For the last few months, economists have predicted a global economic downturn. Taking numerous factors into consideration, it is safe to say that businesses in the commercial sector would be smart to brace themselves for the possibility of a recession, even if one has not materialized yet. A recession may cause price increases and it’s possible that it may wreak havoc on supply networks making consumption decline inevitable. The effect they would have on your company depends on its business nature and the market. According to the National Bureau of Economic Research, a recession is defined as: “a major fall in economic activity that is spread out throughout the sector, and that lasts more than a few months”. Just a year ago, the pandemic forced retailers and manufacturers to build capacity as they stocked up on inventory in response to nationwide shutdowns and supply chain disruptions. Discussions on a possible decline in consumer demand were placed in the far-off future. Exactly one year later, it eventually happened. As a result, in today’s more challenging business climate, long-term planning has become more crucial than ever. Is Your Business Prepared for a Recession? Declining sales are likely to be one of the earliest warning signals of an economic downturn for your company. Customers may hesitate to make unnecessary purchases during economic uncertainty, so it’s best to sell just what they need. Contract renewal rates will drop, and cancellation rates will rise. On the other hand, it might be simpler to store inputs. As suppliers see a drop in demand, they may be able to fulfill your orders more quickly and at cheaper costs at first. They need to cut down on production, and the problem will disappear. Contrary to popular belief, your firm may be at its most successful and productive just before a recession. When demand in your sector dips, the last thing you want is to be stuck with an excess of inputs or a large stockpile of your goods. Watch the signals closely and proceed with care until the fog lifts. Here are eight tried and true methods for keeping a commercial enterprise afloat in lean times. 1. Invest in Crisis Management & Establish an Emergency Fund Having access to liquid funds allows for swift spending and strategic investment. It’s important to note that not every business has a deep financial cushion like the big players. That’s why it needs to happen when your business is doing well. Being proactive will help you combat potential recession and economic uncertainty. “Financing isn’t only a stumbling block on the road to launching a successful commerce venture. According to 8fig, a service that provides finance for businesses, “continuous cash flow is required to acquire inventory, execute successful advertising, manage the supply chain, and create items once your store is up for business.” And a recession may make things much worse. For instance, amid a recession, inventory management, transportation, and logistics are more likely to become cost-intensive. Having some spare cash on hand makes it easier to deal with these kinds of price increases. Saving up to ensure cash flow in trying times is the most basic protection a company can build. It would be wise to reinvest earnings rather than spend on frivolous expenditures. Some assets, such as machinery or equipment, may not be essential to ongoing operations, so selling them might be a viable alternative. If and when circumstances improve, you can always rebuy them. Sell off assets while you still can. Finally, if investors or funding businesses can provide additional finance, you should think about taking advantage of it as long as you fully understand the conditions. Think about making your business as financially and operationally lean as possible. 2. Keep an Eye on Your Market & Adapt to Customers’ Needs The pandemic highlighted the need for companies to adjust to the shifting demands of their clients. Traditional businesses suffered greatly as a result of the lockdowns. In a time when many firms failed to adapt, those who did were the ones that could swiftly shift gears. It didn’t take long at all to apply some of the modifications including, curbside collection, delivery, and electronic payment processing. Businesses that can adapt the most don’t necessarily do new things, but they do the same things in a new way. In particular, they have a distinct way of listening and a different way of thinking about the future, as pointed out by Cassandra Nordlund, Director, Advisory, Gartner. Just like brick-and-mortar stores, online enterprises must be flexible to survive. Take on the role of marketer and pay attention to what your clients are telling you. Do all you can to get in touch with them. Conduct a poll to find out what people would do and purchase if the economy turned for the worse. With this information, preparations can be made. For example, amid a recession, shoppers may be more price-conscious than usual. Change your retail store’s catalog to put the spotlight on more reasonably priced products and reduce the number of higher-end ones. 3. Enable Operational Efficiency Improvements Better cash flow management is another way to strengthen your financial situation alongside increasing your capital. The margins and capital you have will be eroded by unnecessary expenditure. Before things become tight, it’s essential to simplify and improve processes. Check your company’s expenses to identify where cuts can be made without compromising the end results. Wasted money sometimes stems from resources that aren’t pulling their weight, investing in low-benefit assets, and having organizational bloat. Consider these expenditures while you look for places to become a much leaner operation. If you severely limit your expenditure, though, you may find that your efforts can backfire. To save money, you may, for instance, stop paying for some of the online resources you now rely on to carry out day-to-day operations. However, it may not be a good idea to reduce them if doing so will have a significant effect on high-quality productivity. Check the fine print
