Econsultancy and Marketing Week conducted a study to understand how enterprises are working towards digital transformation.
With consumers rapidly adopting digital due to COVID-19 outbreak, 96% of enterprise leaders have prioritised digital transformation in their companies. More than half of the respondents further said they would be increasing their budget for strategic initiatives such as digital transformation and restructuring in the second half of 2020.
Majority of customer-facing brands have observed a “strong trend” of customers adopting digital features more rapidly due to the coronavirus outbreak. To address changes in consumer needs during the uncertainty, companies have innovated and evolved processes during the lockdown.
Between 31 March and 16 July, more than half of companies have innovated on products, services, marketing and communication. Innovations in customer communication increased by 27% during this period.
[4 minute read]