The effects of Coronavirus, and the behaviour changes we’ve seen as a result, will likely change the meaning of “normal” for both businesses and their customers. As we begin to see a faint flash of light at the end of what has felt like a very long tunnel, it’s natural to ask “What next?” 

As businesses now begin to transition away from reactive states, and back into productive ones, the way in which they operate and deliver products or services may be entirely different moving forward. The COVID-19 pandemic has changed our attitudes, behaviours, and experiences - as customers, employees, and humans (2). With the changes in buying behaviours of consumers, companies have been forced to move quickly. As the dust settles, businesses now have the opportunity to pivot to digital commerce to capture new marketplaces and deliver products and services to new audiences (2). 

So, what are some of the changes we’re likely to see in a post-COVID world? And what can your business do to adapt to this new landscape? 

Read on to find out more. 

Organisations will develop trust-based cultures with their employees

Michael Beer of Harvard Business School believes that the challenges of COVID-19 have created an opportunity to improve company cultures (5). After being forced to adapt to working from home policies, senior management within organisations were presented with the opportunity to either improve trust within their team, or to potentially damage it (5). As employees adapted to the demands of working from home, home schooling their children, and remaining productive in an isolated environment, their ability to succeed had a direct impact on the leadership and transparency of senior management. “When managers create an environment of physiological safety, employees feel welcomed to speak up, bring new ideas to the table, and address their concerns”, says Amy Edmondson of Harvard Business School. Organisations that can shift from top-down decision making to empowering teams to be guided by purpose, data, and technology, will create a more resilient and agile workplace (2). 

Remote working will become more strategic

“In my research, productivity has improved in remote working settings. However, the businesses which do it well place a high priority on processes for socialising, so no one team member falls through the cracks”, says Prithwiraj (Raj) Choudhurt of Harvard Business School. There are some fantastic tools that are available right now which can improve team processes, productivity and communication for collaborating while working remotely. These tools include Slack, Zoom, and GSuite, and they will remain helpful for organisations long after the virus has gone (5). These tools can give employees the flexibility of working productively at home, and we may see an increase in the number of employees who wish to continue these current arrangements into the future. Companies which have the right incentives and processes in place may also see a reduction in day to day operating expenses (5). To find out more about how you can utilise GSuite’s tools in your business, read our article here.

New business opportunities will emerge

A recent study has shown that innovations developed during a crisis can lead to positive long term results for organisations (1). COVID-19 forced businesses to seek new opportunities and explore new directions, and those who invested resources into innovation are likely in a better position now compared to those who did not (1). From product and service offerings, to customer acquisition and retention, to internal process improvement, every business should be reassessing their long term plans. More information about GippsTech’s Innovation Consulting Package can be found here. 

While businesses had to react quickly to this crisis in the beginning, it’s worth taking the time now to think about company visions and values. By building on new opportunities found during the crisis, businesses can now look to their long term goals and how these new innovations can be developed further. 

The contact-free economy isn’t going away anytime soon

A recent article published by Fortune stated that “The COVID-19 pandemic could prove to be a decisive turning point in the rise of a contact free economy - particularly in the areas of digital commerce, telemedicine, and automation.” Consumers are beginning to think harder about their personal hygiene and safety, and may think twice before squeezing into a crowded theatre or restaurant in the future (4). Online shopping is rapidly on the rise, with people choosing to stay at home. Studies have shown that buyers are now spending longer on the product pages of eCommerce websites, with some companies experiencing a growth of 300-400% in online sales (6). This shows that it’s now more important than ever for businesses to adapt to a digital world and offer these services to their customers. Restaurants and cafes have swapped in-house dining for takeaway and delivery, and many doctors clinics and hospitals have embraced telehealth and the benefits it can provide to the community. 

Brand values need to be real values. Your customers will expect more from you.

Particularly in times of crisis, a customer's interaction with a company can trigger a sense of loyalty, or a sense of distrust (7). Research has shown that 64% of customers want to buy from brands that appear to be socially responsible (7). The customer wants resources they can trust, and to feel supported in a sometimes overwhelming world (7). Trust between businesses and customers are built on shared values. People remember a buying experience long after they’ve made it, so leaving a positive impression on your customers will help them to remain loyal to you in the future, in the form of either buying from you again, or referring their friends and family. Even before Coronavirus, 59% of consumers felt companies had lost their touch with the human element of customer experience (8). If you are a business to consumer organisation, the most important stakeholder, both now and moving forward, is the human being craving connection and trust (8). The question you should be asking is “How can I support my customers in a meaningful, human, and relevant way?” (8). Moving forward, brands with the best price, product, or most memorable marketing campaign may not have an advantage compared to those who communicated with their customers in a caring, honest, and empathetic way (8). 

As we navigate these new norms and customer behaviours, it’s important to ensure that your business is set up to adapt and change. The team at GippsTech are on hand to help you transition your business both in and out of the crisis.

Book a free 30 minute consultation with our team to find out how we can help you navigate these new normals. 

If you would like to learn more about our suite of COVID-19 response services, you can view them here.

If you would like to learn more about how to secure funding to support your business in addressing these challenges, you can read more here. 

References: 

1. Felix Arndt, April 16, 2020, “Coronavirus disruption: A chance for businesses to adapt and renew”, The Conversation, https://theconversation.com/coronavirus-disruption-a-chance-for-businesses-to-adapt-and-renew-135516

2. “Outmaneuver uncertainty: What to do now and next”, Accenture, https://www.accenture.com/au-en/about/company/coronavirus-business-economic-impact

3. Kevin Sneader and Shubham Singhal, May 2, 2020, “3 changes businesses will need to adapt to post-coronavirus”, Fortune, https://fortune.com/2020/05/01/business-reopen-economy-coronavirus-new-normal/

4. Paul Wiseman and Anne D’Innocenzio, April 7, 2020, “Businesses after coronavirus: Is it too late to go back to where it was?”, USA Today. https://www.usatoday.com/story/money/business/2020/04/06/coronavirus-service-industry-changed/2958962001/

5. Dina Gerdeman, march 16, 2020, “How the coronavirus is already rewriting the future of business”, Harvard Business School, Working Knowledge, https://hbswk.hbs.edu/item/how-the-coronavirus-is-already-rewriting-the-future-of-business

6. Kiri Masters, April 8, 2020, “Will coronavirus finally drive Australian shoppers online”, Forbes,https://www.forbes.com/sites/kirimasters/2020/04/08/will-coronavirus-finally-drive-australian-shoppers-online/#36c225282923

7. Rachel Diebner, Elizabeth Silliman, Kelly Ungerman, and Maxence Vancauwenberghe, April 2, 2020, “Adapting customer experience in the time of coronavirus”, McKinsey & Company,https://www.mckinsey.com/business-functions/marketing-and-sales/our-insights/adapting-customer-experience-in-the-time-of-coronavirus

8. Olaf Acker, April 20, 2020, “Redefining customer experience: Connecting in the time of COVID-19”, Strategy & Business, https://www.strategy-business.com/blog/Redefining-customer-experience-Connecting-in-the-time-of-COVID-19?gko=245c0