WE all talk about how Covid has changed our lives. And as we look forward to exiting the pandemic, we also realize that this massive global shake-up has come with practices that seem here to stay.
In an Inc.com article, These are the Pandemic Business Trends that are Here to Stay, Shama Hyder says that “in many ways, Covid has transformed businesses from the inside out, either accelerating changes that were already occurring or shining a light on changes that were long overdue.”
And she’s not talking simply about virtual meetings and shopping online. Here she outlines trends that seem to be with us today and beyond.
Customer loyalty is no longer reliable
It is said that nearly 50 percent of customers tried new brands in 2020. And that’s not surprising—lockdowns prevented many of us from visiting our favorite stores, and new homegrown businesses were born giving customers more options. And it seems that trend hasn’t slowed down.
“The intense disruption of the initial lockdowns forced many customers to try new brands,” says Hyder, “even if they weren’t specifically looking to do so.”
And now that the spell of customer loyalty has been broken, “companies that want to retain their customers need to put a laser focus on customer experience.”
With this, “personalized content, support features like video chat and AI-supported text chat, and easy, transparent self-purchase portals are some of the features customers are looking for.” Now that’s a real challenge.
Digital transformation is more than a buzzword
Going digital has been a priority of companies for many years. The pandemic, however, has made many companies digital by default by remote working, using digital tools to communicate, and selling products and services digitally.
With this digital transformation, “companies understand that their entire organizations can be streamlined through the adoption of digital methods, from communication, transactions to deeper business functions.”
Companies are also realizing “that the way they manage data—how they structure processes and set up automation—can all be made more efficient and accurate through digital products and services.”
She cites one such company, Altimetrick, a business solutions provider that works collaboratively with businesses to develop data solutions that can change a company from the ground up by serving as a single source of truth (SSOT). The SSOT provides businesses with the ability to better track successes and struggles along sales, marketing, and operations, enabling them to be proactive in correcting problems and amplifying successes.
During the past two years, she is happy that “we’ve gotten past simply adding digital tools and strategies and shifted into fully digital business models.” Hyder sees the future to include “more holistic and fully integrated digital solutions that go beyond a single function.”
Businesses are reconsidering the value of buying and sourcing locally
Going local makes more sense considering the supply chain problems we have been experiencing. Stores have been facing delayed deliveries of goods in tech, fashion, beauty, medical supplies, and more. But this goes beyond our shores. Relatives in the US have complained that toy stores had very little stocks last Christmas—limiting gifts for kids.
“There’s nothing like a broken global supply chain to make you appreciate the value of local business,” says Hyder. In the US, the Chamber of Commerce says that 75 percent of consumers were planning to shop more locally in 2022, for everything from food, to gifts, to business supplies.
She also notes that local business characteristics consumers love—“small, with niche or specialized products and a localized supply chain of its own—boomed during the pandemic and show no signs of slowing growth.” One of these is Etsy, which grew massively in 2020, and continues to grow.
Influencer marketing, especially for B2B took off
Hyder observes that with more time on our hands during the pandemic, we spent more time in social media. With that, and the fact that many in the entertainment industry were looking for new avenues for business, “it’s no surprise that influencer marketing grew by leaps and bounds.”
“Influencers, and that brands that worked with them, had a larger audience than ever before ready to watch their reels, buy their products and tap that heart on any post they found compelling” she says.
In the US, the industry grew from $1.7 billion in 2016 to $9.7 billion in 2020, a growth rate of 470 percent.
The pandemic has permanently altered the way business operates, and with this, Hyder is certain we will continue to see these changes played out in the years to come. “The challenge,” she says, “is to embrace these changes, making our companies, stronger, better, and more agile.”
PR Matters is a roundtable column by members of the local chapter of the United Kingdom-based International Public Relations Association (Ipra), the world’s premier association for senior professionals around the world. Millie Dizon, the senior vice president for Marketing and Communications of SM, is the former local chair.
We are devoting a special column each month to answer the reader’s questions about public relations. Please send your comments and questions to askipraphil@gmail.com.
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