Have you ever picked up a book because of its intriguing cover? The most likely response is “yes”. It’s only human to value the freedom that enables us to make choices that we believe accurately represent our unique set of interests. Savvy brand managers are aware of this fact, and they exploit it to influence customer choices. It is not a secret that brands can influence buyers’ decisions by catering to their “self-image”. Companies use different kinds of advertisements to portray idealized versions of customers, exemplifying the states of contentment and ways of living they want to promote. Consumers’ perceptions and associations with a brand are crucial for its ability to influence their actions. For instance, a great example is Warby Parker. They’re more than a retailer of high-quality eyeglasses as they’ve set themselves up as a challenger to the monopolized and overpriced eyewear market. Clients are encouraged to join the brand’s “movement.” From a business standpoint, we’ll discuss branding factors that will enable your business to shape favorable consumer perception of your brand in the coming years. We’ll also examine why it’s crucial to understand how people see your brand. Identify & Define Your Brand’s Core Identity Placing a company’s logo on a website isn’t the only step in the branding process. Your brand is everything that makes your business unique, from your core beliefs and goals to how you interact with clients to the design of your logo and other visual elements. Therefore, before moving on to the more tactical elements of your branding strategy, such as developing your logo, you should take time to be extremely clear on who you are as a business and what you stand for. Explore Who You Are It’s fantastic if you have a clear vision of your brand’s identity, but don’t worry if you don’t. It’s time for the company to undertake some introspection. Finding out who you are as a brand and who you aspire to be, requires digging deeper. Some questions to consider while developing your brand’s identity are: Define your business in three words. How do we want to be recognized by consumers? To what extent do we know the guiding principles and objectives of our business? When thinking about the business, what type of impact do we want to make? Your brand’s ability to stand out and grab clients’ attention is directly proportional to the amount of thought and care you put into defining who you are and what you stand for. Identify the Target Audience It may seem obvious, but many startups and companies fail to brand themselves properly because they concentrate too much on developing their company’s identity and the goods or services it will provide. Consider who you want to sell to and write down those details. Who are they, exactly? How old are they? How well-off are they financially and academically? Why do they choose to work with certain organizations, and what qualities do they seek in those organizations? For them, what does it matter? When and why would they utilize your product or service? By identifying your ideal clientele ahead of time, you can tailor your branding efforts to speak directly to them. Make Your Visuals Stand Out It’s time to start building your brand after you’ve established your company’s identity, target audience, unique selling proposition, and current trends in your market. This is an essential step for every organization, no matter how big or small. Developing your brand’s visual identity requires the following elements: A Brand Style Guide It’s time to start building your brand after you’ve established your company’s identity, target audience, unique selling proposition, and current trends in your market. This is an essential step for every organization, no matter how big or small. A Logo Most consumers will form an impression of your firm within seconds of seeing your logo, making it the single most memorable visual representation of your organization. Making a logo initially is crucial since it will serve as the foundation for all of your other visual assets (like your website and your business cards). Business Card A business card is a need, and it should be designed in a way that is consistent with the company’s other visual elements, such as the logo. Company Website Your website is the virtual equivalent of physical real estate for your business; therefore, its design and layout should reflect your company’s overall identity. Your company may need other branding materials (such as product packaging or corporate letterhead), but remember this above all else. You want your company to have a unified visual identity across all touchpoints, from the logo to the website to the physical shop, so that consumers recognize it wherever they encounter it. If your company’s branding is all over the place, it might confuse consumers and drive them away in favor of a rival. Present Yourself As An Expert Getting your name out there doesn’t have to cost a fortune in advertising. Content marketing is more effective, less time-consuming, and cheaper than traditional advertising methods. There are several different levels on which content marketing succeeds. First, it allows you to demonstrate your knowledge of the industry. If you can establish yourself as an authoritative voice in your niche, people will look to you for guidance when purchasing decisions. To further fortify your brand’s identity, content marketing is also a fantastic tactic. You can deepen your connection with your clients and boost sales by creating a distinct brand voice and sticking to it across all your material. What’s more, content marketing is beneficial for local businesses. It’s cheap, so you can make content work for you even if you’re on a tight budget. To be effective, a content marketing plan must begin with creating high-quality content. Determine the kind of inquiries your target audience has, and then develop content to address those queries. Let’s imagine you own a bakery, and you discover that many of your customers are interested in learning how to bake their
Over a year after the pandemic, nearly every business on the planet has felt the effects of COVID-19, but the extent varies widely, both within and beyond national and industry boundaries. We can gain some insight into the reasons behind this and the policy ramifications from a World Bank study of firms. One in four businesses witnessed a 50% drop in revenue. On the other hand, 65% of employers had to reduce payroll in some way, whether by cutting hours, compensation, or providing leave. Despite these changes, just 11% of businesses were forced to lay off employees. In order to overcome the challenges, a lot of companies are now adopting digital solutions with 34% of firms increasing their use of the internet, social media, and digital platforms. According to a recent survey, businesses in the US are planning to rethink their supply chain strategies in the wake of the severe disruption caused by the COVID-19 pandemic in order to become more resilient, collective, and networked with customers, suppliers, or other stakeholders. Let’s take a look at the detrimental effects of the pandemic on the global industry. The Adverse Effects of the Pandemic on Businesses Economic Slowdown of the Global Manufacturing Hub Where strict regulatory responses were required, businesses surely felt the repercussions, both immediately and in less obvious ways down the road. Manufacturers in the technology, automotive, consumer goods, pharmaceutical, and other sectors all issued sales warnings in response to the shortage of labor and components caused by travel restrictions and quarantines that affected hundreds of millions of people in China. Prices for commodities dropped due to slower growth in China’s demand for raw resources, prompting some manufacturers to