COVID-19 is a global pandemic, evolving at unprecedented speed and scale. It is creating a universal imperative for governments and organizations to take immediate action to protect their people.
Self-quarantine. Social distancing. Community spread. These formerly obscure terms are now everyday words. New habits and behaviors are forming that in many cases are not likely to go away after the crisis passes.
For customers, the most immediate impact is fear, not just for their personal health but also for the economic impact.
And while the impact to the economy is not fully known, both Direct-to-Consumer and B2B organizations are scrambling to meet the immediate needs of their marketplaces.
In particular, those who have viewed digital commerce as a secondary channel now need to reorient every aspect of their business towards a digital commerce mindset. There exists an opportunity to double-down on digital commerce, augmenting existing offerings and creating new lines of service.
And while the impact to the economy is not fully known, both Direct-to-Consumer and B2B organizations are scrambling to meet the immediate needs of their marketplaces.
In particular, those who have viewed digital commerce as a secondary channel now need to reorient every aspect of their business towards a digital commerce mindset. There exists an opportunity to double-down on digital commerce, augmenting existing offerings and creating new lines of service.
While this represents an opportunity to grow revenue, attract new customers and drive channel shift, it depends on digital channels and capabilities having appropriate scale and stability to handle the crush.
Businesses must flex quickly to capture the opportunity; systems must be prepared to withstand the increased loads and actions must be implemented with pace. Below are immediate actions that they can take:
Three imperatives to take on the Now and the Next
The COVID-19 pandemic is rapidly accelerating the digital commerce pivot globally, forcing business to revisit and even reimagine their strategy in the interest of capturing new marketplace opportunities and their fair share of new digital customer segments.Reassure your customers and employees
There is unprecedented confusion on what, where and how to buy things—customers are concerned about who to buy from, if they’re paying a fair price or even if they’ll be able to find the essentials they need.As a result, they are gravitating towards companies that are truthful, transparent and driven by a clear purpose.
These principles extend through customer channels and their engagement with retailers, as well as into Business-to-Business relationships and how companies work with their distributors, wholesalers, or manufacturing direct suppliers.
Companies who can demonstrate these attributes will deliver a differentiated level of customer service and make themselves more relevant and connected to their customers—old and new—on an ongoing basis.
You can read more about the study here.