What businesses should focus on while navigating long pandemic

Safety, technology and a hybrid workplace.

In a world that’s learning how to live with a seemingly endless pandemic, businesses need to invest in these three key areas to ensure future growth, says global market research firm Euromonitor International in its recently released report “Understanding Corporate Trends: Voice of the Industry 2021.”

The report contains results of an annual survey conducted globally among professionals across 15 industries: consumer electronics, consumer health, packaged food, luxury, travel and tourism, sustainability, alcoholic drinks, non-alcoholic drinks, retailing, consumer food service, beauty and personal care, home care, lifestyles, digital, and tissue and hygiene.

These corporate priorities are anchored on recovery and growth, as the report reveals that these two factors are the most important to two-thirds of global professionals in 2021 and that which they believe should leave a positive impact on both customer and employee experience.

Therefore, “product and service innovation will be critical for industries and sectors,” states the report penned by Lisa Holmes, Euromonitor senior global head of surveys. “Companies must adjust their offerings to align with what today’s consumers want and need, while continuing to adapt to workplace structures and [investing] in technology for long-term success.” On the customer aspect, majority of businesses are reimagining their in-store experience.

Safety imperatives

Across all regions, around 80 percent of businesses see the mandatory wearing of face masks as the most prevalent in-store safety measure (over 60 percent for Asia-Pacific), followed by the use of hand sanitizers, and limiting entry of people.

The boom of e-commerce has also shown consumers that safety should be coupled with convenience. In Asia-Pacific, almost 60 percent cited home delivery as the top feature of any business. Contactless payment was cited as the second most important aspect (40 percent in Asia-Pacific).

Companies around the world are also focusing on tech-related investments that have been accelerated by COVID-19: tailored marketing or personalized recommendations (50 percent of the business); expansion of mobile apps and platforms (almost 50 percent); development or improvement of omnichannel presence and enhanced website or site navigation (both at over 40 percent ).

Compared with last year’s results, those expecting a permanent shift to some form of working from home rose by 20 percent from April to October 2020.

What this means, states the Euromonitor report, is that a shift to a “blended” approach is more likely, with the setup varying across companies, even if they belong to the same industry. —

Contributed