Six Ways that Businesses of all Sizes are Innovating Through the COVID-19 Crisis
The COVID-19 pandemic has forced businesses to adapt their business models and innovate. Here are a list of six ways businesses have adapted to meet demand during this crisis:
- Vegetarian fast food chain, Clover, faced concerns arising from indefinite store closures and food waste. However, the company repurposed the ingredients it normally uses for its sandwiches into boxes of assorted fruits, vegetables and other supplies
- Banding together with others
- A group of hotels, restaurants and cinema chains have been forced to close. However, a large majority of these staff were shared with Hema, a supermarket chain owned by Alibaba. Due to increase in online deliveries, Alibaba desperately needed help to meet demand for deliveries. By hiring these employees, it is reducing the negative ramifications of unemployment.
- Keeping your customers loyal
- Customer loyalty is critical when everyone is looking for convenience, job security is low, and spenders are holding on tighter to their wallets. A grocery store in Western Massachusetts have sought to achieve this. Each day, the first two hours upon opening are reserved for senior shoppers only.
- Spot re-prioritized jobs to be done
- Companies like Audible have recognised the shift in priorities and have adjusted their offerings to meet these demands. As children are staying home with schools shut, Audible has launched ‘Audible stories’, allowing anyone to listen to over 200 children’s stories for free
- Adjust to new consumer habits
- As consumers are avoiding shopping in stores, countless companies are investing in delivery. Others are offering fully prepared meals, do-it-yourself packages, and grocery collections.
- Rethink customer experience
- ‘The Old Brick Store’ in Vermont have started offering daily rundowns on social media of in-stock produce and hosting virtual pizza nights on Fridays
While this new sense of reality won’t last forever, businesses might realize that a more remote workforce will mean lesser overheads. Companies should consider that these new consumer habits may stick around in the long-term. Having an understanding consumer priorities and needs, along with developing innovative and creative solutions, will go a long way.