Deloitte Digital & Deloitte Catalyst
The past decade has seen great shifts in consumer behavior enabled by
digital tools. Consumer preferences for personalization, convenience, and
service have grown as channels such as e-commerce, mobile shopping,
streaming content, and social media have addressed these new necessities.
These new consumer behaviors and new technologies have caused the entire
market to shift. Internet giants like Amazon continue to grow, while brickand-
mortar incumbents and niche retailers must re-evaluate once successful
models.
Over the past year, the economic effects of the COVID-19 pandemic have
accelerated many of these changes. Consumers’ immediate reactions to
the global pandemic have caused a dramatic shift to online purchasing and
high volatility in demand. As consumers have adjusted to new ways of living,
working, and consuming, some aspects of the Retail and Consumer Products
(RCP) market have stabilized while new long-term trends are beginning to
emerge.
While the business environment continues to rapidly change, enterprises
must leverage different assets to maintain and increase competitive
relevancy. Many of the most successful players are using technology as a key
lever, now more than ever.
