I don’t pretend that the current circumstances have extended the opportunity for the eureka moment to all businesses but, in difficult economic times some businesses respond and markets change.
The economy is experiencing the toughest of times prompting businesses to re-evaluate and some have reinvented how they approach their business which in turn could change their market sector for good when the new normal arrives.
Creative and dynamic thinkers are opening up new channels and methods of getting their good and services to their customers. Distributers are finding new responsive suppliers they can depend on to increase capacity at short notice or deliver when the going gets tough. Oh, to be in flour or toilet rolls right now.
When online retail is the only retail that’s where the customers will be. When fulfilment is no longer customer facing but download and doorstep delivery this is what businesses must embrace. It would be a brave call to suggest that the consumer shift to ecommerce has not accelerated during lockdown.
In many instances the new routes to market adopted by businesses depend on technology, in the new normal these channels will sit alongside the old and businesses may re-badge their new offering under a different brand. Some will find they have become multi-channel rather quicker than anticipated.
The driving force behind these changes is technology and the opportunities it offers to businesses and consumers. On review some businesses will find that the tech they adopted was fine in the circumstances but not the optimum solution and an upgrade is called for. Those businesses who see their competitors stealing a march will be in catch up mode.
Agencies with the technical insight and the necessary expertise, given the opportunity can support both those looking to upgrade and those looking to catch up as they find their traditional market isn’t as it was and their customers habits have changed. Supporting businesses to trade to their optimum will be an important contribution to the economic bounce-back we will all be hoping for when new normal arrives.
Graeme Wilson, Headland