16 Nov 2020, 13:00 — 6 min read
In this era, the Philippines is still catching up with the online business space. For eCommerce alone, in the Philippines, is just starting to grow and find its niche. So far, we have online shopping, food deliveries, online content creators, mobile apps of various services. Everything popped out right after the announcement of a pandemic.
Amid the sanitizers and alcohol hoarding, will there still be a profit-driven business during this crisis? That's a big question, here are some points to ponder on the matter:
Our trips to supermarkets, pharmacies, and other physical stores are limited. We must maintain at least a meter apart as part of the physical distancing ordinance.
Online shopping is not the first choice, given that some products are not available online. Not to mention, putting our last mile frontliners at risk.
The good news is, it was a quick pivot for businesses as they considered delivery options on anything that you can transport.
The different level of community quarantine (ECQ, GCQ, MECQ, MGCQ) limited us to roam freely. Our financial resources are limited too. There's a thin line between essential and non-essential businesses.
For example, KUMU (Live eCommerce) started to set their protocols on what types of products and SKUs that are considered essential and what's available in the retail market to manage the flocking demand online and to create balance in navigating the unclear retail landscape.
Priorities are food, health and wellness and few percentages for pet food supplies is expected to grow dramatically while other less essential products are on hibernating stage.
All transactions are all online, online transfers like with UnionBank, and even Gcash are the most talked about way to pay and receive payment. When someone surveyed their preferred platform to do their transactions the hashtag #UnionBankForTheWin surfaced. This was a topic we discussed in our private group (Group of Professionals) with 88K members.
People today are educated in a snap on how to use online banking, how to do business transactions, and pay via online transfers. It is good to know that we are evolving in that department and it’s very practical and very convenient to use. Like in a snap you’re paid or you have your money, in a snap, you paid a service or an item you purchased and transacted online.
Would you know the new wants of the consumers? The wishes that will satisfy people who are working from home, studying from home, doing business from home or socializing from home and even checking and balancing financial spending patterns on an app like Olivia which will lead to predict new purchases and recommend ways to value more money.
How about the frequent users of rags to riches apps like Tiktok, Netflix, Viu, and the like?
The economic landscape is drastically changing and each nation has to pull its trigger to survive. How can we sustain business? How will it impact the economy? Luckily for others, who embraced digital pre-pandemic; for some, it became an eye-opener and a challenge at the same time.
Frequently, when we pitch to our clients for projects, most brands aren't buying the idea of having an audience online. They miscalculated that going digital this early is premature, and they focused their energies on traditional marketing activities. To transform the business model overnight, one must adapt to this ‘new’ normal.
Also read: Going digital: Woman entrepreneur bounces back with her online store during the pandemic
Industries were saying that plan B was not an option but was part of their plan A. There is a full reset of everything and an of merging plans.
The buying and paying behaviour changed, the way that people perceive entertainment digitally skyrocketed, the importance of mobility created a significant role in the economic system or an answer to the day-to-day business.
Additionally, virtual meetings don't require travel time. It is less expensive; this is why it is a big hit during the lockdown. I am sure that companies will consider transitioning to at least 70% remote, moving forwards.
In conclusion, the new normal will continuously evolve. It will require a change of mindset as new challenges will unfold.
As we become more customer-centric, we adapt these game-changing strategies to maximize growth. For sure, a new business will arise every day.
It is a new generation of symbiotic relationships in business.
To explore business opportunities, link with me by clicking on the 'Connect' button on my eBiz Card.
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