contemplate reducing production. As a result of these mobility and work disruptions, Chinese consumer spending dropped significantly, putting pressure on many different types of multinational corporations, including those involved in aviation, overseas education, infrastructure, travel, entertainment, neighborliness, electronics, consumer goods, and luxurious goods. At least 0.1% of global GDP growth might be lost this year due to a possible 0.5% slowdown in China’s GDP growth. There will be repercussions in both established and developing nations that rely heavily on China for commerce, tourism, and investment. Pandemic resistance is poorer in some of these nations due to preexisting economic fragilities and inadequate health systems, despite some overlap. In the face of the pandemic, many nations in Asia and Africa lacked the necessary infrastructure to detect, diagnose, and treat people. Weak systems increase the likelihood of infection and its subsequent social and economic implications, jeopardizing health security everywhere. Increased Cost of Commercial Logistics The unexpected change in shipping rates will impact supply chains since shipping freight accounts for the transportation of at least 90% of commodities across the globe. The average cost of shipping a container across the world increased from $1,362 in November 2019 to $9,628 in February 2022, as measured by the Global Container Freight Index. This Index shows that the most costly flights are departing from China/East Asia and heading to the East Coast of the US ($16,893) or the West Coast of the United States ($15,218.00). Producers and consumers in the US, Canada, and Mexico who rely heavily on China are therefore feeling the most financial stress. When transportation prices rise, it becomes more difficult for small companies and farmers to compete. Because of this, major merchants like Walmart, Amazon, Kroger, and Home Depot have acquired a disproportionate share of the shipping transportation market. The transnational entities that dominate the market have reaped enormous profits as a direct consequence of the significant rise in transportation costs. For example, Maersk had its greatest quarter ever in Q3 2021, with gross profits of USD $5.9 billion on sales of USD $16.6 billion, due in large part to the rising cost of shipping, which had been its mainstay since the company’s establishment in 1904. New Consumption Habits & Patterns Altering consumer habits is also disrupting production processes. Some segments of the population have amassed wealth as a result of the disruption of their spending patterns brought on by the rise in consumer demand caused by higher fiscal stimulus and tax refunds, especially in industrialized nations. Due to customers’ increased discretionary income as a result of cutting down on routine costs and their desire to avoid contracting COVID-19, the popularity of online shopping has increased. A surge in home deliveries as a result of the pandemic has pushed worldwide eCommerce to USD $26.7 trillion, as reported by the United Nations Conference on Trade and Development (UNCTAD). According to the available statistics, internet sales in the United States reached a record-breaking $791.70 billion in 2020, up $105 billion from the previous year. Semiconductor and Microchip Shortages State reactions to supply chain disruptions may be seen in the semiconductor and microchip industries. These parts play an essential role in the automotive sector, therefore the scarcity has had serious consequences. Both South Korea and Taiwan are major players in the global semiconductor industry, with Taiwan alone accounting for 20% of global production. Both nations have had difficulty coping with COVID-19, and Taiwan has had to contend with droughts that have strained its energy infrastructure even more. As a result, the United States and the European Union are attempting to react by revising both domestic and foreign policies related to supply chain governance and operation. The research, titled “Building Robust Supply Chains, Revitalizing American Manufacturing, and Nurturing Broad-Based Growth,” recommends safeguards for “important minerals and chemicals,” “large-capacity batteries of the kind used in electric cars,” and “pharmaceuticals and sophisticated components” to assess supply chain vulnerabilities in the US. A part of the EU’s $884 billion has also been set aside to expand Europe’s semiconductor design and production capabilities. Similar initiatives might be adopted by other nations to ensure the fundamental requirements of their citizens are met and to help industries recover from the disruptions in supply chains that are now impacting them. Key Components of Post-Pandemic Recovery Pandemic Resilience Should be a Priority for Your Business
Modern customers expect expedited experiences. Today’s customer expects to be informed the instant their goods ship with tracking information, a confirmation of delivery, and promotional incentives that encourage them to make a repeat purchase. People have come to anticipate that if they start watching a program on their TV and then switch to viewing it on their smartphone in bed, the app will remember not just the show they were watching but also the exact episode they were watching and resume playing from that point. On the same note, donors want a personalized acknowledgment of their generosity rather than a generic call to action. It hasn’t always been simple for enterprises behind the scenes to provide consumers with a seamless, individualized experience that responds to their specific behaviors and activities rather than treating them as a homogeneous bunch. However, with the development of current customer interaction technology stacks, tailored engagement has become more operationally and financially viable for medium to large organizations. That’s one of the reasons why companies now use marketing, social media, and brand initiatives to win over their customers. When you’ve put in a lot of work and made a financial investment to earn your clients’ confidence, it’s understandable to want to keep them. 75% of marketers say the best engagement occurs at the middle or end stages of a marketing funnel. That’s why it pays to put a premium on keeping existing customers happy. The retention rate of a business directly correlates to the quality of the customer service they provide. Everything a client goes through in their mind or heart due to interacting with your brand is part of the client’s customer experience. A buyer’s loyalty to a brand may be affected by the quality of the company’s customer service and other front-line contacts, such as the speed with which support tickets are resolved or the clarity with which the brand conveys its values. Why Is Customer Retention the Lifeblood Of Companies? Achieving first-time customers is generally more expensive than keeping your current customers happy. An article published in the Harvard Business