September 15, 2020

Business Forum Highlight: What Buyers Want Now

What Buyers Want Now with Melissa Dalrymple and Anne Kronschnabl, McKinsey & Co.

How do you reframe problems with the perspective of the people you serve? How do you find user needs and solve for them? These are some key questions to consider when looking at consumers through the lens of design.

McKinsey & Company did a study of 300 companies over five years and found that if, as a company, you are focused on design for the user you have outsized performance compared to competitors. Furthermore, they found that companies who design to solve user needs as opposed to business expense find the most success – not only in good economic times, but during downturns as well.

There are 5 keys observations McKinsey & Company has made of shifts in consumer behavior as a result of the pandemic:

  1. Shift to value and essentials
  2. Increased usage of digital and omnichannel
  3. Trial of new brands and changing loyalties
  4. Focus on health measures
  5. Increase of in-home activities
The “Next Normal” is being built on these consumer behaviors. Some behaviors, like shopping online and online fitness, are growing rapidly as a result of COVID-19 and are expected to remain moving forward. Other behaviors, like remote learning for children, grew rapidly as well but are expected to go away once we approach a new definition of normalcy and safety.
The shift to digital consumer behavior will have implications beyond retail and beyond the pandemic. McKinsey & Company has observed an acceleration of digital in 90 days during the pandemic that would have previously expected to take 10 years.
Moving forward, they see three large opportunities for design:
  1. Physical safety
  2. Psychological safety
  3. Distinctive experiences

Watch the full conversation by clicking below.

DLN Business Forum: What Buyers Want Now