Quick Tips For Post-Covid Business Planning
As global economies begin to reopen, it is important to note that the dramatic disruption of business operations and everyday life of the consumer will continue to impact the global competitive landscape over the long haul.
Business leaders should continue to brace themselves for the new normal as businesses are not likely to return to normal anytime soon. The retail sector will experience consumer behaviors that parallels that of a recession alongside specific pandemic induced consumer behaviors.
There are several things to consider as businesses plan for the second half of the year, some of which includes; Changing consumer preference: According to the IRI, more consumers are seen shifting to value brands, turning to private label as the focus is now more on cost than it has ever been.
It is believed that home delivery will continue to grow in the industry. Home delivery by convenience store retailers has accelerated during COVID-19 and more consumers are seen embracing the delivery services.
Cashierless stores, self-checkout and scan-and-go technology will move out of the experimental stage and become mainstay features of convenience retailing as more consumers express stronger desire for contactless shopping experience.
Attempts to trace the source of supply chains — such as the blockchain efforts going on in the grocery industry — will become more important to the c-store retailer and supplier. This will enable consumers to see where their food and other products come from, and give retailers greater confidence that they can react faster to issues arising from contamination and similar supply problems
Convenience stores are seeing an increase in shoppers who typically would go to supermarkets for their grocery needs, according to an exclusive study by Convenience Store News’ parent company, EnsembleIQ. When the panic-buying ends, c-stores should embrace these new shoppers by enhancing their offerings of basic essentials such as milk, bread, eggs, and health and beauty items.
Expect more consolidation. Let’s face it, some small retailers will not be able to survive this massive economic upheaval. Look for larger, healthier c-store chains to accelerate their acquisition strategies.
Fuel volumes will take a big hit this year. The economic contraction caused by the virus is resulting in decreased demand and increased supply
Health and wellness products, already on the rise and will become even more important post-corona, as consumers will have a heightened attention to products that support their overall health and wellness while prioritizing mental health and searching for products positioned to address specific well-being needs
The overall theme connecting consumer trends in 2020 are cost and convenience. Consumers are putting themselves first as they continue to find new ways to simplify their lives. Therefore, embracing artificial intelligence for automation and convenience is of high priority for businesses as part of the new normal.
The consumer is exposed to several thousands of contents on the internet today, it is becoming increasingly difficult to catch the average consumer in seconds as they seek quick, concise, and multisensory content for instant gratification. Businesses will have to develop a new content strategy to cut through the clutter and grab the consumer’s attention.
Finding alternatives to single-use products to reduce environmental footprint and waste is imperative as there is an increased awareness for environmentally conscious products and services deliveries. We have seen increased demands for clean air everywhere, clean cities and a carbon-free world.