Review found that acquiring a new customer can cost 5 to 25 times as much as keeping an existing one. No major capital outlay is required for promotion, advertising, or sales contact. Converting one-time buyers into repeat buyers is simpler if the buyer is already familiar with and trusts your brand. However, it might be more challenging to close the deal with a new client. Loyal customers are more likely to refer your company to others. They are also more likely to refer the business to their peers and acquaintances without you providing any additional incentive. One method your organization can foster client loyalty for long-term success is by creating a cycle of retained customers and buzz marketing. Keeping repeat customers is crucial to any company’s long-term success for several reasons. Cost Savings: It’s more economical to keep an existing clientele than to get new ones. Positive Word-Of-Mouth Marketing: Successful word-of-mouth advertising relies on the positive recommendations of satisfied customers. A Better Bottom Line: An improvement in retention rates of 5% may enhance earnings by 25% to 95%. Loyalty from Clients: Customers that are dedicated to your brand are less likely to buy from your rivals, are more likely to promote your products to their peers, and spend more money overall. Increased Customer Spending: More money is spent by customers because loyal buyers are more likely to make repeat purchases and spend more each time. The level of interaction between brands and their customer base has evolved dramatically in recent years. Because of this, it’s more complicated than ever for marketers to decipher behavior and communicate effectively. Your customer engagement stack may blame you if you struggle to create engaging, interactive, and loyalty-driven consumer experiences. What is a Customer Engagement Stack? Simply put, a customer engagement stack is a group of related technologies that enables a business to find, connect with, keep, and monetize its target audience. The purpose of these stacks is to allow organizations to power end-to-end customer experiences in a unified, collaborative ecosystem by bringing together the most effective customer interaction technologies, such as data analytics, location and customization tools, and engagement technology. Different technologies may collect different types of behavioral data, and different systems can store and reward customers differently depending on that data. However, there is one element that all components of the customer engagement stack must have to fully support in-the-moment customer interaction: the ability to communicate with one another and transfer data and insights back and forth in real-time. Getting Past Obstacles to Win Long-Term Coordinated Incompetence A lack of coordination and segregated efforts is cited by almost half of businesses (44%), who also see it as one of the main hurdles to effective customer interaction. Customers usually end up footing the bill when divisions fail to coordinate their efforts, communicate relevant data, and assess the company’s strengths and shortcomings. Customer service, sales, and marketing teams should all develop a collaborative work environment to provide a seamless and satisfying consumer experience at every stage of the purchasing process. Lack of Consumer Insights Powered by Data The failure to disseminate data-driven consumer insights across the firm was highlighted by 32% of businesses as another reason why customer engagement attempts fail. Having data on customers that is segregated or challenging to draw insights from was chosen by 32% of businesses as the second most significant obstacle to customer engagement. Data Silos and Ineffective Teamwork It’s not hard to see why ineffective teamwork, inadequate knowledge sharing, and data silos are at the top of the list of obstacles to customer engagement. Because of the cloud, it’s become simpler for every division to create and deploy their own apps, leading to a disjointed IT architecture with many isolated data repositories. It’s not uncommon for data to be spread across many databases or departments, each overseen by a distinct set of administrators. All this essential information is lying in silos
In 1943, a Swedish kid started selling matches, seeds, stationery and other accessories from his bike. He was only a teenager when he launched his company’s first retail location. Facing competitive pressure, he narrowed down his product catalog to RTA furnishings. As time went on, his furniture shops started to spring up all over the globe. Since no business ever stays still, the company developed a cutting-edge digital eCommerce platform that has proven to be indispensable, particularly during the pandemic. If you still haven’t connected the dots, this is the story of the modern interior design and furniture enterprise we know as IKEA. When it comes to selling furniture, IKEA has been one of the most successful companies ever. Why? Because they developed a way to anticipate consumer trends, which has played a major role in its long-term success. Usually, it’s not a good business strategy to put all of your eggs in one basket because of a wide range of market dynamics, including inflationary pressures, supply chain interruptions, shifting consumer preferences, and ever-changing economic circumstances. Being one-dimensional might be the first step toward eventual collapse. IKEA isn’t the only retailer that’s had to adapt and discover new ways to reach its target audience so its customers can decide how and where they want to shop. Diversifying distribution and sales channels should be a measured and data-driven endeavor. Here are five ways that’ll help you stand out from the rest. 1. Create a demand map You must identify where you are right now and where you’re going before you can start investing in an omnichannel business. It is always a good idea to put in the effort to learn your customers’ habits and preferences and prepare for unexpected complications like cross-channel cannibalization. You are in a better position to make informed decisions once you have collected and analyzed information related to your target market’s demographics, demand patterns (in the form of search data), and product preferences. For instance, if most of your customers are found on Amazon, and demand increases on the platform with the introduction of coupons, you may find it more profitable to expand into value-based channels like Walmart.com rather than invest in a direct-to-consumer site. Combine your demand mapping with detailed information about your typical customers to identify the channels with the highest potential. For instance, if your target audience tends to be younger, you are more likely to reach them by increasing your advertising expenditure on youth-centric platforms like TikTok, Snapchat, and Instagram. According to data collected by Shopify, 53% of brands are investing in tools that allow them to sell their products anywhere. Basically, your competitors are already offering multiple touch points to their customers. Learn how strong your value offer is in comparison to the competition via qualitative and quantitative analysis. Examine their brand positioning, tone of voice, marketing, and platform in addition to the details of their product’s features and costs. Construct an in-depth picture of who they are and what they stand for. Consider your own records. Test your platform, product, and advertising campaign’s CTR and CR samples. Incorporate these indicators into your analysis of consumer preferences, successes, and failures. Compare your findings to the results of your competitive analysis, and adjust your brand positioning and messaging accordingly. This has the potential to raise your brand’s profile, which in turn can boost sales and brand loyalty. 