Experian’s Global Insights Report surveyed 3,000 consumers and 900 businesses across countries.
According to the report, 53% of businesses believe their operational processes have “mostly” or “completely” recovered since the COVID-19 pandemic. While businesses are planning to make strategic adjustments, only 32% have made operational adjustments to meet consumer demand.
Businesses are fast-tracking online digital transformation processes to meet consumers’ need for safety and convenience at scale. Of those polled, 60% of businesses plan to increase budgets for analytics and credit risk management. One in five businesses are sceptical about the efficiency of their credit risk and collection decisions.
On the consumer front, online transactional activities among buyers increased 20% overall. This includes grocery shopping (41%) and online loan applications (40%). Also, nearly half of consumers predict an increase in online spends in the next 12 months.
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