The Isolation Economy is based on the principle that people will travel less for any kind of work, rather they will mostly work from home to complete their regular activities. In such a scenario, you don’t go out much to the marketplace for things, they rather come to you.
These are solutions that COVID-19 has pushed businesses to adopt quickly to empower their employees to effectively work from home without much or any impact on their productivity. Many of these changes that people and businesses are adopting, may go back to old norms once the situation becomes normal, while some of these will become permanent as a part of our personal and professional life.
While businesses are helping adopt employees, they also need to empower and enable their customers to buy with the “New Normal” or “Changed Buying Patterns”, mostly online using digital channels. This means not only customers should be enabled but organizations should also be ready to sell, service and deliver their products and services digitally with a great customer experience. A manager can no longer tell his team members that they cannot work from home – instead needs to provide correct tools and solutions to empower them to work more efficiently from their homes. This need is continuously pushing companies to leverage digital transformation solutions to automate the operational workflow processes and for some to even re-evaluate the way they do business.
There is a significant impact in the retail and purchase behaviour of consumers as well. While online buying and delivery services are increasing. According to Adobe Digital Economy Index published in July 2020 – “Buy online pickup in store (BOPIS) has shown a string YoY growth, with July ticking up slightly (23.3%) in usage over June, amid increases in COVID-19 cases across the U.S.”
With customers remaining unsure about buying in store, DBP expects similar trends to pick up across the globe, with increased requirement for retailers to gear up for omni-channel customer communication and engagement solutions. Large multi brand retailers like Walmart are seeing their online sales increase by almost 97% in the second quarter of 2020. According to a report published by EconomicTimes in geographies like India, which is one of the fourth largest retail market in the work – e-retail is primed to reach nearly 300 to 350 million shoppers over the next five years – propelling the online Gross Merchandise Value (GMV) to $100 to 120 billion by 2025. This growth in e-commerce increases the need for data connections to across online, in-store and warehouses, including data and documentation for logistics.
Consult with our advisors to help you prioritise your digital transformation needs and find the right solutions for adapting and managing your business remotely. Some examples of these solutions are:
To give your customers a great and seamless experience through all possible digital channels, the frontend should be intuitive and engaging, while back end applications should be well integrated for a quicker and speedy processing of information with some level of personalization, hiccup free customer digital onboarding, order booking, order servicing with speedy delivery of the placed orders with customers been able to track the shipment and delivery status, finally they should be able to provide real-time feedback for further improvement of the services.
While there are many things that businesses need to adopt to run successfully in the isolation economy, Digital Business People (DBP) can help in some of the critical aspects of customer experience management of your business with various solutions like: