WWD asked industry solution providers and thought leaders to share advice for times ahead.
The coronavirus pandemic has undoubtedly been marked as a time of disruption across all industries with mass amounts of uncertainty leaving consumers and businesses to adapt ever-evolving reactions.
More than ever, companies needed a way to manage supply chains remotely and in many ways, the crisis served as a tipping point for digitalization. New models have emerged during the pandemic, including a “supply chain of the future” created by First Insight and Li & Fung, which uses Voice of Consumer analytics for better product and pricing decisions.
“Examining digital and omnichannel capabilities. Consumers are seeking out contactless transactions, with 82 percent of consumers planning to use buy online pickup in store in the next four weeks. New collaborations and partners will be imperative to offer these contactless conveniences profitably. “From there, revisit your company finances and see if there are small ways you can give back. Perhaps your employees could use a small stipend to reconfigure their work-from-home setup. Or if your company offers catered lunches, consider reallocating this budget toward a charity that feeds health-care workers. As many brands continue to fabricate masks for hospitals or donate a percentage of proceeds to those in need, it’s important to consider what your brand stands for and respond accordingly.
[Read Greg Petro’s related Think Tank column, “Dear Retailers: Just Stop, Take a Deep Breath, and Listen,” here.] “Eighty-five percent of the companies that we’ve analyzed have exhausted their ad spend unnecessarily. Our analytics show 70 percent of fashion brands having their retargeting budget spent on unqualified buyers who are statistically unlikely to make a purchase. When reallocating this wasted spend and retargeting proven customers, we end up turning a previous loss into a win, exposing exponential returns.
“As a retail or e-commerce business, you have to be extremely flexible and agile in order to adapt your strategy to quickly meet the needs of your customers. Right now, it’s survival of the fastest. The brands who will survive, and thrive, during times like these will be quick to adjust operating models and test new technologies.
“Adopting an agile mind-set is just as important as adopting the right technology. At Synchrony, people are at the center of everything. How we work is critical to a culture of innovation. Empowering your people and running agile meetings focused on informing, discussing and deciding helps teams adapt to an evolving customer climate, and test and improve products aligned to customer needs. Equipping employees with new tools and systems help make their jobs easier and more productive.
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