The need to adapt is at an all-time high.
Even before the COVID-19 crisis hit, 92% of companies thought their business models would need to change in response to rapid digitisation. Digitisation has also affected businesses’ longevity. Companies currently listed on the S&P 500 Index have an average age of 22 years, which is down from 61 years in 1958.
According to McKinsey’s U.S. Digital Sentiment Survey, the retail industry has become the forerunner in increasing consumers’ digital use in