The Covid-19 Pandemic brought a lot of unexpected disruptions to the processes and operations of businesses in various industries. The resultant effect of the pandemic, the lockdown, and the lifestyle change has accelerated the development of some trends and changes in the way businesses are conducted.
From the Manufacturing and Industrial sectors to Retail, Consumer Goods, and the Services industry—from large corporations to small and medium enterprises, everyone has had to become amenable and seek to adapt to a post-pandemic world. There has been a change in how customers get information, where customers purchase, and how customers experience the “customer experience.”
Generally, these are some of the changes occasioned by the pandemic and how businesses can adapt to them.
1. Rethinking Retail: E-commerce
The primary and most prominent change in this post-pandemic era is the surge in e-commerce adoption. During the critical stage of the Pandemic, the lockdown forced people to adopt online channels for retail shopping. E-commerce, which had been growing in popularity among the younger generations, expanded as the older generation with a slower adoption rate had no choice but to adopt this method of shopping. Research shows that e-commerce experienced a growth of 10 years in 8 weeks. Having experienced the convenience and ease of shopping online, this trend has a high possibility of remaining long after the pandemic was over and becoming part of the new normal.
Attendant with an increase in e-commerce shopping is the rise in the adoption of digital payments.
Undoubtedly, building an e-commerce store can be an expensive and time-consuming process for most small and medium businesses. Fortunately, two of the fastest-growing payment gateway start-ups in the country, Flutterwave and Paystack, have launched innovative tools that help business owners create an easy-to-use e-commerce store. These stores are very convenient to use and have immense benefits. The Paystack storefront is designed so you can create a comprehensive product catalogue, embed your business WhatsApp number to redirect customers with inquiries, collect delivery fees and details, manage product inventory, easily collate a summary of sales revenue, process and confirm payments for goods, send invoices to customers, and enjoy many other benefits. The most amazing thing is that you can open an account and create a Paystack Storefront or Flutterwave e-commerce store and get all these seamless and integrated e-commerce benefits for FREE.
Moreover, this is a great way to improve the shopping experience of your customers, standardize the buying and selling process of your business, and give your business a professional outlook.
2. Business-to-Customer Strategies
Some resultant effects of the Pandemic were the disruption of the supply chain for most businesses, reduced access to goods as distributors and retail stores were shut down, and a decrease in the disposable income of the populace.
All of these combined suggest the need for most brands to adopt, together with existing distribution channels, business-to-customer distribution channels in order to ensure access to their products. Businesses that primarily adopt B2B strategies should seek ways to include B2C channels by using digital platforms that ease access and supply to their products.
3. Health and Well-being
A natural effect of the Pandemic is the increased emphasis placed on health and well-being. Many people have become more conscious about making healthier and long-term choices. People have been more open to receiving health services virtually, through e-doctor and e-pharmacy options. This new trend opens up opportunities for businesses in the health sector to become more innovative and for hospitality businesses like restaurants to focus more on providing healthier menu options.
4. Replacement of Offline Channels with At-Home Alternatives (e.g., gym, cinema)
The Covid-19 pandemic has made people experience convenience in a different dimension, and the post-pandemic world is one where many people will embrace this new world of convenience. Businesses in the entertainment and hospitality industry, content creators, and movie makers should look for ways to serve people with more stay-at-home alternatives.
5. Reinventing the Shopping Experience
Businesses should strive to offer hassle-free shopping in a high-hygiene environment; redesign store layouts and propositions, reconfigure check-out, and offer longer operating hours. They should also leapfrog digital capabilities towards first-class e-commerce and seamless omnichannel experiences; consider drive-through and click-and-collect options.
6. Shift in Marketing Focus
Consumers have changed where and how they engage, and marketing spending should reflect this. The pandemic brought about a surge in social media interactions. Brands must seek to reduce spending on out-of-home advertisements, print, and trade marketing, and instead focus more on digital engagement.
Importantly, brands should pay more attention to using influencer marketing. The value of influencer marketing grew during the lockdown. People had to rely on social media to get more of their information, and they looked to individuals who had built visibility and a community in different niches. Brands should seek to rely on the social capital and community of influencers in their marketing efforts.
Brands should also improve significantly their customer relationship management systems, foster trust through timely and consistent communication, provide incentives for first-time shoppers, and adopt more loyalty programs for existing customers.
7. Strategic Partnerships with Logistics Companies
A very essential adaptation to the post-pandemic world is a formidable and strategic partnership with logistics companies. Logistics companies have become a critical part of the supply chain and a huge contributor to the new face of the “customer experience.”
As the last point of contact in the new wave of e-commerce, businesses must be very intentional about the logistics companies they engage with, as these companies can dent an otherwise fantastic shopping experience.
