Lockdowns created new biz opportunities, changed consumer beaviour: FICCI-Deloitte report
The Covid-19 induced lockdowns created new opportunities for businesses to develop hyper-local delivery models, use conversational artificial intelligence (AI) and build omni-channel retail to acquire and serve customers, Federation of Indian Chambers of Commerce & Industry (FICCI) and Deloitte Touche Tohmatsu India, noted, in the fourth edition of their joint report, ‘REBOOT’. The report highlighted that the prolonged lockdowns have also dramatically transformed consumer buying behaviour while making them more health and socially conscious. Built on a six-step approach, this report emphasises the need for consumer brands to ‘REBOOT’ their businesses in view of the disruption and the changing consumer behaviour. As businesses need to ‘Realign’ their business models and partnerships, ‘Enhance’ consumer experience through technology and analytics, ‘Build’ resilient distribution, develop ‘Omni-channel’ presence, ‘Operate’ efficiently and ‘Thrive’ by focusing on sustainability.