As many countries around the world are facing the second wave of the Covid-19 crisis, and given the evolving restrictive measures imposed by governments to contain the global outbreak, companies should keep as their top priority to continue monitoring the shifts in customer preferences and attitudes towards risk in order to detect and understand the changes in the nature of demand.
In the last year, in the majority of markets, companies have experienced a change in the way that customers purchase goods and services, hence it has been crucial for companies to change, accordingly the way they do business. The resurgent crisis is serving as a catalytic agent that is accelerating the transformation of the nature of the relationship between companies and consumers. The catalytic effect is providing a tipping point to shrink the cultural lag (Ogburn, 1957) which is often associated with major technological change. In fact, one of the primary challenges for businesses today is to capture the evolving customer needs and expectations, hence moving ever closer towards a customer-centric approach.
Published in: Management Consulting Journal (Institute of Consulting) – 17 February 2021