Digital resilience: Consumer survey finds ample scope for growth

| Article

Digital is here to stay, with 125 million new consumers in the United States and Europe adopting digital channels since the onset of the COVID-19 pandemic. But there are still plenty of opportunities out there, according to McKinsey’s third annual global consumer sentiment survey.1

That should be welcome news for CEOs and other business leaders who are looking to bolster their companies’ resilience in this period of economic and geopolitical uncertainty.

The survey uncovers three “opportunity sets”:

  • new opportunities with consumers in large demographic segments, such as those in rural areas, younger populations, and emerging markets, who are digitally underserved
  • engagement opportunities through specific services consumers are looking for, particularly in banking and telco, with mobile channels emerging as perhaps the most important digital route to engage with consumers
  • opportunities to protect, where companies need to shore up their flanks, such as addressing both consumer dissatisfaction with digital experiences and their concerns with how their data are used and protected

The following charts examine the survey findings and reveal insights on digital users and where further opportunities exist.

The big surge in digital adoption is the real deal

'New normal' across regions shows big global jump in digital adoption.

But not all consumers are onboard with digital yet

For many population groups, digital adoption is not yet mainstream.

Mobile is the most effective on-ramp to digital growth

Europe and the Americas are 'web first,' while Asia–Pacific and Africa and the Middle East use more mobile apps. The global trend is toward mobile.

Five sectors are surging ahead of their peers, and one is falling way behind

Digital adoption diverges across industries, with digital leaders consolidating gains and pandemic growers losing more than ten percentage points.

Demand for new features and solutions in digital banking

In emerging markets, instant-transfer capability is the main driver of increased use of digital banking.

Telco consumers want more services and entertainment

Telco users would pay more for better connection and more entertainment, especially in emerging markets.

Cutting grocery delivery costs may fuel growth

Cheaper delivery is the main driver of increases in online grocery shopping.

Customer satisfaction is stumbling

Digital satisfaction is highest in North America but decreasing globally, mainly because of poor UX/UI experience.

Concern about new tech is strong in countries with higher incomes

High-GDP countries do not expect significant impact from trends. Lower-GDP countries expect positive impact.

Consumers are worried about hacking and data handling

Data security and cyberattacks are top digital-trust issues for consumers.
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