2. Simplify your supply chain The front end of your brand benefits from diversification via channel development, while the back end of your supply chain can be streamlined by enabling simplification through a “many channels into one” approach to fulfilment. This approach consolidates your available stock across all your sales channels into one unified system. As a result, you can easily adjust your stock levels to match anticipated sales and steer clear of both surplus and shortages. Suppose you can move stock across channels to complete orders and returns. In that case, you can provide your consumers with the best shopping experience by ensuring they get their purchases quickly and easily. Many modern customers like flexible delivery options, such as making an online purchase and immediately picking it up from a physical location. This may be a huge point of differentiation for your retail business because companies can potentially lose customers due to delivery delays and supply shortages. 3. Manage MSRPs Understanding your cross-channel profit targets and the nuances involved in controlling your base SKU-level pricing (or “manufacturer’s recommended retail prices,” or MSRPs) is essential for effective channel management. Determine the economics and pricing elasticity of each platform. Estimate the potential revenue and expenses for each platform, and consider how those variables may affect each SKU if you grow. See how your customers react to pricing changes per-item across all possible platforms. Combine category-level objectives with economic and price elasticity data. For example, if you’re trying to sell family products, you should consider where those people typically shop. A pricing plan will likely involve a lot of trial and error, but gathering the appropriate information is the first, most important step. Maintaining the same pricing across all sales channels may help certain retailers attract and retain more customers. Others may find that offering different prices on different channels via means like discounts and deals is the most effective method of increasing revenue. 4. Create a cohesive brand narrative Customers care more than ever before about how transparent and consistent your brand story is, in addition to your prices and offerings. According to research commissioned by Google Cloud, over 80% of consumers want a company’s values to line up with their own, and 75% of consumers have left a business due to a conflict in values. It might be difficult to maintain this kind of uniformity as you add more channels, but it’s crucial. Companies that used an omnichannel strategy for advertising saw a 90% increase in client retention compared to those that used a more traditional, one-channel strategy. Put your focus on developing a PR
There’s a buzz in the tech world right now about the metaverse. The excitement and anticipation are genuine, and the buzz is, well, confusing. The enthusiasm has hit like a tsunami, similar to what we witnessed with NFTs, and many people are confused by it. And just what is this thing called the “metaverse,” anyway? Do you mean to tell me this is a video game? Is it a collection of 100 video games? How does it function, and who owns it? We’ll set the record straight and look at how brand-builders may make the most of this cutting-edge tech’s benefits. However, a word of caution: you are entering the untested territory. You should know the difference between the virtual and the real before you set up shop in the brave new world of digital technology. If the Metaverse is so unimportant, why should marketers care about it at all? We’ll address some of the issues that have been raised below. But before we get too down on ourselves, let’s put on our optimistic glasses and look at all the nice things occurring in the metaverse recently. Blockchain systems, the underlying technology underpinning bitcoin and NFTs, are intrinsically linked to the technology on which metaverse experiences are being constructed. These innovations allow the “ownership” of one-of-a-kind digital commodities to be protected. This allows you to make digital products with a limited run that people are willing to pay for. Users will crave rare digital products, and the “flex” of purchase will elevate the buyer’s social standing; thus, luxury brands are a natural match. If you can’t buy a Bugatti in the real world, you can always ride in one in the metaverse for a fraction of the cost, and if you’re one of just 500 owners, you’ll appreciate the ownership experience much more. Cross-promotion between real-world and digital goods is also possible, as shown with Coca-debut Cola’s of a digital beverage in Fortnite Creative. Source: KG Education Group At the Metaverse Fashion Week, attendees could “buy digital & physical copies of clothing from chosen manufacturers; you may wear the digital in decentral and have the physical sent to your home.” This was an actual event, and it’s easy to see this happening in the future. This is more than simply a store to buy and sell goods from. Whether via narrative material or interactive settings, you can design VR experiences that let users engage with your business on an emotional level. If you own a food company, for instance, you might create a game-like simulation of the manufacturing process and offer it to customers as a virtual factory tour. To connect consumers with the people who cultivate their coffee, a company may include a 3D video in its packaging. Or you might learn from Nike, which has its own branded minigame on Roblox (NIKELAND) that functions as a whole adventure playground. “Visitors are encouraged to increase their physical activity thanks to NIKELAND’s emphasis on real-world motion. The accelerometers on guests’ mobile devices may be used to bring their offline movements into their NIKELAND experiences. To do impressive feats of gaming prowess like long leaps and speed runs, you can move your gadget and body in the real world.” Source: Martechvibe Virtual worlds are limited only by your imagination. Likewise, your marketing budget. What are