COVID-19 put the world in a unique position, forcing consumers to change their daily habits and businesses to prioritise innovation to remain competitive. Brands are changing the way they communicate with consumers, and in some cases revolutionising the products they offer.
In 2020, significant business transformations introduced new consumers to technologies like digital services, online financial payments and e-commerce. The stay-at-home order, imposed in many countries, made these services more essential, encouraging reluctant or less tech-savvy consumers to try them. This willingness to use digital products and increased service availability has accelerated global adoption.
Compared to more developed markets, consumers in emerging markets lag both in technology adoption and availability of services because they lack familiarity and trust. In addition to limited access to the internet, consumers tend to be more reluctant to make purchases online as they are unsure of how their personal information will be used and stored.
The article is property of Euromonitor International, a market research provider, and can be read in full here.
