The Futureproof Vaccine
It’s no longer news when we say that the Covid-19 Pandemic is affecting every single business in existence.
In fact, the pandemic has basically brought the entire economy to its knees.
Companies are laying off their staff by the dozens, many more are shutting their doors. Deep pockets alone are not enough to keep even the giants from shaking.
And yet, we might only be experiencing the tip of the iceberg!
The spread of the virus has yet to peak and I personally feel that the worst is yet to come.
But in these trying times, we are seeing more and more entrepreneurs putting on their thinking caps, pushing for innovative solutions.
These pioneers are proving to us that there’s a silver lining behind every dark cloud.
Amongst the many new strategies that have been implemented, 3 of them stands out in terms of having the most potential to help businesses tide through these tough times!
The pandemic is forcing many businesses to use digital streaming options for their meetings, consultations and even workshops!
Blended learning, e-learning are trending topics amongst educators as they rush to develop their coursewares for their students.
Though not an entirely foreign concept, the request for setups to host classes and webinars are in great demand
Google Hangouts and Zoom alone may not suffice for those hosting Webinars and Workshops.Extra attention needs to be given to video, audio quality, interaction , follow ups, capturing of details, automations, etc.
Some companies are even engaging Live Streaming Specialists to use their space to help them stream better quality lessons to their participants.
Prior to these, companies such as Whitecoat ,Singaporean Digital Healthcare provider have been providing telemedicine services to their users since 2018.
What does that mean?
You can make a video call to a doctor, receive your diagnosis and have your prescription delivered to you in a matter of hours!
Fitness Instructors are hosting their sessions online, both live and recorded.
More and more businesses are migrating online, using Live Streaming to interact with their audience.
This then beg the questions, if everyone is rushing online, how do you stand out?
Playing the game online doesn’t have to be the same as how you might do it offline.
About a week ago, it was announced that the Ramadhan Bazaar is cancelled due to the pandemic.
While most vendors went into panic mode, few days later, some of them formed a Facebook group to act as an online marketplace.
Again, its nothing foreign seeing such vendors selling their wares online.
But it’s the first time seeing them reacting and collaborating in the face of the challenge.
Their efforts birthed new opportunities for people to participate in the new online bazaar.
In the midst of it all, delivery companies and couriers were also listing their services.
(Post Translation: If anyone needs a delivery man to send items to your customer, Please DM me. Price – what ever you feel is affordable, I’m willing to accept. Thank you.)
Soloprenuers offering services which would have been otherwise not possible through the traditional bazaar.
Complementary services such as rental spaces gets added into the equation.
Small home business are now joining in the fray to show off their latest creations.
It seems that one of the way that businesses can move forward by leveraging on online platforms is to collaborate.
New promotions can be formed from collaboration. E.g. different food vendors can explore bundling their products together and tie it with a dedicated delivery provider to further value add to their offers.
If they choose to compete on their own, they are going to need exceptional digital marketing support and strategies. Else, these seasonal or small business owners will just drown amongst the competition.
In the midst of building presence online, one of the methods that have gained popularity is to leverage on the current situation to promote their products and services.
Known brands are pushing for their E-commerce to chalk online purchases as their storefronts have transformed into ghost towns.
Online retailers are ramping up their game.
Though you might expect an uptick in online activity due to the social distancing measures, it comes with its own set of problems.
While most businesses probably know the latest tips and tricks to help them create viral content.
Traffic alone is not the answer to success in E-Commerce.
There hasn’t been enough conversations held about supply chain or customer journey.
Should a potential customer see your recent posting on Instagram and they wish to make order for your nitro brew coffee.
How can they get access to the menu?
How can they submit their orders or can they submit customized orders?
Does your team have the capacity to meet the orders coming in?
How much costs are you incurring from fulfilling these orders and delivering them to your customers’ doorstep?
With the lockdown and travel bans imposed by countries worldwide, production and delivery has slowed down significantly, leaving retailers panicking trying to fill the gaps.
Factories in China had to shut their doors temporarily and workers from the region were not allowed to travel into Singapore amidst their own Movement Control Measures.
That left a huge labour gap to fulfill this surge in demand from online retailers.
Businesses will need to revisit their plans and understand that purely migrating their presence from online to offline doesn’t solve the problems faced entirely.
A new outlook on how the operations should be run needs to be drawn out. Businesses need to re-imagine the customers’ purchase decision making process and buying journey.
As the pandemic is not showing any signs of slowing down anytime soon, businesses will have to react fast and effectively or suffer the swift and painful repercussions.
For those who have been investing into developing online presence, digital assets and systems, this is their time to shine, brightly!
Should any of you reading this article feel that you need ideas or inspirations on how you can navigate your way through this challenging times, feel free to leave a message and I’ll be more than happy to connect to those who might be able to help as well!