According to the Accenture report, a majority of consumers across demographics and geographies are reimagining their values and basing purchasing decisions on factors beyond price and quality. With its 16th annual research report based on a survey of more than 25,000 consumers across 22 countries including more than 2000 consumers in India, Accenture’s ‘Life Reimagined: Mapping the motivations that matter for today’s consumers’ aims to understand how companies can capitalize on evolving consumer expectations to achieve new levels of growth and competitive agility.
71% of those surveyed in India are coming out of the pandemic having reimagined their behaviors and values as consumers, highlights the Accenture report. This is having a direct impact on what, how, and why they buy. An additional 22% of consumers in India seem to have evolving values and purchasing mindsets while the unprecedented experience of the pandemic has had no impact on the buyer values of only 7% of respondents.
“Driving innovation and growth in a post-pandemic economy will require the C-Suite to structure the entire organization around experience and ensure all aspects of operations including marketing, sales, innovation, R&D and customer service, understand new consumer motivations,” said, Vineet R. Ahuja, Managing director, and lead – consumer, sales and service, Accenture India. “It is extremely important to become a listening organization and invest continuously in data and analytics to understand changing consumer preferences”, he added.
The five factors extend beyond price and quality include – health and safety; service and personal care; ease and convenience; product origin; and trust and reputation, suggests the report. Perhaps even more notable is that these five factors, which have been historically important to the specific demographic groups of Gen Z and Millennials, have now hit a tipping point and are considered critical across the full breadth of consumer demographics.
Consumers are asking: Are you keeping my neighbors and me safe? What about your employees?
- Health and safety ranked high in importance for reimagined consumers, with 79% in India believing it is crucial that companies prioritize health considerations for consumers and employees in all operations.
- Seventy-eight percent of reimagined consumers in India believe that companies/brands are just as responsible as governments for the health of societies.
Consumers are asking: Do you remember me? Are you making my experience with your brand as personal as it can be? Are you there for me when I need you?
- More than half of reimagined consumers in India say they would switch brands if a brand doesn’t create clear and easy options for contacting customer service or provide clear responses about service levels related to pandemic or economic/societal issues.
- Moreover, 68% of reimagined consumers in India say that many companies disappointed them by not providing enough support and understanding of their needs during challenging times.
Consumers are asking: Are you meeting me where I am, in the digital world, the physical world, and through a blend of the two? And are you able to deliver what I need, when I need it, across all channels?
- A substantial 59% of reimagined consumers in India would switch retailers if they did not “offer new fast and flexible delivery options of goods such as click-and-collect and curbside pickup.”
- In the healthcare industry, reimagined consumers appreciate the convenience of virtual health appointments as well, with a significant number of consumers saying they would change providers if they did not offer online appointments instead of physical visits when appropriate.
Consumers are asking: What about the environment, and societal and corporate responsibility? Can you help me make sustainable choices? Can you help me support my local community?
- Reimagined consumers want to know what goes into a product, how it’s produced, and how far it’s been transported. 81% in India say they are attracted to brands that source services and materials in highly ethical ways.
- Additionally, 78% of reimagined consumers in India are attracted to doing business with brands that are environment-friendly.
Consumers are asking: Can I trust you to do the right thing for me and not just for your business? Can I trust you to be who you say you are and stand for the things you say you stand for?
- Across a wide swath of industries, a majority of reimagined consumers said they would switch providers if they did not “take visible actions for a positive social impact — e.g., related to inclusion and diversity, environmental protection or protecting the health of the population.”
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