Pandemic ‘Sparks’ Innovation Across Consumer, Retail Sector

Despite the challenges and supply chain disruptions triggered by the global pandemic, researchers at Accenture assert that COVID-19 has “sparked a new wave of innovation” across the consumer and retail industry. The assessment is based on a survey of more than 9,600 consumers across 19 countries. Authors of the report, released today, said, “Successful consumer-facing companies are repurposing physical locations, exploring new business models, and rapidly adopting advanced analytics and other disruptive technologies to find new sources of growth.” Accenture said the pandemic has “changed the way people live, work and socialize, accelerating demand for innovation, as retailers, consumer goods, and travel companies shift from reacting to the crisis to reinventing products and services.” Oliver Wright, senior managing director and head of Accenture’s global consumer goods industry group, said the “ripple effects of the pandemic will be felt for some time and serve as a powerful illustration of the need for consumer-facing companies to be agile, resilient and responsive to change.” “Born out of disaster and necessity comes opportunity; the pandemic has sparked a new wave of innovation,” Wright said. “As companies fundamentally rethink ways of doing business that deliver growth, many are using advanced analytical capabilities to spot, respond and target changing

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