There’s no doubt about the effects of the pandemic on the business landscape across various industries. Companies took a dent in their bottom lines when the strict health and safety protocols almost completely changed how we do business. Companies had to find new and creative ways to manage and survive the pandemic.
This was especially the case for smaller local businesses with less leeway than more prominent companies and chain retailers. Technology was a significant factor that came into play when adapting to the new normal. Though the integration of technology didn’t completely level the playing field, it certainly allowed businesses to try out their new and innovative ideas for business in the new normal.
The impact of cloud computing, storage, e-commerce, third-party applications, and online ordering systems will continue well into the new normal. The changes made to traditional business models don’t look like they’re going anywhere anytime soon.
Technology has also influenced how even the most traditional of businesses do their marketing efforts. Social media and online advertising across numerous platforms play more significant roles in a brand’s success. Smaller brands perhaps gain the most from a well-thought-out online presence as it enables them to emphasize their transparency with consumers further.
Online social media platforms have evolved to be more than just spaces for people to connect with new people online. It’s now also seen as a business’ overall profile and highlights the aspects of the company that they want the public to be aware of.
Besides influencers and social media personalities, e-commerce has also been successfully integrated into platforms like Instagram and Facebook. E-commerce product photography services can give you the best shots to make your product stand out and help differentiate you from your competitors online. It can help develop a loyal base of consumers who are fans of your product and your overall brand tonality.
These platforms also allow business profiles to have specific product links and prices tagged in the photo themselves and swipe up links and their stories. The great thing about using social media to market your products is it’s integrated in a significantly more organic manner when compared to your company website. You can gain organic exposure from followers who specifically want to see your content along with paid ads on the platform tailored for your audience with the help of sophisticated algorithms.
Another outstanding contribution of technology for businesses is seen in significantly shortening the customer feedback loop. Years before the technological boom, we’ve seen how companies have stuck to the traditional methods of gaining customer feedback with the help of surveys and inquiries. The integration of customer reviews and comments on product profiles has helped boost product marketing by utilizing what may be the most effective form of advertising, customer testimonials.
Having customers leave their reviews on products online for other possible buyers has shaped how the market does its research before making a purchase. What used to be learned through word of mouth can now be done from hundreds of miles away.
Smaller and local businesses can capitalize on the positive experiences of other members of the community by having them posted online. Customer feedback plays a crucial part in how businesses grow and evolve. Brands can have their own goals in mind, but at the end of the day, brands will always prioritize how to provide the best product or service while maintaining their profit margins.
Working from home
When looking into how businesses have handled the pandemic in terms of their workforce, remote working has been the most popular option across the board. During the pandemic’s peak, responsible businesses shifted to remote working arrangements to prioritize their employee’s health and safety.
While not all business models adapt smoothly to this transition, there have been numerous instances of success in different business sectors. The initial concern of decreased productivity concerning the learning curve almost everyone went through has now been addressed, and businesses are seeing even higher productivity levels in this new arrangement.
Strategic and problem-solving-focused agendas are still better held in the office. However, other industries such as information technology, creative writing, and advertising have been booming despite not all being together in one place.
The new normal continues to surprise experts as businesses continue to show their resilience and produce better and practical strategies to not only survive the pandemic but thrive. The future of business lies in utilizing all available resources, which marries both traditional and modern ways of doing business.