The growth of digitally-native consumers in eight fast-growing countries is set to create new growth opportunities for retailers and brands. According to a study by Accenture, an additional one billion consumers will enter the market, representing 36% of the population of these combined countries. Traditional western models of consumerism will not work for these consumers, and companies will need to adopt a digital-first approach to capture the next wave of commerce-driven growth. The rapid growth of digital commerce revenues in these markets presents an opportunity for tech-savvy brands, considering revenues have quadrupled since 2017 and are predicted to reach $211 billion in 2022. Accenture identified four core digital shopper archetypes, all of whom spend significant time discovering and considering brands online before making a purchase. Companies that gain a first-mover advantage recognize they need to be as digital on the inside as they are on the outside and reinvent their commerce model to meet the needs of their future consumer.
One Billion More Digitally-Native Consumers to Fuel Growth for Brands: Accenture
A new study by Accenture has found that eight fast-growing countries will add an additional one billion digitally-native consumers, creating new growth opportunities for brands and retailers. The study, titled ‘The Next Billion Consumers: A Fast Growing Opportunity for Digital Commerce,’ highlights that these 1.4 billion consumers from Bangladesh, Egypt, Ethiopia, India, Indonesia, Kenya, Nigeria, and the Philippines will represent 36% of the population of these countries. Accenture said that companies looking to capture the next wave of commerce-driven growth should closely observe the behaviors of these new consumers.
Accenture noted that traditional western models of consumerism will not work for these consumers. Therefore, companies must have a digital-first approach and leapfrog older legacy approaches. This growth presents an opportunity for tech-savvy brands, especially since most multinationals are currently not capable of serving this demographic, according to Accenture.
Since 2017, digital commerce revenues have quadrupled in these markets and are predicted to reach $211 billion in 2022. Accenture identified four core digital shopper archetypes from 3,000 digital consumers surveyed across the eight countries – digital native purchasers, digitally savvy millennials, digital native content creators, and digital alpha influencers. All of these archetypes already spend significant time discovering and considering brands online before making a purchase.
In conclusion, Accenture’s study highlights that the growth of digitally-native consumers in these eight fast-growing countries will create new growth opportunities for brands and retailers. Companies should adopt a digital-first approach to capture the next wave of commerce-driven growth. This presents an opportunity for tech-savvy brands, considering the rapid growth of digital commerce revenues in these markets since 2017.
According to Fabio Vacirca, Global Commerce Lead at Accenture, companies must recognize the need to be as digital on the inside as they are on the outside and reinvent their commerce model to meet the needs of their future consumer. He likened this moment to the tectonic shift experienced by the telecommunications industry when consumers moved from landlines to mobile or from theatre to streaming services. The companies that will gain the first-mover advantage are those that adopt a digital-first approach and are willing to evolve their legacy models to cater to the needs of the future consumer.
Don’t miss interesting posts on Famousbio
