2020 has been a difficult year for many people, and our thoughts go out to all those affected by this terrible pandemic. This field note's focus is not on the catastrophic consequences of Covid-19 but on how behaviors and needs have changed in its wake.
The current pandemic has had an enormous impact on society and the economy. During these uncertain times, technology has been an enabler for many companies and communities.
Innovation is a solution to the business crisis in times like the Covid-19 pandemic. Digital transformation and exploring digital technologies are no longer diffuse concepts. They have become fundamental strategies for any business to stay ahead of the competition and succeed in a digital-first world.
These statistics show just how much Covid-19 has impacted consumers, the opportunities created by new technology, and how the world is forever changed. When behaviors and needs change radically, you must innovate to meet them and to remain relevant in the market.
The Impact of COVID-19 on Digital Transformation and New Technology
70% of businesses chose to increase or maintain digital transformation spending during the pandemic. (According to IFS)
58% of businesses that had not yet begun a digital transformation program said that Covid-19 has accelerated their digital plans. (According to BakerMcKenzie)
76% of businesses plan on long-term IT changes as a result of Covid-19. (According to SWZD)
More than a third of 2021 tech budget increases will be influenced by Covid-19. (According to SWZD)
While 52% of companies plan to cut or defer investments because of Covid-19, just 9% will make those cuts in digital transformation. (According to PwC)
During the 2020 pandemic, there was a 15% increase in the use of digital tools for health support by consumers. And, 37% of consumers are very likely to use telehealth in the future. (According to McKinsey)
Covid-19 has accelerated healthcare investments within AI and nanotechnology, which are expected to grow at a rate of nearly 50% more a year towards a market set to be worth $1.333 trillion by 2027. (According to Vector Innovation Fund)
The Impact of COVID-19 on Us As Consumers
Sure, the need for new technology-driven by the ongoing pandemic is interesting. Still, something more interesting is to look at the human behaviors that drive change. Many of us have seen impacts in every aspect of our lives during this pandemic.
Here we have found some interesting statistics on how our behaviors have changed that can serve as inspiration for how we should direct our innovation efforts in the coming year.
69% of consumers say Covid-19 has made them more focused on managing their mental health and well-being. (According to PwC)
55% of consumers will prioritize more time with family after the virus has been contained. (According to Accenture)
87% of U.S consumers prefer to shop at stores that have touchless or robust self-checkout options. (According to Shekel)
79% of consumers say they will continue to use self-checkout or increase their usage after Covid-19. (According to McKinsey)
78% of consumers have made a change in where they shop for food. (According to FMI)
31% of U.S. consumers are changing to less expensive products to save money. (According to McKinsey)
39% of consumers say they will purchase more in the future from brands that responded well to the crisis. (According to Deloitte)
31% of global consumers anticipate they will visit movie theaters less often after the pandemic. (According to GlobalWebIndex)
We can look at changing behaviors and needs, driven by the Covid-19 pandemic, from different perspectives. Here we have found some interesting statistics on how our purchasing behaviors have changed.
E-commerce, as a whole, is projected to grow by almost 20% in 2020. (According to IBM)
36% of consumers now shop online weekly, an increase from 28% before the pandemic. (According to Selligent)
Globally, 49% of consumers shop online more now than they did pre-Covid-19. (According to Bazaarvoice)
One of the most significant e-commerce growth areas was over-the-counter medicine, which is expected to see a 44% increase in customers shopping online in 2020. (According to McKinsey)
The number of orders placed online and picked up in-store grew 208% between April 1 and 20, 2020, compared to a year ago. (According to Adobe)
79% of consumers say contactless store pickup is significant to them. (According to Incisiv)
It is also important to know that some things do NOT change. According to Incisiv do 91% of consumers say they miss shopping in stores.
If you are interested in more statistics and trends from 2020 involving digital transformation, new technology, digital skills, and the demand for new customer experiences, we would like to recommend this field note that we recently published: Digital Transformation 2020 Statistics.
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