The COVID-19 has transformed the world. In whirlwind of changes though, there will be consistent forces that will continue to be relevant and even grow in significance. One poignant example is the proverbial challenge of providing the frictionless customer experience. For many organizations in the leisure, hospitality, and retail trade industry, organizational agility and resiliency will be tested as they navigate the new normal that will have profound impact on consumer behaviors and preferences.
This global pandemic has brought on an unprecedented level of uncertainties and took a grave toll on both human lives and economy. As people return to their lives and the reopening of economies continues, it is worthwhile to take stock of current situation and trends for the foreseeable future. At the time of this writing, there is over 5 million confirmed cases globally and nearly 345,000 fatalities.
The economic support measures, both in the form of direct payments and loans are massive (in a time of peace) and there is little doubt that there will be additional funding to counteract the social, economic, and financial impacts. Leading the way is the US, where the stimulus funding is equivalent to nearly 14% of its GDP. G20 has also pledged to inject over $5 trillion dollars, equivalent to 7.4% of 2019 G20 countries’ GDP. (request for this document to see the figure)
Focus on Health and Safety
There is a growing concern for health and safety as the epidemiological nature of this global pandemic ravages on. Needless to say, the safety and health have risen to the top of mind for many consumers.
According to Deloitte analysis, only 35% of population feel safe going to the store on average. The need to support reduced-contact channels and physical health should be seen as the key differentiator for organizations. In a way, the new loyalty for consumers is safety. (request for this document to see the table)
How to Outmaneuver Uncertainty
Typical contingency plans generally do not take into account widespread shutdown and travel restrictions as see in the case of Covid-19.
Before businesses resume operation, there are basic considerations like worker safety, workplace sanitation, and workforce disruption that should be addressed. In addition to these, organizations in hospitality, leisure, and retail industry should consider short-, medium- and long-term scenarios to better assess the road ahead. What could be relatively straightforward for retail industry for regaining revenue might take on added complexity for hospitality and leisure industry as the end-product might be experiential rather than tangible. Below are some measures/recommendations to outmaneuver uncertainty (request for this document to see the table)
Roadmap to Recovery in the Age of New Normal
In a state of chaos and urgency, everything will seem important but prioritization is the key to effective execution. To reiterate, safety is the new loyalty and that applies to both internal and external clients. The agility to transform operational processes to ensure employee and consumer health and safety will be the most pressing task and should be the first order of business. This encompasses establishing a standard operating protocol and monitoring workplace sanitization, employee wellbeing, minimizing contact and potential risks, and promoting best practices to promote safe environment.
The second step will be predicated on building digital capabilities; digital channel to diversify revenue streams would be critical and might have been addressed but this strategy should be reassessed to analyze the impact and effectiveness. There are myriad of capabilities needs to be addressed as a holistic solution; some of the critical capabilities include retail management, marketing automation, performance measurement, and DevOps or a good vendor/sourcing strategy in absence of adequate internal resources.
The third step will be to the most arduous and complex. Running an intelligent organization requires convergence of data and seamless integration and movement of data that feeds into business processes with full visibility for triage and remedy. An intelligent operation should go further than having an optimal digital channel that aims to convert and retain customers; these best-in-class organizations should aim to bridge gaps in the post-sales experience and look to automate and enable data-driven operation. Imagine potential that can be untapped by having a visibility of customers as they enters the premise, being able to provide them with insights on where to park and when they should enter the facility to reduce contacts and even setting up a reduced contact curbside pickup that supports high throughput and boosts positive customer experience. For an operator of multi-tenant retail complex, these real-time data can trigger promotions targeted for specific clients or even designate a certain spot for curbside assistance. Being able to direct and block certain sections of unused facility could also create additional revenue sources.
The economy is reeling from the ravaging effects of Covid-19; this is especially more pronounced for traditional industries that relied heavily on foot traffic. For companies in retail, leisure, and hospitality industry, the needs for digital transformation have been made abundantly clear. Through digital transformation, companies can expect to advance their strategic goals of CX enhancement, process automation, and gain agility to implement growth-focused initiatives. Fully leveraging the existing technologies and integrating various services will definitely set one apart and pave the way for sustainable growth. Intelligent parking and its benefits to both operators and consumers should not be overlooked.
NEXPA is a leader in intelligent parking solutions with rich experience and track record of fast implementation that can fulfill the most sophisticated needs.
To jump start your organization’s readiness for intelligent parking, get in touch with NEXPA at email@example.com