As more businesses reopen or expand operations, business owners find themselves adjusting their stores, restaurants and banks to the new way of life for consumers today. If you’re like many businesses, you’re rethinking your layout, creating social distance, empowering employees to work remotely, helping customers pivot to digital and self-service technologies, retraining staff on new processes and implementing deep cleaning protocols.
You’re not alone. According to PwC, 63 percent of CFOs plan changes to products and services, and 32 percent are looking to tech-driven solutions. Thirty-three percent are considering changes in their distribution channels and 25 percent are thinking about new supply chain strategies. And 53% of CFOs said combining digital and physical would improve the company over the long term.
That’s because consumers are changing, too—and fast. An incredible 75 percent of U.S. consumers tried a new shopping behavior due to the pandemic. And loyalty is decreasing, with 36 percent of consumers trying a new brand. Of those that switched to new brands, 73 percent said they’ll continue.
And while all of this feels like a new normal, these changes are likely to be lasting. (In fact, in one study in the U.K., only 12% of people said they’d welcome a return to the old normal.) That means accommodating for distancing, cleaning, changing consumer preferences and evolving operating models will be happening for a long time.
Speaking of time—doing all of this preparation, planning and pivoting takes time. In fact, time is likely one of your most valuable assets right now.
Think about the last time your technology didn’t work.
Maybe your ATM was down. Customers came by but made a U-turn because your brand promise wasn’t available to them when they needed it. Your focus has been on managing through these unprecedented times and navigating the new digital landscape, but a physical device interrupted your customer experience. You need an easy way to keep eyes on both.
Or if you’re a restaurant operator, you’ve been focused on how to reopen your restaurant for in-house dining, but there’s so much to consider you’re not sure where to start. You assume your POS network is still working, but is it? You haven’t had the time to monitor it.
Maybe you’re in retail. You’ve just expanded store hours to allow time for deep cleaning. No matter what’s happening, every lane has to remain open. Consumers are counting on you as an essential business to ensure they get what their families need.