Business Priorities Not Aligned With Consumers

The impact of COVID-19 pandemic has caused both businesses and consumers to shift their priorities, but they aren’t necessarily prioritizing the same things, says Experian’s ‘Global Insights Report.’ There has been a 20 per cent increase overall in consumer online transaction activities and as many as half of consumers globally expect their spending online to increase in the next 12 months. Additionally, 41 per cent of customers would give an organization more business if they felt they were treated fairly during the pandemic. At the same time, only 32 per cent of businesses have made operational adjustments to meet new consumer demands to date, but are planning to make strategic adjustments to give consumers greater access to goods and services and manage customer relationships. The study also says that 53 per cent of businesses believe their operational processes have mostly or completely recovered since COVID-19 began. However, consumers aren’t feeling as confident in the economy, as one-third of consumers globally have reported a decline in household income and those having difficulty paying their bills has doubled since the start of the pandemic. Consumers, regardless of income, have responded to the economic downturn in three ways ??? reducing discretionary spending, building an emergency savings account, and tapping into financial reserves. Sixty-five per cent of consumers believe their country has not yet recovered from the economic impact of the pandemic.