COVID-19 has Sparked a New Wave of Innovation Across Consumer Industries, According to Accenture Research - Seite 2
Dawn of the “third space”
The pandemic forced a rapid shift to employees working from home, with many expressing that they want flexibility in how and where they work moving forward. More than three-quarters (79%) of respondents said they would like to occasionally work from a “third space” — a location other than their home or place of employment — and more than half said they would be willing to pay up to US$100 per month out of their own pockets to work from a café, bar, hotel, or retailer with a dedicated space. This highlights a potential opportunity to grow revenue for the hospitality and retail industries.
The desire to work from a “third space” is accompanied by a shift in attitudes towards business travel. Half (46%) of respondents said they have no business travel plans post-pandemic, or they intend to cut previous business travel by half. How long this view will hold firm remains to be seen, but the current outlook indicates that the return to travel will resume principally within the leisure market, pushing the industry to adapt and become even more efficient to make up for lost income.
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“The pandemic has forced 'creative pragmatism', especially for travel and hospitality firms grappling to find additional revenue streams during the crisis,” said Emily Weiss, managing director and head of Accenture’s global travel industry group. “Some hotels turned rooms into pop-up restaurants while others experimented with offering temporary office space to customers seeking a ‘third space’ to work. While there has been experimentation with innovation in select pockets, companies need to scale these new services and address travelers' renewed focus on health and safety, for example, by using the cloud to help enable fully contactless interactions.”
Shifts in consumer habits are here to stay
Not only do people think some of their work habits and travel plans have likely permanently changed, many also think their shopping habits have evolved for the long haul. The latest research supports Accenture’s previously released findings that the dramatic rise in e-commerce is likely to remain or accelerate further. For instance, the proportion of online purchases for products such as food, home décor, fashion, and luxury goods by previously infrequent e-commerce users — defined as those who used online channels for less than 25% of purchases prior to the outbreak — has increased 343% since the outbreak.