Does the coronavirus impact your business? Do you know how it’s going to evolve?
Maybe you feel anxious? Maybe you wonder how to turn this difficulty into an opportunity?
In this video, we are going to analyze the main industries: Food, retail, fintech, supply chain, Travel & Mobility, IoT. In fact in any industry, when there’s a crisis, there is a way to use it as leverage. And we’re gonna see how you can do it with your business.
Welcome! I'm Amaury Khelifi, founder & CEO at MyCTOFriend. the day it was announced the bars and restaurants were closing, and after considering all the people who were infected by the Covid-19, I thought about the opportunities that would arise.
Millions of people, stuck at home, not able to travel or even work anymore, and with a lot of free time! Actually, not only brick and mortar businesses that were impacted, but the entire world!
Healthcare, Sport, Finance, Supply Chain, Retail, Travel, Food. But also & Tech like IoT, AI. We might think that they are winners who will grow naturally & losers who will shrink. But in fact, it’s more about awareness and opportunities.
I see that from a very simple angle:
Some will act upon the crisis and adapt themselves
Some will just wait for the crisis to pass.
Let’s see how you can take advantage of such a situation, starting with the obvious one, the healthcare industry.
The Healthcare industry will definitely boom! And it is the biggest market to join in, especially if you already have some assets that can be useful to the end customers. You could invent new decontamination devices, test devices, new food supplements, or simple protections. Anything that can fight the virus or help people recover faster. I’m not worried about this market, it will certainly thrive for at least 5 years from now.
The next one I want to touch on is the Finance industry or the Fintech industry. The evolution of this industry will definitely depend on offer positioning. In fact, we can identify 2 main trends. First, we got a steady increase in the number of electronic transactions. What is great! More usage, new usages, but I guess that most of the benefits will go to the companies already in place.
The second trend is that, because of the recession and mistrust, the amount of money transferred will decrease. And the financial market will definitely be challenging. So the goal, no matter what you are in, is to update your customers' priorities charts and also be as ethical as possible.
You have probably seen this picture on social media. Since the coronavirus, consumers' priorities have changed! Things that were important in the past, like cars, or the fashion industry, might not be that important today. And the other way around.
So the main lesson we can learn from this crisis is that things changed, and we do not have control over them! But what you have control of is how you react to unpredictable events. What leads me now to talk about the supply chain industry.
This industry is really impacted by 2 different ways:
– Global reduction of the number of items shipped all over the world
– Many opportunities to make transportation safer.
New compliances will need to be met and they are a lot of new upcoming techniques that will fight the virus contagion, especially on the end customer delivery process. So if you are in this industry, I would definitely draw the customer priority chart to see what changed and how to add something new that others don’t have, yet.
The next industry is the retail industry. Retail companies are facing major challenges because doing shopping will not be risk-free anymore. And I’m not only talking about money-wise. So it opens opportunities to amazing ideas to develop like:
– Tools to disinfest goods instantly in shops
– Tools to regulate traffic,
– To try things on virtually
– To identify items, before coming to the shop, or
– For Delivering or Dropshiping, etc.
We now need to regulate customers' traffic, disinfect goods, etc. We will soon see some brand new customers' behaviors, in-store, and online as well. There isn’t a difference between customer experience & e-commerce anymore.
For clothing brands, for example, we have to transform again the customer's needs into pleasure points.
Now that the experience in a shop will never be the same, we have to reconsider the shop journey into a “life journey” relationship.
Virtual reality, Augmented reality, smart data will help a lot to fulfill customers' desires in brand new ways.
If I were in this industry, I would not reinvent the wheel, but instead, look at how big the distribution franchise reacts to this crisis and what project they are putting in place. That would be a good starting point to get inspired by their ideas to create your own & unique customer experience journey.
And the retail industry is not the only one with a major impact. The Travel & Tourism industry is among the most impacted ones. Traveling is not essential to survive. It’s a leisure need.
The first new dimension of this industry will be through virtual reality. Yes, people will still need to travel, but they will now consider using a virtual tool first before investing in a real trip.
If we take how Airbnb reaction as an example, they launch the “Online experience, monthly stays, and offer dedicated for the coronavirus crisis.” That’s how you can and should react to any unpredicted event. And don’t be afraid of the virtual thing, most virtual services will still be with real people on the other side of the webcam.
I don’t have all the answers, but there will be lots of new opportunities to create not only digital experience but also in-person travel experience with a safe environment. Related to The travel and the mobility industry, the Internet of Things industry is going to boom.
Behind the IoT, you have of course the healthcare, the smart city, the mobility, wearable, etc. Those industries will have a real boost because either :
– They will be useful to fight the virus.
– They will be required to reinvent things like smart cities and public transportation.
IT’s gonna be hard but we will see some major impacts, and new concepts will arise during this crisis.
Next, The Food industry. There are two areas in this industry:
– The food procurements, and
– The bar & restaurant industry.
In both cases, we need to come back to the job to be done methodology by asking ourself, what people really need when they buy some food at the grocery store or when they go to the restaurant. Is it just the food on its own? In that case, the essential will be enough. People will tend to bulk their purchases and use a delivery service to collect them.
But if they are more looking for a relaxed experience, hang out with friends, pleasure, and a good time, then we will have to create new ways, delivering just that in a safe environment.
I was thinking the other day, that if I had a restaurant, during the crisis, I would have bought and installed removable plexiglass between tables. Actually, a bit of research leads me to figure out that an Italian company already imagined plexiglass solutions. And I expect them to skyrocket in the upcoming months.
All that to say one more time, that if you are in this market, you need to act fast to become Covid-19 compatible. And if not possible, create something with the asset you have. Last idea if you have a restaurant. It could be a restaurant in a box.
A box that could have the size of a microwave oven, with warm and cold cases with the meal ready to eat and in nice plates. Everything to reproduce the restaurant experience at home. And then the restaurant could get back the box the next day or a few hours later.
I just covered here a few examples of what’s possible and what will happen in the upcoming weeks, months & years. Remember the essential of this video:
- Analyze how large companies & startups react in your industry
- Create the Customers priority’s charts
- Identify how to fulfill new needs with current constraints
- Take action
I hope this video was useful to help you improve your current business model, if that’s the case, leave us a comment, like, share and subscribe. And don’t forget to click on the notification bell icon for our latest video updates!
Now, if you are serious about building a startup and want to become a better CEO & Tech manager. Find us on Instagram and Facebook. Visit myctofriend.co for more startup management tips. See you in our next video!