When playing it safe is not an option
Digital transformation in the post-pandemic consumer industry
The pandemic has changed the consumer industry, resulting in winners and losers across many sub-sectors. Demand for online groceries is surging and digital entertainment is a must-have, while dine-in and travel have dropped off substantially. These shifts have sparked a rush for digital transformation initiatives.
As COVID-19 amplifies consumers’ willingness to shop online, people are seeking out seamless omnichannel experiences, thus transforming all segments of the consumer industry. Employees, too, are welcoming digital processes that allow them to stay safe while working from home. In the wake of this adaptation, consumer brands must guard against commoditization, and instead built trust in their products and services—both physical and digital.
This paper outlines key actions for digital transformation:
- Defining your digital narrative
- Becoming digital-first
- Letting your customer guide you
- Freeing yourself from legacy constraints
- Focusing on outcomes, not just roadmaps
In this uncertain economy, some organizations may be tempted to pad their bottom line by scaling back plans for digital transformation, not fully understanding the resulting business implications. A better plan is to double down on this technological evolution and find ways to lead the market.