A lot has been done, said and written post pandemic about technology and its’ role in assisting business owners to meet the customer wherever they are, be it in home in quarantine or back at the shopping centre. What is the path to growth for business and for retail in particular? There are three developments that have emerged and will continue to shape business for the next good while. The post pandemic era is an all digital world, live interaction is key to the human experience, and pessimism will be replaced with optimism.
I recently listened to an interesting interview with Malcom Gladwell that was sponsored by Salesforce. You may have heard of Malcolm, he’s a Canadian author and public speaker and you may have heard of his business best selling books, “The Tipping Point”, “Blink” or “Outliers”. Recently he wrote “The Bomber Mafia” another interesting examination of the wisdom and circumstances that lead to certain events. In 2016 he began hosting a podcast called “Revisionist History”. In these audio programs he examines historical events or people that are known for their impact on the world, bringing unique new insights and information to light. Personally, I found that in this era of greater isolation, with less opportunities for engaging conversations, listening to podcasts has brought at least some relief. There is a satisfaction to be had by hearing someone other than yourself and your household, describe their ideas and thoughts. I’ve also listened to plenty of real-estate oriented programs, but Malcolm’s is of a high enough quality that it holds my attention just as well as programs that are cover my business interests.
Retail companies who thrived in this era found ways to effectively meet their customers in the on-line world. Whether it was Uber Eats or Door Dash, for the restaurant industry or enhanced on-line shopping services, many businesses found a way to thrive. Lulu Lemon is one of Canada’s retailers that had quite a successful year with an increase in profits. Some retailers used this time as the opportunity to improve on-line presence, populate the web shop with more selection, better images, more web based interactivity with the products. We can expect those that sat out, waiting for the pandemic to pass, to struggle in the future as their competitors have taken the bar up a notch and consumer expectations have changed. Even service-based business used innovation to build customer engagement and maintain client communities – how many fitness broadcasts have you attended?
But we also know that there are certain things that can’t be done without presence. What is the value of interpersonal activity? We took it for granted, but we know now that there is a value. As Malcolm said, we found that 100% remote is terrible and we don’t want to keep doing it. Young people have suffered disproportionately, and we have learned the value of observation. Working in an office with other experienced people is a Masterclass of how to conduct yourself. I would argue that immersing yourself in an in-person shopping experience is a Masterclass in relaxation and escape, social connection and aesthetics.
Malcolm points out that people are bad at forecasting their emotions in the future. People have had a hard time lately and they know things will get much better but their emotional connection to that future may be difficult to establish. Consumer confidence in Canada now sits at 6% below pre-pandemic levels, up 3.2% in October to 113.2 (2014=100). However concern over future finances sits at an all time low. This could mean that major purchases will be delayed.
As human beings we evolved to trust each other because that’s the only way we can thrive. If you don’t trust others, you can’t drive a car, or drop your kids off at daycare. The people who don’t believe in vaccines, they will come around, they are just slower.
So get ready to live and work in a digital age, with purposeful, scheduled interaction, it won’t be the same as before but it could be even better. Imagine our world where most people trust that their future is bright and experts have provided them with improved health and economic outcomes. Choose to be an optimist.