the steps to Metaverse Brand Building? Given how new this phenomenon is, this is not an easy issue to address. The size and scope of your brand’s operation also play significant roles. However, metaverse marketing may end up being nothing more than another campaign channel for your brand strategy to materialize. Work with a development and marketing firm to enter the interactive technology industry. You may obtain assistance in deciding on a medium, organizing your content for maximum impact, and establishing a foothold in any number of metaverses. There aren’t many agencies that focus on the metaverse at the moment, but that will change as the market develops. You should also think about whether or not your brand can contribute to a digital setting. In light of everything we’ve covered, here are some examples of brands that may do well in the metaverse: Fashion Luxury goods Art and entertainment Education In the metaverse, some brands may not do so well: FMCG Finance Business Software However, given the almost endless scope for innovation in a virtual setting, no possibility should be discounted. However, the lack of preexisting playbooks for businesses that have previously made successful metaverse moves leaves much room for innovation. Brands that aren’t afraid to take chances may become the industry’s forerunners. 1. Some consumers may not be interested in spending time there On paper, many proposals for expanding the metaverse seem fantastic. But sometimes, their ideals are too lofty, and they fail to consider the realities of production. In the last few years, a proliferation of blockchain gaming initiatives have emerged, most of them being cryptocurrency-linked online games in which players stake claims on virtual land or items. The issue is that they put too much emphasis on the monetary value of their in-game stuff and not enough on the factors that will encourage players to keep coming back. To put it simply, blockchain games are terrible. These games are often created by “Web3” evangelists who have no expertise in game creation and hence have no idea how to make games that are fun to play. Future metaverse enterprises may put profit above experience. If your only options in a virtual reality environment are to communicate with others and put on clothes, you won’t last long in that setting. To keep people around, you need to give them a reason to. Ask yourself whether the metaverse project you’re interested in will provide you the same satisfaction from completing a goal, making progress, facing a challenging game, and having fun as video games have for the last three decades. Or will it die out in a few weeks because people become bored and move
A good buddy of mine is a major fan of the Microsoft Flight Simulator. From the comfort of his own home, he may enjoy the excitement of piloting a variety of powerful aircraft across a wide range of terrain and climate conditions. In the Metaverse, an integrated network of 3D virtual worlds he flies about and picks up knowledge. We are on the cusp of the Metaverse, which has the potential for much enhanced social involvement, cooperation, and shared experiences inside the confines of a virtual environment or a digital mirror of the real world. “Moving from a digital business to a metaverse company will allow enterprises to develop and improve their business models in unexpected ways,” Gartner predicts. They predict that by the year 2026, 30% of all businesses will have Metaverse-ready goods and services. More than that, the Metaverse, like the internet, will develop over time into an ecosystem built by several enterprises utilizing a wide range of technologies and programs. Bringing together the metaverse and logistics As a disruptive technology, the Metaverse will impact every industry, including the logistics industry. It offers businesses the chance to interact, evaluate, and react rapidly to a changing environment. It will be difficult for businesses to anticipate, identify, or grasp the continual change that will be necessary, so they will need to make a technological quantum leap. The capacity to swiftly forget and relearn the new reality in order to adapt and drive efficiency will set them apart. This would be made feasible in logistics via the use of digital twins of real-world assets, ecosystems, and shipments, made possible by technological advancements. Vehicles, containers, warehouses, structures, roads, ports, buildings, people, cargo, etc. are all examples of models. By using data sent via the Internet of Things (IoT) devices and systems, the actual world may be brought into harmony with its digital counterpart, resulting in the Logistics Metaverse. Shipments may be simulated as they move through the network by creating technologically accurate copies in the Metaverse and then adding in the fictitious capacities and service level agreements (SLAs) of different logistics nodes. Since the Metaverse is intrinsically linked to the real world, it may provide new opportunities for Logistics. In the logistics industry, the field team generally relies on traditional methods and is limited by the capabilities of mobile apps and desktop websites. To better perceive the ecosystem, make use of data through intelligent systems, and enhance operations, the digital twin in the Metaverse offers a far more detailed and immersive canvas. With the use of AIoT, the Metaverse can provide field workers with highly contextualized instructions and suggestions for service provisioning and operation execution. As an example, the Metaverse provides logistics managers with a 3D environment in which to plan the most efficient routes for their shipments, as well as to interact with their customers and other parties in the supply chain. Connecting to the Metaverse from the comfort of home or the convenience of a workstation allows businesses to keep tabs on warehouse activities, plan for the future, and do day-to-day tasks without ever leaving their seats. SMEs in the metaverse Small and medium-sized enterprises (SMEs) have a lot to gain from the logistics metaverse’s immersive, collaborative experiences. Supply chain activities in its digital twin may be closely monitored, yielding rich data that can be used in the real-world logistics setting to eliminate inefficiencies and boost productivity and profits. For businesses looking to simulate network anomaly detection, investigation, and resolution, the Metaverse is an ideal environment. It’s a world where new information is constantly being absorbed and used to anticipate and respond to emerging trends. The supply chain may become more efficient and responsive with the aid of the Metaverse, which can also serve as a trial ground for new processes and products. Expertise in specialized fields and application areas is available to users of the highly dynamic Metaverse. It lowers the threshold for small and medium-sized enterprises (SMEs) by facilitating communication and cooperation