What Comes Next For Businesses After Covid-19 Shutdowns?
As states around the country begin to reopen their economies, local businesses are looking anywhere they can for guidance. County health departments are issuing advisories about proper social distancing and sanitation practices, but what about the technology upgrades businesses might need when they reopen after their pandemic shutdowns? How might business contend with changes in optimal inventory levels if shoppers continue to buy in bulk?
Brands Struggle to Keep Up When Promotions Explode in Popularity
When the Popeyes Chicken Sandwich was released last summer, the effect on sales was almost immediate. Customers filled Popeyes locations and waited in long lines to get a taste of the buzzy new sandwich. A Twitter feud between Popeyes and Chick-fil-A caused those lines to grow even longer, and the viral frenzy ended up draining the supply of “little chickens” to the point where a nationwide shortage ensued.
For GSD&M, the agency that handles Popeyes’ social media, the rollout was initially seen as a huge success. From a logistical perspective, though, it quickly turned into a nightmare as Popeyes struggled to keep up with demand.
Brick-And-Mortars Are Taking A Data-Driven Approach To The E-Commerce Challenge
Brick-and-mortar stores have contended with competition from the likes of Amazon and the steady growth of e-commerce, where testing is easily done. Yet brick-and-mortars can also take a data-driven approach to the e-commerce challenge. In-store experimentation based on advanced data science allows them to test everything from the store CX to its operations with relative ease and in a scalable way.
Real-world, science-based testing isn’t limited to product merchandising. It can be applied across a wide range of brick-and-mortar challenges, new product launches, store remodels, loyalty programs and more. A test-and-learn culture like the one described here can take a company’s research capability to the next level, helping to avoid failed ideas, fuel faster new product rollouts, maximize marketing ROI, and ultimately driving better business results.
Basket President: App’s Crowdsourced Price Information Empowers Shoppers
“The difference in prices between stores in a five-mile radius can be as much as 50 percent, based on in-store unadvertised specials, advertised specials, and variance in list price,” says Andy Ellwood. His company, Basket, has built “a massive database” that allows the company to display that price information back to consumers.
Should Small Businesses Participate in Black Friday?
The total amount spent by shoppers on Black Friday in 2018 was $715.5 billion, according to The Balance. What’s even more noteworthy is the average amount spent per shopper, at $1,007.24. This represents an increase of approximately 4.3% over Black Friday 2017 sales. The numbers show that shoppers are ready and willing to spend on Black Friday. So, rather than leaving it to large-scale retailers, if you’re a small business owner, why not consider joining in?
The truth is, you still might be wondering whether the additional time and investment are worth it. Below, we present some pros and cons of participating in Black Friday you may not have considered.