2020 was a year of extraordinary upheaval for the high-tech sector. Driven by the Covid-19 pandemic, more change happened in six months than had in the previous ten years. Businesses had to adapt to the new world of remote working, and the challenges that created in terms of their online capabilities, their ability to innovate, and their understanding of their customers.
High tech was an early adopter of digital transformation. As Keith Krach, U.S. Under Secretary of State for Economic Growth, Energy, and the Environment, said in a LinkedIn article: “It seems only natural that the developers of computers and electronics would be at the forefront of digital innovation, but the technology sector also exemplifies how digitization can influence business models and value chains[1].”
This report highlights how this pioneering move seems to have insulated the sector from the extremes experienced by other industries during the pandemic. The fact that many businesses had already adopted new, digital-first go-to-market models meant they were less challenged by the surge of activity in online channels seen in other sectors.
It also explores challenges the industry faces going forward in a post-pandemic world of reduced marketing budgets, increased customer demand for online interaction, and the constant pressure to improve the customer experience.