How Brands can Convert Current Challenges into Opportunities in 2021?

Authored by Amol Roy - Founder, Shutter Cast

With the Covid-19 pandemic uprooting our lives and ravaging economies around the world, businesses are left reeling from its ramifications. Many have switched to digital technology and data analytics completely to stay afloat in these distressful times, devising new and innovative ways to function and fulfil customer expectations. 

During the lockdown, employees switched to working from home as enterprises shut down their offices to curb the spread of the virus. Brands then had to make a sudden move from physical to digital. Interactions with customers occurred via online products, digital marketing and sales. This brought about significant changes in almost every sector of the economy. With people making purchases digitally, the popularity of e-commerce and online shopping skyrocketed. App-enabled grocery and food delivery services hit a new high as did ride-hailing companies pivoting their drivers to deliver essential items.

Therefore, it is quite evident that the Covid-19 crisis is all set to change the future trajectory for businesses as digital takes over, creating many new possibilities for enterprises.

Digitization: The Way Forward

A rapid migration to technologies is underway, a process to which the pandemic has acted as a catalyst. Enterprises have been balancing the health and safety of their employees with making adjustments in their business models so as to continue their operations. To achieve the same, business owners are thinking of strategic ways to deploy technology and tools within various facets of their business so as to lend a new lease of life to their venture and brace for the new normal.

The coronavirus pandemic has made it imperative for companies to adopt digital business models. Cloud platforms solely can provide the agility, innovation and scalability that this transition requires.

Some ways in which brands are taking to digitization are:

1. Adopting AI Technology

Artificial Intelligence (AI) is making waves in the digital landscape as it’s helping brands scale their businesses and obtain a competitive edge over their competitors. Many companies are using it to automate their daily tasks and extract deeper and meaningful insights to improve their business outcomes. The technology is proving to be a boon for many enterprises as they are using it to perform data analysis, create effective algorithms, assess customer sentiments and enhance the brand-customer relationship through improved communication. 

2. Reformed Business Models

Digitization has led to the creation of several new business models and overhauling of existing ones. With the relevant information and tools available online, brands are able to alter their existing models, with minimum disruptions, to adjust them to their current needs. They are applying novel ideas to older strategies, playing with their resources and building something different and unique. This way brands are striving to deliver the perfect model after the necessary alterations. 

3. Innovations in Technology

Digitization is not just about transferring data into the electronic device but also using that data & device along with finding new ways of developing them further. There are many new and innovative solutions available in the market and brands are finding different ways to leverage them to their advantage. Technological advancements enable companies to devise new ideas, reach a bigger audience, use specialized tools for managing work, and most importantly, create an improved product or service that can make customers happy and satisfied.

4. Building Strong Customer Relationships

As people were quarantined in their homes, digital experiences became life saviours for many. Leading companies took note of their most important customers and worked on rebuilding and strengthening ties with them. This was possible with the widespread shift to digital marketing, & reinventing sales and communication channels. Brands are focusing on strengthening their digital channels and using data insights to gather customer feedback so that they can test ideas faster, learn from their errors and develop stronger bonds with customers.

Summing Up

Due to technological progress, digitization has made it possible for businesses to develop their brands and create new opportunities to reach out and tap into the relevant audiences and customers. Brands taking proactive advantage of the digitization process will emerge stronger and better prepared for the post-pandemic future.