COVID-19 not just changed consumer behaviour but also business behaviour in various extent, as business adapted to the new normal for the post COVD-19 era. It is not yet over, but for most of the business is to learn the lesson and know how to cope with the “new normal” reality that as a result of lockdown and self-isolation and social distance practice.
For those who are yet to make the decision, they are forced to make it quick and decisive, chop off the past or they are not able to survive in the new normal. Company is now thinking of the online video and mass meeting to replace unnecessary face to face trips and streamline communication in the profound way. For those in the past who are not really open for the online web meeting or web live instructor-led as a means for fulfilling business operation requirements, they are adapted to it.
New normal challenges the old concept for face to face as a way to build lasting relationships with customers. With the transition into digital transformation in the hard way, some business leaders just realised they do not need to maintain what in the past they believed as a norm, the physical branches and extensive manpower, as online is the more viable and solid way for business presence.
Retail shopping that yet to offer online shopping will be force to look into it, whether provide direct online shopping experience or open a merchant account into those online shopping platforms. Whole way is now to accept digital and reduced-contact ways of accessing products and services. Digital trend will keep going and we expect to see more dramatic physical presence vendors make the hard shift or hybrid, or choose to completely close down all the unnecessary retail outlets and focus on keeping profitable one. One real immediate impact is the dramatic shift in the service economy mix, as we no longer need that much manpower like before. This is why we keep seeing the news headline for the downsizing of the big corporation since they are in the process of adapting for the new changing market reality, go digital or go extinct.
This trend will not be reversed in the near future, airlines will continue to see their turnover will not reach the peak like the past, massive airline consolidation will be expected, since few will survive. As the market at large remains fearful of the traveling, so the travel and tourism will need focus on domestic promotion to encourage domestic travel.
Direct-to-consumer (D2C) or direct-to-business (D2B) e-commerce channels are matured. And with extensive logistics, courier and door-to-door shipping service providers, it makes it possible to maintain a solid online presence for common and well understood products that no need complex in store experience or involved complex high value purchase.
Company and business buyers need to experience the new range of e-services, from the remote installation, remote live web training, consultancy and all the different kinds of experience used to offer via on person live. This will impact on how the service company can reimagine how they can offer their service more effectively as well.
E-SPIN has been active in the digital transformation solution for the enterprise and government agencies since 2005. We assist enterprise and government agencies for adapt to various digital transformation solutions according to their tailor made situation and context. Feel free to contact E-SPIN for your business needs and requirements.
