COVID-19 has forced businesses to change how they engage with their customers, their employees, their suppliers and how they operate. Historical experience is less relevant as we transition to the new normal shaped by COVID-19.
In the third edition of our Global Customer Insights Report – “Me, My Life, My Wallet” we are looking at key trends that we believe will drive changes in the market – both globally and in Ireland. These are “big picture” macro trends and businesses will need to address these when deciding what their future business will look like.
Globally, the pandemic has accelerated equality, both in the manner information is consumed and what’s important to us when we buy.
We are seeing this in key trends such as:
From an Irish perspective, as consumers we want to get the basics right.
We see this in the data with virtually all Irish respondents placing a high value on a good website, an ability to resolve service issues and human webchat. We are less impressed by bots, virtual reality and artificial intelligence than many of our neighbours. We are happy to digitally self-serve but want access to human support as needed.
We value our privacy and data (93% would never want their data sold) and are increasingly worried about our wellbeing with 88% placing a higher priority on our Health post-COVID.
We are also saving more with 51% putting more aside since the lockdown and 49% saying they value future over current finances.
One trend that stood out to me, and I would like to set out in a little more detail is the blurring of the generation gap globally.
Perhaps we truly are in this together as our research indicates that generations have more in common now than ever before. COVID-19 has accelerated the sharing of values across each of the five key generations:
In our report we discuss why these trends matter, with implications where:
But this knowledge needs to be matched with the capabilities and resources of the business – not all businesses can simply “go online”. Businesses that win in the market will be those that can balance understanding the knowledge of their customers with investment that suits their business.
We have identified a framework - “The Five Mys” - to help organisations understand customer decision-making:
Nobody has all the answers as we move forward, but what is certain is that focusing on customer needs will always be a lighthouse for staying and remaining relevant.
Deep customer insight will enable businesses to meet customers where they are, with what they want and how they want it.
Interested in how retail and spending trends will affect your business? Contact Niall Savage, Head of Retail; we'd be delighted to hear from you.
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