amongst individuals in different locations. Increasing logistics efficiency Recognizing and reacting swiftly to demand and supply volatility is a problem for logistics firms. Businesses require the ability to rapidly expand or contract their stock of physical assets, including their workforce. Digital simulations and expert-level interactions in the Metaverse may inform the development of highly flexible supply chain infrastructure including distribution centers, storage facilities, and transportation networks. Quick and effective choices on capacity, labor and other assets may be made by businesses based on insights from the Metaverse. The logistics ecosystem’s digital twin would allow for a rapid increase in staffing levels. Quick onboarding and training would be possible with the help of virtual tours of the different supply-chain ecosystem nodes and authentic, lifelike simulated surroundings and situations for teaching purposes. Changing the way customers are treated The pre-and post-delivery phases of a shipment’s lifecycle have already been revolutionized by technological advancements. Customers will be able to virtually traverse the aisles of a warehouse or store, interacting with stock-keeping units (SKUs), placing orders, and making adjustments in real-time, all thanks to the mixed reality of the Metaverse. Market readiness & opportunities In today’s dynamic environment, organizations must compete on a greater level of effectiveness and flexibility. It would be a game of survival of the fittest, with no bonus points for being too slow to see the iceberg. In order to capitalize on the opportunities presented by the emerging Metaverse, businesses must first determine how well equipped they are for this new virtual environment. Organizational frameworks for gauging Metaverse preparedness, taking into factors such as ambition, use cases, capabilities, technology, culture, and governance. Product managers in the logistics industry need to be aware of, and ready for, the next technological revolution ushered in by Metaverse and Web 3.0 technologies, despite the fact that their adoption is still in its infancy and uneven. Closing note We’re on the edge of the Metaverse, which might drastically improve social participation, collaboration, and shared experiences within the boundaries of a
One of the most severe concerns for marketers today is customer engagement. Why? It’s a primary goal of marketing: to cultivate long-term connections with consumers so that they will select your company above the competition, utilize and profit from your product or service, and return to buy more. Your consumers must be engaged for you to recruit, convert, and retain. Connect with them in a meaningful and suitable manner. Companies can no longer depend only on slogans and celebrity endorsements. Because of social media and mobile devices, businesses and brands must constantly be “on” and ready to take advantage of opportunities to connect with customers. Don’t be intimidated if it seems like a daunting task. Increasing client engagement doesn’t have to be complicated, and there are a variety of tactics and methods you can use. Several factors must be taken into consideration when creating an effective marketing campaign. Ways to get your customers more involved To develop a loyal customer base, here are six ways to engage your customers: 1. Improve the quality of the experience for the consumer According to 84% of organizations that seek to enhance their customer experience, increasing income is a direct result of their efforts. It all makes sense, in a way. A terrible encounter with a company may drive even the most loyal customers away. Bad user engagement may include problems like lengthy waits on hold, complex online checkouts, or transactions that don’t go through even after you’ve entered all the information. These are all instances. So why don’t we get to work on some excellent ones? Making sure your consumers have a positive experience begins with a thorough inventory of your customer contact points. When it comes to a brick-and-mortar business, website, social media platforms, or customer care center—or anything else—do a comprehensive review of each to identify where you can make changes. 2. Set up a system for receiving push notifications This will maintain a positive relationship with your consumers and allow you to jog their memory about the benefits you provide. And one of the best ways to achieve it is via the use of push notifications. Push notifications are brief messages on a user’s mobile or desktop screen, outside the browser, without the user having to open a separate app. Customers may be alerted of sales, events, and other noteworthy occurrences by sending them these messages. If a customer opts in to get push notifications, they already indicate an interest in the brand. The next step is to create appealing push notifications that entice customers to click on them and interact further. When it comes to push notifications, getting the information and timing right is the challenge. Users in the US get an average of 46% push notifications every day, and 32% of those users will turn off push notifications altogether if they receive more than 5 per week. Segmentation is another else to keep an eye out for. Customers may not be interested in all of the alerts that are sent to them. Identify subgroups of your receivers so that you may send them just the most relevant messages. As an example, the younger generation of 30 and below is more accepting of more frequent notifications than people 40 and over. 3. Use conversational marketing to your advantage. Customers’ demands and the sophistication of digital marketing are both increasing. No longer does the notion of a 9-5 shop make sense. Customers want and expect to be able to communicate with brands and businesses at any time and from any location. If a consumer makes an online purchase late at night and has an issue with the payment process, they expect the issue to be resolved quickly. Conversational marketing solutions like chatbots may be of tremendous assistance for firms who can’t give that level of interaction at all hours of the day and night. Automated chat services, such as chatbots, arise online to assist clients with their interactions with a business. Powered by artificial intelligence technology, they can replicate human communication patterns and create engaging experiences that seem like they are happening in real life. Even if the customer is aware that they are interacting with a bot, they won’t mind if the communication is efficient. Customers are more likely to become engaged if they feel they are being taken care of. Creating content and conversation flow is a critical step in successful conversational marketing campaigns. 