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The world is full of unknowns. And mysteries. And pretty much anything else that is unpredictable and terrifying, especially for our business endeavors. The recent context is nothing but one more reason to panic if you’re an entrepreneur. Understanding the role of digital in this and any other future crisis is paramount to transitioning towards a flexible business model.
Changing the face of Retail
Supply chain disruptions were the first to impose problems in the retail ecosystem. No amount of IoT can save you when there are countless factors that reduce the production and the shipping of goods, as well as sales teams’ capacity to travel.
Supply chains are beginning to be vulnerable all over the world, as the health crisis intensifies and stricter measures are being taken that impact traveling internationally, which reduces market flexibility to a great extent.
Shifting the Paradigm
In times like these, there is one thing to b done as a business professional – rethinking your business model in a more flexible way, as to allow it to prosper online. The only real chance at surviving in the upcoming economical period is thinking out of the box. From restaurants that make classes online showing people how to cook a proper meal at home (without giving away any of their menu recipes), to theaters holding live performances on Facebook and dedicated platforms, to cafes that allow people to buy vouchers for after the outbreak in order to balance the cash flow, there is nothing you can’t do online with the proper guidance from professionals.
You’ll be tempted to think that this is it. People have stopped buying altogether, because – isn’t it? – they have to be confined in the walls of their homes. This could not be further from the truth. Our capitalist needs don’t cease to exist just because we are temporarily isolated at home. ‘Window shopping’ on e-commerce platforms turns into careful planning of outfits, vacations, events and pretty much everything else.
After a week of staying in and not spending any money, people will turn to digital as a source of inspiration. This can take any form from remembering that you have a shelf worth painting since you’ve got this much time, to board games and self-care products. The only condition for businesses is to be relevant, to be top-of-mind and to invest in their awareness.
Awareness will make all the difference
It has always been true that a business cannot scale without the proper awareness. This is even truer now, if possible. The digital has one competitive advantage to the real world – it will not be affected by and it will not depend on any social issue that we might be facing.
So, it’s time to get creative. If you don’t have an agency to manage your business, it’s time you hired the best professionals to understand your customer journey and to come up with insights and solutions that stimulate interest in people who may come across your brand.
Your Business Will Never Be the Same
Digital just became the most reliable way to get to your audience. Not that it wasn’t – metrics tracking your buyers’ touchpoints through every step of their funnel were just as relevant and insightful until today. But what this global situation has done is proclaim digital as the only way to outlive any kind of social problem from a business perspective.
Both governmental organizations and the private sector are pivoting towards online systems and operations. Schools shift to online classes, 6 in 10 people in China said their spending on consumer products in the next three months will be equal or higher compared to the same period last year. The world goes on, and digital has the paramount role of helping businesses innovate, to prevent a crisis, to adapt and to help people fight boredom with a digital-first business plan.
During these past few months, our society has changed in more ways that we could have anticipated. Many of these changes had been a long […]