People in the UK and other parts of the world are now facing challenges brought on by the Covid-19 pandemic. They need to face issues like rising inflation, job insecurities, and much more.
Amidst such a situation, businesses have an uphill task as they have their own set of problems. They need to contend with the changing trends in customer mindset.
Businesses also need to consider other aspects like the supply chain and risk management. Here are some important changes that companies need to embrace. The changes will help them to keep up with the changing economic and social scenario.
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Social capitalism
When Covid-19 struck, it exposed the vulnerability of the global economy. Businesses need to recognize the need for new models that focus on consumer health and social responsibility. They need to create strategies that benefit employees in difficult situations like the pandemic.
Digital transformation
Embracing digital technologies has become more vital now than ever before. Some of the advancements that companies have adopted during the past few years are:
Mobile shopping
Shoppers find it easier to transact via their mobile. This is not restricted to the UK alone. Online retailers expect a spike in mobile shopping customers in the coming months. Responsive eCommerce sites ensure shoppers have a seamless experience via their smartphones.
A consumer looking for shower baths online can easily find the best sites that sell bathroom products. Sites like Letta London.com offer an extensive collection of products. A visitor can easily browse via his or her mobile and find a suitable product within the budget they have in mind.
Product visualisation
Companies like Google and Apple use augmented reality to attract customers. The Ikea app allows users to visualize what a particular piece of furniture will look like in their homes. Customers can preview the product before buying it. As per industry experts, such technologies enable
- An immersive experience for the customer
- Boost the selling power of a business
- Make a business gain an edge over its competition
Voice search
Ordering via smart speakers is another digital trend that will attract customers. Having voice search included in the web content will increase the visibility and ranking of a business in online searches. While pictures and infographics appeal to customers, the voice search feature can result in more sales. Online stores will see an increase in customers with such a feature.
Virtual reality apps
Many brick-and-mortar stores have turned to virtual reality to attract customers. Automakers like Mercedes, Audi, and more are using VR apps for product demos. Real estate also uses VR technology for giving users a three-dimensional version of a building.
Businesses get to increase their customers by providing an in-store digital experience. They avoid the need for storing inventory with such a technology.
Blockchain
The use of blockchain technology for eCommerce payments is another emerging trend. It promises better transparency. There is no need for a third-party mediator. The authentication and ease of shopping make the process attractive.
Supply chain reconfiguration
Supply chains will start having multiple tiers thanks to the integration of technology platforms. With technological support, tracking of vital parts of the chain including product sourcing as well as other additions. Businesses can now find better ways to manage their
- Inventories
- Production
- Distribution
- Capital
- Logistics
- Customer engagement
Shifting working patterns
After the pandemic, the workspace concept has undergone a radical shift. Now remote working is the norm instead of being an exception. The workplace is no longer a space where people gather daily for a particular period.
Instead, the workplace will turn into a collaboration hub where people work to achieve a common goal. Businesses can minimize office expenses by using virtual interactions instead of physical meetings.
Change in commercial real estate
Before Covid-19, the cost of commercial spaces was high due to the rising demand. But due to remote working, the need for corporate spaces has come down. Space sharing and collaboration venues will become the norm. Commercial spaces need to adapt to the evolving workplace shift to survive and grow.
Innovations to the rescue
As we noted earlier, technology will be the driving force for business growth. If a business wants to stay ahead, it needs to stay relevant to the shifting consumer outlook. Creative ways to boost sales are a must for successful results.
Innovation is the vital link that can help businesses provide value to their customers. Providing multiple payment options like cryptocurrencies, mobile-based methods, and more help increase sales. Engaging customers via social media platforms, providing personalized experience, influencer marketing, and more are other advancements.
Better customer experience
The pandemic has made online shopping the norm. Now people shop online for all essential items. The variety of options present is a key reason. But eCommerce stores need to ensure that visitors do not abandon their carts due to
- Absence of delivery options
- Shipping costs
- Delay in shipping
Businesses need to provide flexible options for delivery such as in-store pickups. This will result in fewer instances of users abandoning their carts.
Sustainable business practice
Consumers are more aware of what they use now. They are conscious of the benefit or harm a product they buy can cause to the environment. Most online businesses are hence embracing the sustainability concept. It helps maintain a balance between the environment, economy, and people. Some ways in which businesses can achieve sustainability are
- Use of sustainable packaging and shipping
- Robust recycling processes
- Minimal energy waste
Consumers are ready to forego cost-effectiveness if a product is sustainable. So, businesses must bring about a positive environmental impact. If they can achieve a similar impact economically, it would benefit everyone concerned.
Final thoughts
Change is the only constant occurrence that businesses accept and face head-on. By choosing effective trends that suit their needs they can provide value to customers. When users have a good experience a business can expect better conversions. But companies need to focus on providing reliable and quality services for the changes to reflect on the bottom line.
