2020 has been a tough year for individuals and businesses alike across the world. The COVID-19 pandemic created unforeseen situations that nobody was prepared for, and as a result, many people suffered. While some organizations are still recovering, many others have been forced to shut down. A survey conducted in May by the U.S. Census Bureau showed that it would take more than six months for businesses to get back to normal. Companies have learned some valuable lessons and implemented changes to help keep themselves afloat, and you can learn from their experiences. Here are 5 significant things 2020 has taught us about doing business.
- E-Commerce is the Future
As lockdown was ordered, non-essential organizations were forced to close their doors, and everybody got stuck at home. Businesses that were most affected by this were those involved in tourism, transport, and food and beverages. To help lower the impact, those in the latter industry were permitted to do take-out orders and drive-throughs, and some of them easily pivoted to adjust to the situation. Businesses in other industries that had websites or e-commerce platforms also only had to redirect their customers to their websites or apps to place orders. On the other hand, those that didn’t have websites had to struggle to accommodate customers to the extent of closing down because they were not making any sales.
These changes have taught businesses to expand processes to include online solutions like social media marketing, Search Engine Optimization (SEO) services, and Search Engine Marketing (SEM). They have also adopted the use of collaboration and remote working tools like Zoom for meetings. This has accelerated the need for digital capabilities and put digital marketing agencies in high demand. Netsearch SEO, for instance, is one of the many marketing companies and one of the best in providing top-notch SEO service.
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- Contactless Payments are Better
The COVID-19 pandemic has raised other health concerns involving cleanliness and hygiene. These issues have led people to question how hygienic it is to transact business with cash, considering how many germs it carries. Southern Medical Journal published a study that reported the presence of disease-causing agents in about 94% of the bills tested. This means that if your business has payment options that do not involve contact, then this will not be a barrier to doing business.
Before 2020 and COVID-19, there was a strong trend whereby businesses were moving away from cash to digital or contactless payments. And according to research, businesses that accept mobile payments have faster growth and profitability than others that don’t. The contactless payment methods like credit cards, PayPal, and Apple Pay are usually present on websites, but there are also alternatives like Cashapp and Zelle. Eventually, it is expected that most companies will shun accepting cash for more hygienic payment methods by the time the world recovers from the pandemic.
- Operations are the Weak Link
There has been a paradigm shift in supply chains as distribution facilities and shipping had either been restricted or shut down during the lockdown period. The manufacturing sector suffered severely as materials for production were delayed and their prices were also increased due to high demand. Businesses could only cater to a fraction of demands from customers. Because of this, manufacturers have had to innovate and adapt to new channels, particularly e-commerce, to survive a similar crisis in the future.
- Customer relations helps
Customer behaviors, expectations, buying patterns and interaction with brands have changed a lot this year. Businesses that wished to react positively to these new expectations and satisfy their customers have ramped up their digital commerce. They had to modify their product lines so that more essential customer needs are catered for. They now work with shipping partners so that deliveries can be contactless.
- Flexibility is important
2020 has taught us that businesses must be able to adapt quickly to changes. This can be done by the complete removal of structures that are rigid and replacing them with flexible and easily adjustable ones. Many businesses are currently shifting from these structures to a data-driven enterprise with team members empowered by technology and strong leadership. Processes have also been automated, and supply chains have been reshaped. Apart from structures, companies also need to be agile when it comes to planning finances. Financial planning should be done in such a way that there is liquidity to cater to unexpected needs.
Nobody could have predicted the catastrophe 2020 brought. What you can do, however, is to adjust rapidly to the changes to keep your company afloat.