4. Retention is the key Retaining existing customers is far more cost-effective than finding new ones, as every marketer knows. Significantly. A customer’s lifetime value may be measured by how much money they spend, how frequently they spend it, and how many people they refer to become new customers. If a consumer has a bad experience, they will not likely return to that brand or company. To keep consumers interested and pleased, a firm must consistently engage them in pleasant encounters they can rely on. When customers feel valued, cared for, and intrigued by fresh and creative offerings, they are more likely to return to a business. Customer engagement and retention go hand in hand. It’s not possible to have one without the other. As a result, any effective strategy for interacting with consumers must include measures to keep them pleased over the long term and the course of their relationship with the company. 5. Elevate your social media marketing If you’re a company, social media is a must-have. Every marketer understands they need to be on social media, but the issue is how to effectively engage clients after you’ve established yourself in the social media landscape. Brands and goods jostle customers’ attention on social media platforms like Facebook and Twitter. Because of this, client engagement efforts must be very targeted. How to use social media to interact with your clients Although it may seem tedious, responding to consumer comments on social media, particularly unfavorable ones, is critical. Companies should take the time to respond to customer concerns thoroughly and thoughtfully. This may
In today’s changing environment, building supply chain resiliency is more crucial than ever. Wise technology selection and implementation choices will support the capacity to withstand interruptions, continue business as usual operations, and expand. The smooth operations of a firm, its agility, and its profitability all depend on effective supply chain management. Supply chain management requires a high level of resiliency. Most sectors have been impacted by Covid-19 supply chain problems. During Covid-19, a large number of businesses throughout the world suffered issues that affected shipping time, prices, efficiency, and revenues in significant ways. A supply chain with the ability to withstand storms and recover quickly is critical to the success of businesses. This necessitates the use of technology. Supply chains may benefit from a wide variety of cutting-edge technologies. Let’s look at today’s global supply chain and how you can build strength and resiliency into yours. Post-pandemic supply chain challenges Supply chains may be challenging to manage since even a small failure in one connection can have a ripple effect across the whole network. Because of the supply, demand, and ability-to-service shocks, Covid-19 has, unfortunately (or happily) revealed a lot of supply chain fragility. Labor and equipment shortages remain an issue, even as restrictions are being eased and borders are reopened worldwide. Despite all of this, consumers’ needs are constantly changing. With the rapid growth of eCommerce, consumers have become used to (and demand) speedy delivery and flawless service. Increasing supply chain resilience and competitiveness have necessitated process transformations at many companies. As a result of these disruptions, many businesses have begun to regionalize their supply chains. They also look at supply chain technology to improve operational efficiency and decrease risk. Transforming the supply chain with digital technology Supply chains must be future-proofed as organizations adjust to the new normal by minimizing complexity and uncertainty. Increased digitalization and innovative technology will play a vital role in the future management of supply chains. Several advantages may be gained by businesses undergoing digital transformation, among them being: Increased visibility: The use of blockchain, sophisticated track-and-trace technologies, and enterprise resource planning (ERP) helps to improve supply chain visibility. This gives you the ability to take preemptive risk mitigation steps if anything goes wrong with your inventory. Improved collaboration: Establishing tight ties with suppliers leads to improved transparency throughout the supply chain. You can react rapidly to changes in the supply chain by engaging with all parties involved. This necessitates the use of technology to gather and exchange data continuously. Predictive capabilities: Supply chain risk management may be better managed using data analytics, artificial intelligence (AI), and machine learning (ML). Inventory choices may be altered by forecasting potential interruptions, for example. It’s time to figure out how to make your supply chain more resilient. If you haven’t modified your procedures yet, now is an excellent moment to do so. These are some of the most effective methods for strengthening the resiliency of your supply chain. Assess your vulnerability Start by assessing your current supply chain for weaknesses and gaps. Vulnerabilities such as the following are possible outcomes: Consider the hazards associated with your suppliers while doing your due diligence. Develop a diversified network of suppliers or manufacturers Make sure you’re not too reliant on medium or high-risk partners by diversifying your supply chain. Companies have been forced to move production to Southeast Asian nations like Vietnam and Indonesia because of the trade conflict between the United States and China. Diversifying your network and altering your logistical techniques will require time and money. However, by reducing your dependence on a single site, you may increase the resilience of your supply chain. Buffers should be created for inventory Creating inventory buffers is another common method for enhancing supply chain resilience. Shipping dates have been affected by Covid-19. As a result, inventory buffers may prevent clients from abandoning you due to out-of-stock items. Predicting inventory needs may be made easier with the use of planning and forecasting tools that use your sales history and inventory levels to provide automatic forecasts. Some planning tools even predict production schedules and component goods ordering. Scalable technology solutions Monitoring and optimizing supply chain resilience necessitates the use of digital technology. Here are a few ways you may integrate technology into your supply chain: Big data may assist with the following tasks: Future technologies Emerging technologies that boost efficiency and automate processes will remain an essential part of a successful supply chain management strategy. Here’s what I see happening in supply chain management in the near future: Building supply chain resilience is more crucial than ever. Wise technology selection and implementation choices will support the capacity to withstand interruptions, continue business as usual operations, and expand. Cooperative Computing consists of supply chain solution experts that’ll gladly help you with all your supply chain management challenges.