological redeployment, the demand for rapid detection, and rapid technological convergence. The outbreak has affected almost all industries, including the information and communication technology (ICT) sector. We can expect dramatic changes in consumer behavior and advanced technologies.

The COVID 19 pandemic not only triggered Industry 5.0, but also made Industry 4.0 a reality: digital workflows, robots, and automation are no longer targets, but requirements. During the crisis and its aftermath, winning companies reinvented themselves, placing data and artificial intelligence at the heart of their organizations.

  1. Capturing the customer interests in the challenging scenario

According to the International Data Corporation (IDC), global IT spending growth by the end of 2020 will fall by 3-4%, a pessimistic scenario ahead of the COVID 19 pandemic.

The coronavirus has turned consumers' lives upside down, including the way people shop online. This condition has fueled more online purchases of technology products and services, increased cloud-based services, and the need for more devices in homes.
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